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?
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.