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 five percent 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.”
Am it just me, or am I missing something here?