Date: June 10, 2010
Subject: FHA Mortgage Rate Revisions / Down Payment Requirement
Description: Garrett (R-NJ) amendment to reduce taxpayer exposure for risky home mortgages by increasing the minimum down payment requirement from 3.5 percent to 5 percent and prohibiting closing costs from being financed through taxpayer-insured loans. ACU thinks loose lending practices by government agencies fueled the meltdown in the housing market that caused the recession, and so supported this tightening.
Result: Amendment Rejected, 131-284
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