This says it all!
In a bid to stem taxpayer losses for bad loans guaranteed by federal
Housing agencies Fannie 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."
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