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.
Neither the president nor congress has the authority to refinance anyone’s mortgage but their own. The fact that this suggestion is unconstitutional is not the worst thing. The worst thing is that these clowns don’t care that it’s unconstitutional.
But, but, but — it will all come from President Obama’s stash, the same funds he was expected to use to pay his supporters mortgages and to buy gasoline for them. See, it all makes sense. What a guy! /s
The issues you mentioned, which I personally agree with your facts and point of view, are separate issues from Moran’s solution.
It’s not impossible to reset all mortgages in the USA through a Congressional Act. However, the 750B that would be saved by mortgagees would come directly out of the pockets of the banking sector, which means just like the current situation where merchant processing fees were reduced so BofA and other banks jacked up debit card fees in response, the banking sector will have to jack up banking fees in another sector to make up for the 750B loss plus the lost opportunity costs associated with reinvesting the lost 750B in income.
Moran (and every other politician who actually represents the common people in this country) should have been out there in late September 2008 demanding the TARP money goes towards relief of American citizens, and not to American oligarchs.
Which is the point, Republicans have failed so forcefully in the intervening 25 months they no longer have a shred of viability to retort their co-party members in the United Republican Democrat Fascist Corporatist Party of America.
It’ll all fall apart in the matter of months as the Eurozone collapses, so best be ready for guys like Moran and Jackson Jr to make power plays to conquer the entire political/governmental/banking apparatus by mob force.
> Obama should unilaterally refinance every home mortgage
With his own money.
re: “Moran said that the plan doesnt cost any federal money.”
Uh, how can this be true?
Re: “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.”
Ok, I’m opposed to this, but I’m not an investment banker - how can that be? And, I didn’t receive any TARP money either. Go figure.
Right, but now we’re beyond the looking glass and the Federal debt ceiling will be breached again before the election AND the ZIRP policy has fully politicized the Fed Reserve. I dare say if Moran’s plan was implemented today, the long end of the US Treasury curve would explode upward as the world realizes the US Treasury will soon own millions of small homesteads filled with rebellious and armed squatters, and those homesteads are the collateral for long end Treasury Bonds.
And just in case anyone missed it today, Goolsbee came to G-d now that financial collapse is inevitable and imminent:
Goolsbee: Cash for Clunkers, home-buyer tax credits were mistakes ^
10/22/2011 11:08:02 AM PDT · by Hojczyk · 23 replies
Hot Air ^ | October 22,2011 | Ed Morrissey
Hybla Valley? I had the Apartment from Hell there, years ago.
My deepest sympathies.
LOL. Nowhere near any apartments, fortunately. Closer to Mt. Vernon.
wow didn’t realize Obama owned a mortgage house
"The Government who?"
"The Government who now owns your house."
Moved down to Dale City- much happier here. GREAT neighbors, no thuggy gang punks with billion-watt stereos all day and night.
Add this to Gov Bev Perdue (suspend elections) & Jesse Jackass Jr (suspend elections) & Obama (would like to ‘do things’ without Congressional approval) and it begins to look like the Dems are planning to try some serious violations next year.
But most people don't realize that the Constitution is a set of rules that the government is supposed to follow: They think that the constitution is what they want it to mean. But now we have congress-critters openly calling for what is effectively discarding the constitution. They're openly violating their oaths of office, not that their oaths mean anything anyway. They're a bunch of lying, power hungry scumbags, and Moran is among the biggest scumbags in congress.
Ya, he can get it out of his stash, like that moron said in Detroit last year, LOL
Part of the communist plan to end private home ownership. The government will take over all mortgages, and eventually it will become impossible for a "regular person" to get one. Of course, they won't do this all at once. As soon as the government forces banks to "refinance" mortgages, banks will refuse to issue any new mortgages. Sort of like the way the federal government took over flood insurance. and their plan for health insurance.
The eventual plan is to control every aspect of every person's life.
That’s because the Democrat politicians are either fascists, communists, socialists or marxists and thus believe rules don’t apply to them. It doesn’t matter the type of “ist” they might be, all of the aforementioned political ideologies are ultimately run by a dictator.
You can call a “pig” a “dog” but it’s still a pig.
In Obama’s case, you can call him a “the smartest person in the room”, but he’s still a “vile idiotic assho!e”.
In Moron’s case, you can call him a “democrat”, but he’s still an ignorant “ist”.
I blame the Dem people in his district that send Moran back to Congress every two years as much as a blame lowlife Moran.
Gadzooks, that’s insane.
with the $4Trillion obozo has wasted he could have bought every single family in the USA a $150,000 house
I AGREE!...100%...I just don't think he has enough personnel money......but he should try till hes broke!
He is also the nasty twit who wanted to rename Ronald Reagan National Airport to National Airport because he is a Democrat and he didn’t like Ronald Reagan.
Rep. Jim Moran to Keynote CAIR Annual Banquet
On Saturday, October 15, the Council on American-Islamic Relations (CAIR) will hold its annual leadership skills training conference and banquet at the Crystal Gateway Marriott (1700 Jefferson Davis Highway) in Arlington, Va.
With the theme Making Democracy Work for Everyone, the evening banquet will feature Congressman Jim Moran (D-VA) and Imam Siraj Wahhaj as keynote speakers.
The day-long leadership conference will offer workshops taught by top trainers in their fields. Leadership conference sessions include counteracting Islamophobia and the anti-sharia campaign; answering tough questions about Islam; effective fundraisin; challenging scapegoating of Muslims in the 2012 election; public speaking; and a primer on how civil rights have changed in the last 10 years.
Registration for the banquet and the leadership skills training conference is available online at http://www.cair.com/banquet/
Last year the leadership conference and banquet sold out. No tickets are sold at the door, so register early to reserve a place.
Banquet tables for a family, business, mosque, or other group, may be reserved by calling 202-488-8787 or by e-mailing: email@example.com . Space in the program book is available for advertisements to reach all banquet attendees. E-mail firstname.lastname@example.org for a sponsorship form.
Illinois' 4th district is the winner.
Why can't all districts look like Wyoming's first district?
And some people wonder how National Socialism (Nazis) got hold.