Senator Chris Dodd Said 5% Down Rule “Would Restrict Home Ownership to Only Those Who Could Afford it”- Fiction! & Satire!
Summary of 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.”
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. TruthorFiction.com reported our findings. Click here to read them.
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.”
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