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.”

I can’t add anything to this. The arrogance of these people continue to amaze me.

Impatiently waiting until November 2010

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