The Inmates are in Charge of the Asylum

We are totally lost with leadership like this. Everyone of these fools should be voted out (or tarred and feathered).

It is time to wake up and realize that we are insolvent and that the welfare state has failed. It must be (and will be) rolled back and the entire notion of entitlements must be rejected. We are little different from Greece — insolvent! Only our time in the limelight has not occurred, but it is coming.

What is it that these morons do not understand? The clowns think it is business as usual.

From the Daily Bail comes this article:

The Senate today rejected a proposal by Sen. Bob Corker, R-Tenn., to impose aminimum 5% down payment for virtually all home mortgages. The amendment to the broader financial regulatory overhaul bill, which failed 42-57, would have required income verification and an assessment of borrowers’ ability to repay as well.

Corker’s proposal also would have stripped out a provision that required financial firms securitizing loans to keep a 5% portfolio risk.

Democrats then passed their own amendment imposing some underwriting standards, but no minimum down payment.

Regarding Corker’s bill, Democrats argued that a 5% down payment would hurt minorities and the poor.

But if you can’t scrape together a 5% payment, maybe you should remain a renter.

It wasn’t that long ago that a 20% down payment was standard and 10% was deemed risky. A sizeable down payment gives homeowners a strong incentive to make their payments and gives them a cushion against home prices fluctuations. Now 5% is too restrictive?

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