Democrats Vote Down 5 Percent RuleThis is the bullshit that caused the financial crisis in 2008...by giving home loans to people who literally couldn't afford to pay the loans, Congress, in the form of Senators Chris Dodd (CT-D), Charles Schumer (NY-D) and Congressman Barney Frank (MA-D) directly caused the meltdown of credit in the United States. Yet none of these fine gentlemen have been held accountable for this mess.
A Semi-News/Semi-Satire from AzConservative ^
15 May 2010
Posted on Sunday, May 16, 2010 10:47:43 PM by John Semmens
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.”