I have been waiting to see if this gets reported. It has not been reported. It’s not gone beyond where I first saw it. Well, I take it back. It has appeared in one other place. Our old buddy James Pethokoukis, who writes at Reuters and some other places, has discovered that one of the objectives Obama has with all these recess appointments is to — brace yourself here — essentially, when you strip it all away, if this happens, what Obama is planning on doing is essentially forgiving all mortgages.
There are some requirements. You have to be paying on your mortgage, you have to be three months current, but Obama is going to just wave a magic wand and allow people to refinance their mortgages, essentially cutting hundreds of dollars off of the monthly payment. This will cost $1.2 trillion and, as always, it is those of you who don’t have a mortgage or who will not qualify for this plan who will be paying for it. This is buying an election in one fell swoop. (interruption) What? What quote from yesterday? Oh. Well, everybody’s saying, even Rove is out there saying it’s not a smart move to spend 20 minutes on stage with McCain if you are Romney having McCain endorse you. It’s really not a smart move. That 20 minutes on Hannity last night. I don’t know who they think are, I just don’t know. I don’t know how they think they’re helping themselves. But don’t get sidetracked here.
Folks, it may not matter who the nominee is. It may not matter about the primaries. It may not matter about any polling data. We have a president who’s cutting the defense budget now. His priorities are winning the future, paying off his wacko donors and weakening national security in the process, proudly saying that it’s about time we pared down to the point where we can only fight one ground war at a time. The idea that we should be able to fight two ground wars at a time is excessive and unnecessary, so we’re cutting the defense budget. All of this is predictable, by the way. There is a plan afoot by virtue of these recess appointments, it’s a little bit more complicated, but the bottom line is, in terms of perception, the perception is going to be on the part of people that Obama is forgiving their mortgages.
The perception and the way it’s gonna be reported — this is not really what’s gonna happen — but the way it’s gonna be reported and the way people are gonna be made to feel is that Obama is fixing their mortgage. He’s fixing the fact that their house is underwater. He is going to lower their monthly payment, the banks, the rich guys are gonna take the hit on it, millionaires and so forth. Your house is going to have value again. In one fell swoop with an executive order, we’re gonna fix the housing problem. We’re gonna bring value back to everybody’s number one asset. Now, if that happens, and if it’s reported that way, then all the rest of this is irrelevant. You go out and basically, as president, make it possible for people’s mortgages to be paid much cheaper, the value of their home restored just with a wave of your magic wand, who’s going to vote against that, who is going to vote against the guy that makes that happen? That’s the plan.
Now, it’s not guaranteed that it’s going to happen. If it does, the monthly mortgage payment of people affected would fall by an average of $355 a month for Obama’s constituents. That is not insignificant. For a lot of people, that’s close to the payment we’re talking about here. For a lot of people it’s half the payment. It’s not insignificant. You reduce people’s monthly payment by 400 bucks, just by waving the magic wand, and there’s one guy who did it. Obama. I want to take you back to some of the early town halls after the guy was elected over in Tampa, there’s this woman saying, “Where’s my new kitchen? Where’s my new car?” Well, here it comes. Election year 2012. But instead of a new kitchen and a new car, hey, guess what? Here’s your mortgage, refinanced, totally affordable as it should have been in the first place. The banks were ripping you off. The banks were overcharging you, but I am making your mortgage affordable and the value of your home is now worth something.
And who’s gonna stop it? Who? Nobody! (interruption) Of course, they’re gonna have to. What do you mean, “The banks are gonna grab the ankles on this”? The banks have been grabbing the ankles ever since the Community Redevelopment Act! The military is grabbing the ankles on cutting themselves. McCain’s grabbing the ankles. (impression) “We don’t call anybody ‘liars’ in politics! It’s not how we do it, unless you have incontrovertible proof,” and we don’t really want to say the country’s “screwed.” That’s just not presidential. So while we’re sitting here worried about semantics and “sounding presidential,” we’ve got a guy who is living and behaving outside the Constitution! We have a lawless regime, here.
It’s the same thing with the jobless numbers. I warned you. I warned you back in December, “Get ready,” and, lo and behold, all it’s taken is one month for it to come true. The new jobless numbers are out and, “Look! Ho, gee! Are we in Fat City? Why, everybody is going back to work. The economy, it’s rebounded!” So it’s a lot to deal with here, and I’ll put all this in a semblance of order and give you the details of this. The mortgage thing is not guaranteed to happen. I don’t want to say it’s a fait accompli. I just want to tell you it’s what’s planned. This would be the mother of all stimulus bills. They’re calling this the Home Assistance Refinancing Program 2.0.
The Home Assistance Refinancing Program, HARP (HARP 1.0) failed! It didn’t work. They’re going back and they’re gonna do it again. They’re calling it HARP 2.0. So we have a president who has gone rogue. Even yesterday in Ohio to set this up, Obama at his town hall meeting repeated his lie that the banks tricked people into getting bad mortgages. The banks tricked people, lured them in, and that’s not at all what happened. The government is responsible for the subprime mortgage crisis as you well know because you’re a devoted and regular listener to the program. But this is all set up yesterday with Obama in Ohio.