Stupidity 101
Posted by fivedollargold 11 years, 9 months ago to Economics
PRICELESS AND BRIEF....
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 for a loan.
His proposal was rejected 57-42 on a straight 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."
I can't add anything to this - - - - I just can't. (Note: I don't know who originally came up with this, but it is making the rounds. I can't add anything to it either. --$5Au)
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 for a loan.
His proposal was rejected 57-42 on a straight 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."
I can't add anything to this - - - - I just can't. (Note: I don't know who originally came up with this, but it is making the rounds. I can't add anything to it either. --$5Au)
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- 1Posted by MattFranke 11 years, 9 months ago in reply to this comment.We have not 'swung so far in the opposite direction' since the 70's, as much as we are just further in the direction that the country was put on by that bastard FDR,... and Woodrow Wilson,... and even further back than that. It was FDR that really started the acceptance of the faulty concept of 'economic rights'. The right to: a home, a job, "fair" pay, food, recreation, etc.| Permalink
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- 2Posted by MattFranke 11 years, 9 months agoFact is oft stranger than fiction; just like passing a bill to find out what's in it.... X-[| Permalink
