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Senator Chris Dodd Said 5% Down Rule "Would Restrict Home Ownership to
Only Those Who Could Afford it"-
Fiction! & Satire!
Summary of the eRumor: This is a forwarded email that
says the Democrats rejected a 5 % rule that would require a minimum down
payment on home loans from federal agencies. Senator Chris Dodd
(D-Conn) is quoted as saying that his reasons saying that "passage of such a requirement
would restrict home ownership to only those who can afford it."
The Truth: 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
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. TruthorFiction.com reported
here to read them.
A real example of the eRumor as it has
appeared on the Internet:
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."
I can't add anything to this.
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