Update on my previous post
Once again the Democrats want to re-instate the NINJA rule that created our current fiscal problem under the CRA act. NO INCOME NO JOB APPROVED for the mortgage.
Democrats Vote Down 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 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."
What a novel idea!