In a bid to stem taxpayer losses for bad loans guaranteed by federal
housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker
(R-Tenn.) proposed that borrowers be required to make a 5% down payment in order to
qualify for a loan.
His proposal was rejected 57-42 on a straight party-line vote because,
as Senator Chris Dodd (D-Conn) explained, " Passage of such a
requirement would restrict home ownership to only those who can afford it."
I can't add anything to this - - - - I just can't.
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