Name:   lotowner - 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".