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."
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."
You just can't make this stuff up!
Thanks to John Snidow for this jewel. John always fact-checks his messages, but I did this one, too. Best I can determine, the good senator from CT actually said that!
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