Off-Topic: Congress Intellect
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Name:   lotowner The author of this post is registered as a member - Email Member
Subject:   Congress Intellect
Date:   7/10/2010 7:29:21 AM

 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."

 

If I remember correctly, in the 60s and 70s a GI Bill loan required 10%; a FHA, 20%; and a conventional, 30%. In addition, you had to have a job and proof of the down payment, And we wonder why we are in a "He&& of a Mess". 

Other messages in this thread:View Entire Thread
Congress Intellect - lotowner - 7/10/2010 7:29:21 AM
     Congress Intellect - MAJ USA RET - 7/10/2010 10:12:47 AM
     Congress Intellect - widgethater - 7/10/2010 2:50:20 PM
     Congress Intellect - Talullahhound - 7/10/2010 3:02:55 PM
          Now! - MAJ USA RET - 7/10/2010 3:41:12 PM



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