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Have you ever heard anything so profound?

I think you will see what I mean. Really makes you wonder.......

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) said, "PASSAGE OF SUCH A REQUIREMENT WOULD RESTRICT HOME OWNERSHIP TO ONLY THOSE WHO CAN AFFORD IT."

Answer Question

Asked by itsmesteph11 at 4:35 PM on Jun. 15, 2010 in Politics & Current Events

Level 39 (113,405 Credits)
Answers (28)
  • I think that people should not be getting themselves into a home unless they can truely afford it. I see too many people who buy a house, then are so broke they have to sell their cars and cant even properly eat because all their money went into a house they simply cant afford.

    I think people really need to make better choices when buying a home.. And I DO think people should save up a signifigant amount for a deposit.. other wise they get into shady deals and end having to forclose later becuase they get screwed and cant afford the house they bought..

    Answer by Anonymous at 4:41 PM on Jun. 15, 2010

  • WOW! I wonder if that sounded stupid to him as he was saying it. I wonder if his cheeks burned and then he sat down like a moron?

    Answer by Laura2U at 4:46 PM on Jun. 15, 2010

  • rolling on floor


    Answer by BlooBird at 4:47 PM on Jun. 15, 2010

  • Do you have a link for this? I'd like to share it.

    Answer by Laura2U at 4:53 PM on Jun. 15, 2010

  • Got one

    Answer by Laura2U at 4:56 PM on Jun. 15, 2010

  • LOL...THIS would be an example of why voting for the Democratic candidate is almost always the wrong choice!!! LOL

    We put 40% down on our current home--of course, that was due to the sale of my "single girl" townhouse...however, if you cannot afford a 20% down payment, then you have no business buying that much house--go smaller!!!

    Answer by LoriKeet at 4:57 PM on Jun. 15, 2010

  • I've had at least 4 friends buy homes they could not afford during the big housing craze a few years ago. It's part of the reason this country is in a mess. Lenders allowing people to buy homes NOT within their means. 3 of my friends so far have foreclosed.

    Answer by Anonymous at 5:01 PM on Jun. 15, 2010

  • O M G. Thank heavens he is retiring. He is an ass.

    That is the most absurd thing I've heard out of the Senate for a while.

    Answer by 29again at 5:03 PM on Jun. 15, 2010

  • Only give loans to those who can afford them? What a concept!

    Answer by Iamgr8teful at 5:37 PM on Jun. 15, 2010

  • When I bought my first house, it was SO hard to get a mortgage it was unbelievable! I had to jump through so many hoops, and I had well over 15% in the bank to cover the down payment and closing costs. Even after the down payment, I made sure I had enough in the bank to cover other expenses, such as having it repainted, having the wood floors refinished, buying new drapes, and moving costs.

    A decade or so later, "no doc" loans with zero down payment were all the rage. No wonder we ended up in a housing crisis.

    The idea that asking for 5% down is "too much" is ludicrous. Home ownership SHOULD be restricted to those who can afford it.


    Answer by mancosmomma at 5:41 PM on Jun. 15, 2010

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