I don't know when this transpired or where this came from, other than from a friend in Arizona today, but does anyone else find Sen. Dodd's explanation appalling?
"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 (Democratic) 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."
If that is accurate, then that Senator Dodd is one smart cookie. Right? More like the crumbs in the bottom of the cookie jar.
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