Earlier today I received the attached email information, which I quote here:
“In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-TN) 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 immediately wrote a scathing blog calling Dodd a dunderhead and urged the immediate departure of every elected official in Washington, but something told me to check the validity of the information first. Upon checking factcheck.org, I learned that the real author of this was satirist John Semmens who wrote a blog called “Semi-News.” Apparently this inaccurate quotation has flooded the internet…even on Forbes.com. Thus it is a valuable lesson that your Commander has learned again to check before he shoots from the hip.
For the record, Dodd and the Democrat Party did oppose Corker’s amendment to the Restoring American Financial Stability Act of 2010. Dodd said, “One reason I opposed the measure is that it would have disadvantaged homebuyers with good credit and income, but without the cash to make a 5% down payment.” I find Dodd’s correct statement almost as troubling and irresponsible, because it is Washington double-speak.
I still believe that Dodd is a dunderhead, because his correct statement is just about as bad as the one proven to be incorrect. We still need to clean house in the Halls of Congress. Thank heavens he decided a couple months ago to NOT seek re-election!