April 4, 2011
This would disqualify about five million potential home buyers, resulting in 250,000 fewer home sales and 50,000 fewer new homes being built per year. Such a drastic cutback would have a disproportionate impact on minorities and low-income families who are struggling to achieve the dream of homeownership. This sharp dilution of mortgage market competition would further diminish mortgage credit availability and drive costs higher. I vote NO on your 20% down proposal.