  Moron's Rule or The "5 Percent Rule" 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 minimum 5% down payment in order to qualify. His proposal was rejected 57-42 on a Senate 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." Hold that though! Who votes for these clowns but more important, why! |