Christopher Dodd's jaw dropping comments on the mortgage crisis

[Ballygrl]

You have to read it 1st:

http://blogs.forbes.com/beltway/2010/06/06/financial-reform-ready-fire-aim/?boxes=businesschanneltopstories

Some quotes are too good to ignore, including the following one by my friend Mike Durante, founder of Western Reserve Hedge Fund in Dallas and a former Federal Reserve bank examiner.*

. . . some of us . . . have consistently referred to the hypocrisy of President Obama’s so-termed ‘Comprehensive Financial Reform’ so we never ever ever never ever never again experience a housing crisis again which EXCLUDES HUD, Fannie Mae, Freddie Mac, GMAC, Car Dealers, Chrysler Credit and R/E attorneys. Instead we are to believe we need 3,000 pages that attack credit card transaction fees, derivatives trading, profits and banker compensation as a means to promote no future housing frivolity.

So, here comes the good intending Bob Croker (R-TN) of the Senate Banking Committee offering-up a simple piece of legislation this past week which would require at least a 5% down payment on a mortgage to be acceptable to Fannie and Freddie.

So, here comes the Democrats and shoot it DOWN on a straight party line vote 57-42.

Senate Banking Committee Chairman Chris Dodd explained the universally accepted Democrats rationale for voting against down payments on taxpayer-backed mortgages.

Chris Dodd (D-Conn) explained:  “. . . passage of such a requirement would restrict home ownership to only those who can afford it.”

Homeownership should only be intended for people who can afford it and are serious about it. Hubby and I had to put 20% down, was it easy? no, but when people had to put 20% down you knew they were serious about the purchase because it was their money being used, but when you hand a house to someone then there's no pride in ownership because they didn't have to work for it.

[Ralph Wiggum]

Homeownership should only be intended for people who can afford it and are serious about it. Hubby and I had to put 20% down, was it easy? no, but when people had to put 20% down you knew they were serious about the purchase because it was their money being used, but when you hand a house to someone then there's no pride in ownership because they didn't have to work for it.

I think MOST people who are buying homes are very serious.  We just see the stories of idiocy...the morons who just walk away from a mortgage are the ones who make the headlines, not those of us who pay our mortgage every month without fail.

[longview]

I didn't think anything would really change yet.  I wonder what it will take?