Date: May 12, 2010
Subject: FHA Mortgage Rate Revisions / Down Payment Requirement
Description: An amendment designed to reduce taxpayer exposure for risky home mortgages by increasing the minimum down payment requirement from 3.5 percent to 5 percent and placing other limits on taxpayer-guaranteed mortgages. ACU thinks loose lending practices by government agencies fueled the meltdown in the housing market, and so supported this tightening.
Result: Amendment Rejected, 42-57
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