"...that a 5% down payment would hurt minorities and the poor."Should poor people be purchasing houses? I'm not poor but I can't afford a house.
Don't get me wrong, I oppose this amendment as well. I believe those in the mortgage industry that misrepresented the mortgages they issued should go to jail. Those banks that trusted the mortgage brokers and purchased the mortgages should go out of business instead of being bailed out. And the entire mortgage secularization industry should be destroyed through civil and criminal fraud lawsuits starting with the ratings industry, especially the Oracle Crook of Omaha's insider traded Moodys. Let the problem take care of itself. Bad business gets punished; good business gets rewarded. But I guess we're socialists now and the opposite is the new paradigm.
So I oppose this; I just don't oppose it for the poor, or the genetically inferior minorities. (Hey I don't think they are inferior and I put 'American' as my race on the census; I'm color blind. I just don't get why the media keeps using the term minority. If we're all equal, and I believe we are, where's the minority?)
And what's with the so called conservative party trying to implement a completely liberal law? If the Republicans were in power I bet this same article would be written just flipping Democrats and Republicans.