On May 15, 2010, in a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fannie Mae and Freddie 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."
Exactly how did we get into the housing mess Senator Chris Dodd?
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