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 ...
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.