FHA Mortgage Rates Revisions/Down Payment Requirement. S 3217 (Roll Call 142)
The Senate defeated 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. However, the Senate rejected it May 12, 2010,
by a vote of 42-57.