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Fly Rod · 08-18-2010, 02:58 PM

Democrats Vote Down 5 Percent Rule

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. His proposal was rejected 57-42 on a 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."

08-18-2010, 02:58 PM	#1
Fly Rod Registered User iTrader: (0) Join Date: Mar 2003 Location: Gloucester Massachusetts Posts: 2,678	Dems Vote Down Democrats Vote Down 5 Percent Rule 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. His proposal was rejected 57-42 on a 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."