Saturday, June 05, 2010

Well, DUH!!!

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 five percent 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." 

Am it just me, or am I missing something here?


  1. Anonymous6:42 AM

    Sounds like the next bubble is on its way. And just like it did this time, Congress will wail, "How did it happen?"

  2. Carolyn6:49 PM

    Remember, when it came to their (congress') posturing about financial reforms and implementing, Freddie and Fannie were exempted from any corrections.

  3. Anonymous5:02 PM

    I don't think that he really said that.

  4. I stand righteously embarrassed — and corrected.


    Senator Chris Dodd did not make that remark. The source for this eRumor is an article by satirist John Semmens who writes a weekly Semi-News feature for the Arizona Conservative. Semmens wrote about a proposed amendment that failed in the Wall Street Reform Bill, which Senator Bob Corker (R-Tenn) proposed to raise the minimum down payment to 5% for federally assisted home loans.

    This is not the first time that the satire of Semmens has resulted into an eRumor. Semmens wrote a piece on Barack Obama's explanation for his lack of protocol during a patriotic ceremony where the then Presidential candidate failed to put his hand over his heart during the playing of the Star Spangled Banner. This article erupted into an eRumor in 2008 and is still viral on the internet.