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C. Dodd and housing.

Discussion in 'Politics, Elections & Legislation' started by Barrelbulge(Fl), Apr 8, 2013.

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  1. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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    Does this explain congress to you?


    "This is sheer genius."


    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 for a loan.


    His proposal was rejected 57-42 on a straight 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."

    I can't add anything to this.
     
  2. JT 27

    JT 27 Member

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    Anyone here that is over 60 remembers when 20% down was normal to qualify for a loan in an amount of 2 1/2 times your annual income and if a wife worked outside the home, her income was not added as it might end at anytime due to pregnancy. The foreclosure rate during those years was nil. Long live the liberal concept of acceptable failure.
     
  3. BDodd

    BDodd TS Member

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    I'm driven, once again, to explain that the Connecticut democrat and I are NOT related in any manner; in fact, not too many years ago, my "Dodd" GrandFather had assumed the name and We/Us are in no way related to the Democrap.......breakemall
     
  4. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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    JT, you are exactly correct. In the early 70's I was in the mortgage collection business. The company I was employed by handled nothing but FHA and VA mortgages. We in effect worked for FannieMae. We had to keep the delinquency below 2% onerall for all loans or we could lose the affiliation with FannieMae.

    20% down or pay mortgage insurance on the first 20%, one weeks salary was the payment you could have due, and 2 1/2 times your annual salary for purchase price. Those were the requirements to buy a home.

    I can remember our first house was $27,750. A one year old home and our payment was $219 per month and I was nervous about having a payment that high. Bulge.
     
  5. chuckie68

    chuckie68 Active Member

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    Chris Dodd D-Conn. only has the mental capacity of a GNAT!! Isn't that the same crap that got us into the underwater mortgage market?

    Purely the definition of insanity.

    Chuck
     
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