The Senate today rejected a proposal by Sen. Bob Corker, R-Tenn., to impose a minimum 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.[I.e., no change, nothing's fixed.]
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