Skip to comments.Congressman: Obama should unilaterally ‘refinance every home mortgage’ [VIDEO]
Posted on 10/22/2011 4:59:16 PM PDT by Sub-Driver
Congressman: Obama should unilaterally refinance every home mortgage [VIDEO] By Nicholas Ballasy - The Daily Caller 11:43 PM 10/21/2011
Virginia Democratic Rep. Jim Moran told The Daily Caller on Thursday evening that President Obama should refinance every home mortgage without congressional approval in order to reset the economy.
Absolutely, I think [Obama] should do that but there are not a lot of places where he can act unilaterally, Moran told TheDC during Conservation Internationals Oct. 20 dinner in Washington, D.C.
If he chooses to act unilaterally, Moran said, the likelihood is that there will be language in the appropriations bills that will prohibit him from spending money for that purpose. Thats just the political reality. But notwithstanding that, I think he should do everything he can do on his own to stimulate jobs.
Obama has already asked his Council on Jobs to identify areas of the American Jobs Act that can be implemented without congressional authorization.
Moran told TheDC that he would like to see the Obama administration refinance every home mortgage at three-and-a-half to four percent interest, which he said can be accomplished without approval from Congress.
The banks arent doing it, but the federal government can borrow money at three-and-a-half percent today. They should use that money to refinance every home mortgage, and that would put $750 billion into homeowners pockets, he said. It would reset the economy, and I think its the one thing that would most quickly get this economy back on its feet.
Moran said that the plan doesnt cost any federal money. The people who are opposed to it are the Wall Street investment banks, the ones that we bailed out for hundreds of billions of dollars, he added.
(Excerpt) Read more at dailycaller.com ...
Beats me. Jim Moron is an arrogant pr!ck.
Hey Cong. Moron, the president can’t spend money on his own, no matter what you or he thinks.
Have you noticed how democrat congressmen are calling for Obama to act (openly) as a dictator?
Who thinks- like me- that those of us who worked hard to own our homes free & clear will get some itchy arson urges???
Why not? It's the fair thing to do. Oh, yeah, and he should pay for video games for the adult babies living in the houses. /s
Well Obama can spend it but only if he writes a check from his own bank account. I doubt the liberals would pay off any home mortgages out of their own pocket. That reminds me of the famous Davey Crockett story where Crockett refused to vote to have Congress fund something but volunteered to take up a collection from each congressman. None of the congressmen who were offended that Crockett would not vote for the bill would fund the measure from their own wallets.
I figured it was a dumbass ‘RAT. Isn’t it time we do something about how much these politicians are being paid? Everyone else is seeing their wages cut. It’s time to start cutting the paychecks of the Buffoons on The Hill.
Another scam to put all the refinances under their control and under one umbrella, fanny and freddie, this way they can introduce the new homeowners redistribution act.
What an idiot. I guess this guy doesn't know how a mortgage works.
I have lately been looking in vain for an “Onion” or “John Semmes” tag for articles like this, but to no avail.
The time for counter revolution draws nigh.
This gives us an additional TWO Republican districts with the possibility of a THIRD one.
Now, about refinancing mortgages, Moran is referring only to the interest rates. He can submit a bill Monday morning for REDUCING interest rates ~ just one of those things Congress can do. He should do that.
I've been trying my best to get rid of him, but we've got too many idiot DemocRATs in my district. Before he took the congressional seat away from Republican Stan Parris, he was the Mayor of Alexandria.
Moran is so bad, the Washington Post doesn’t like him.
That's my house round about near the "US 1"...
Yes. How does one legally refinance, buy, sell, or rent securitized mortgages in the form of bonds, collateralized debt obligations that have no existing paper trail of ownership, meaning the existence of title transfers and note transfers and obligation cancellations that disappeared during the securitization process of mortgage backed securities? Non-property is difficult to legally turn back into real property.
How does one refinance former property that has no legal paper trail of ownership and no determinable real value?
This is a declaration of conspiracy to commit treason?
Moran and Jesse Jackson Jr have it all figured out don’t they, what with their Khmer leadership armbands getting printed up now.