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 one Senator explained, “passage of such a requirement would restrict home ownership to only those who can afford it.”
I can’t add anything to this.
Courtesy of Blakely Sanford, EA in San Diego, CA
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