5% Down Payment for Homeowners...Senate says, "No"

5% Down Payment for Homeowners...Senate says, "No"

I know this is about a month old...but

The Senate rejected a proposal by Sen. Bob Corker, R-Tenn., to impose a minimum 5% down payment for virtually all home mortgages.  His proposal was rejected on a mostly party-line vote.

The classic line was deliverd by Senator Chris Dodd (D-Conn), "passage of such a requirement would restrict home ownership to only those who can afford it."

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?