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Monday, June 21, 2010

Here we go again








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!




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