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RUSH: Obama was in Falls Church today — in his speech today President Obama says the government\u2019s gonna spend at least $10 billion refinancing everybody\u2019s mortgage without doing any credit checks. Nobody\u2019s gotta prove anything to anybody. He also said — I\u2019ve got the sound bites coming up — he also said banks and lenders must be held accountable for ending the practices that helped cause this crisis in the first place. So it\u2019s like we\u2019re back in 2009, and Obama has never been in office, and we\u2019re back now to the subprime mortgage being the fault of the banks. Predatory lending tricked people into taking out loans that they couldn\u2019t pay back. The banks did that, don\u2019t you know. These banks, they targeted these poor people and they targeted these minorities. <\/p>\n
So what is Obama gonna do now, go trick these same people into refinancing their loans? So first people were tricked by the banks into taking out loans they couldn\u2019t afford. Now Obama\u2019s gonna go trick \u2019em into refinancing these loans? Is that what we\u2019re being asked to believe here? That\u2019s exactly what we\u2019re being asked to believe. When everybody who\u2019s paid a dime\u2019s worth of attention to this knows that the banks only did what they were told to do by the federal government. The Community Redevelopment Act, reinvestment act, whatever it\u2019s called, Janet Reno threatening these banks back in the nineties that if they didn\u2019t make these loans, that she would investigate them. <\/p>\n
The banks were forced. I\u2019m not saying the banks are innocent. But what happened was they were forced to make loans to people who couldn\u2019t pay \u2019em back and then they had to find a way to make the loans worth something. So they concocted a new product called a mortgage-backed security, they pooled all these worthless mortgages together, look at this income stream. We did a great analogy. Let me paraphrase this. A guy has a bar, and his customers are 25 alcoholics who are unemployed. They come every day and they buy booze, except they can\u2019t pay for it. And a point comes where the bartender doesn\u2019t have any money to restock his bar, so he goes to some investors. He says, “Look at what I\u2019m owed here. Look at what these people are gonna pay me down the road. This is a hell of an investment.” So a bunch of idiots give the bartender a bunch of money to reload his bar, and the same thing happens. The alcoholics keep coming in, they don\u2019t have a job, they keep buying booze, but nobody ever gets paid. <\/p>\n
Finally the bartender can\u2019t keep up, he can\u2019t get any more money. That bar is sold on the basis, “Look at all the income that\u2019s gonna come in here for you. Look at all the money this guy\u2019s owed.” It\u2019s worthless. But they found somebody to invest in the bar, then they found somebody to buy the bar. Then the guy who bought the bar final realizes, “No income, these people are unemployed. They\u2019re alcoholics. All they do is drink and they don\u2019t have any money. I gotta worthless investment here. So okay, how can I convince somebody else to buy this piece of crap?” And that\u2019s what happened until there weren\u2019t any more people to fool. And these are the best and brightest, these are the smartest. This is exactly what happened, and Obama wants to tell us that the guilty party is the bartender who was selling predatory booze to people who couldn\u2019t afford it and making them buy it. I\u2019ll have the Obama sound bites from this speech, \u2019cause it\u2019ll tick you off. It\u2019s campaign season, this illustrates it and shows why, again, this guy has got to be the focus of the GOP campaign.<\/p>\n
BREAK TRANSCRIPT<\/p>\n
RUSH: Here\u2019s Obama, Falls Church, Virginia, at the James Lee Community Center. Obama is speaking about the economy and about helping responsible homeowners.<\/p>\n
OBAMA: Millions of families who did the right and the responsible thing, folks who shopped for a home that they could afford, secured a mortgage, made their payments each month, they were hurt badly by the irresponsible actions of other people who weren\u2019t playing by the same rules, weren\u2019t taking the same care, weren\u2019t acting as responsible.<\/p>\n
RUSH: Stop tape, stop tape, stop tape, stop tape. Now, you think Obama\u2019s talking about people took out loans who couldn\u2019t pay \u2019em. He\u2019s comparing, okay, here we got the people played by the rules. These are people who went out and they shopped for a home that they could afford and they secured a mortgage and they made their payments and they were hurt badly by the irresponsible actions of other people who weren\u2019t playing by the same rules. So you\u2019re left to assume he\u2019s talking about people that went out and made irresponsible loans and didn\u2019t pay the mortgage. That\u2019s not who he\u2019s talking about, folks. No. He\u2019s talking about the banks. He\u2019s talking about the lenders who sold the loans to people who knew they couldn\u2019t pay it back. Listen to this lie.<\/p>\n
OBAMA: — by lenders who sold loans to people who they knew couldn\u2019t afford the mortgages and buyers who bought homes they knew they couldn\u2019t afford and banks that packaged those mortgages up and traded them to reap phantom profits, knowing that they were building a house of cards. It was wrong.<\/p>\n
RUSH: Yeah. He\u2019s got it mostly right except for the fact that these lenders were under federal orders to do this. And as much as he wants to try to pretend that people don\u2019t know that, he\u2019s my guest, he can go right ahead. The fact is with the passage of each day, more and more Americans understand and will understand that these lenders had a gun to their heads. These banks had a gun to their heads. I want to stress again, I am not suggesting they\u2019re totally innocent, but they were at a crossroads. They were forced with the point of a gun at their heads to make loans to people who would never pay \u2019em back, all for social do-gooders reasons. “It\u2019s not fair that some people don\u2019t have a house. We gotta make sure that everybody has a house, with the magic of affordable housing,” as Barney Frank would call it. <\/p>\n
RUSH: Yeah, we had a caller last month, Snerdley, if you remember, a mortgage broker who told us how Fannie and Freddy cheated and how they\u2019d show up at these trade schools and advise people how to set up no-credit-necessary mortgages. It was such a scam, and here comes Obama to bring this back to life as it was in 2008 during the crisis. “It\u2019s the bank\u2019s fault!” That\u2019s what\u2019s happening here with the banks here, in the election here.BREAK TRANSCRIPT<\/p>\n
RUSH: This is Don, Phoenix, Arizona. Welcome to the EIB Network, sir. Hello.<\/p>\n
CALLER: Hey, Rush. Let me just say, I\u2019m a little bit offended by the fact that you equated the H-RAP to ACORN because, you know, I was able to take advantage of H-RAP here just recently and it turned out pretty good for me.<\/p>\n
RUSH: Ummm…<\/p>\n
CALLER: I consider it kind of a personal attack.<\/p>\n
RUSH: You thought I was personally attacking you?<\/p>\n
CALLER: Well, I took it that way, so…<\/p>\n
RUSH: Because?<\/p>\n
CALLER: Well, H-RAP, they — they — they — My bank kept calling me over and over again to take advantage of it. And I was on a 30-year loan with 28 years left at 5.125%, and they were able to get me in at the current rate of 3.125% at 15 years with no down payment, no closing costs, and the mortgage only cost me a couple extra dollars a month.<\/p>\n
RUSH: Well, hallelujah. I mean, then all of us should sign up for this program and let the government pay for all of our mortgages.<\/p>\n
CALLER: No. Well, what\u2019s really interesting about it is that, you know, my mortgage wasn\u2019t behind it all or my house was kind of a lot more — worth a lot more —<\/p>\n
RUSH: But they tracked you down anyway, sort of like soliciting food stamps. Did they offer to set you up on food stamps, too?<\/p>\n
CALLER: They don\u2019t need to. I — I — I do pretty well.<\/p>\n
One more sound bite and maybe two. I\u2019m gonna get to the phones here el quicko. This is more of Obama in Falls Church, Virginia. He\u2019s what he\u2019s gonna do now about these predatory lenders who forced people to take out loans they couldn\u2019t pay back.<\/p>\n
OBAMA: I am sending Congress a plan that will give every responsible homeowner in America the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates. No more red tape! No more runaround from the banks! And a small fee on the largest financial institutions will make sure it doesn\u2019t add to our deficit. You\u2019ll be able to refinance at a lower rate. You\u2019ll be able to save hundreds of dollars a month that you can put back in your pocket. Or you can choose those savings to rebuild equity in your homes, which will help most underwater homeowners come back up for air more — more quickly.<\/p>\n
RUSH: “[C]ome back up for air more — more quickly. … I am sending Congress a plan that will give every responsible homeowner in America the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates.” Thank you, Federal Reserve. “No more red tape! No more runaround from the banks! And a small fee on the largest financial institutions will make sure it doesn\u2019t add to our deficit.” (laughing) We\u2019re talking chump change here just like raising taxes. Won\u2019t add to the deficit? Okay, so it\u2019s all the banks\u2019 fault. You\u2019re gonna be able to refinance with no proof.<\/p>\n
No credit here proof, no nothing. “No more red tape!” Now, this has been tried. This is HARP 3. (I don\u2019t know what HARP stands for, but that\u2019s the acronym.) The two previous mortgage assistance programs have failed. Despite how easy Obama makes it sound, it ended up being a nightmare once people got into the labyrinth of a bureaucracy that\u2019s been set up. That\u2019s what\u2019s happened to the two previous plans. People found out what it took, how complicated it was, and they said, “To hell with it!” So these new fees. “A small fee on the largest financial institutions to make sure it doesn\u2019t…”?<\/p>\n
Say hello, folks, to an increase in your ATM fee. The banks are gonna get it back. If Obama slaps a tax on \u2019em, they\u2019re gonna pass it on to you somewhere. It\u2019s gonna cost more to use your ATM. There\u2019s gonna be higher interest rate on your credit. Something\u2019s gonna happen. This what Obama and the boys never understand. It\u2019s not a static economy. One more bite. This is what happens if you\u2019re a bank and you don\u2019t follow orders…<\/p>\n
OBAMA: I asked my attorney general to establish — to investigate — the kind of activity banks took when they packaged and sold risky mortgages. And that task force is ramping up its work as we speak. We\u2019re gonna keep at it and hold people who broke the law accountable and help restore confidence in the market. We\u2019re gonna speed assistance to homeowners, and we\u2019re gonna turn the page on an era of restlessness that hurt so many hardworkin\u2019 Americans.<\/p>\n
RUSH: This is Don, Phoenix, Arizona. Welcome to the EIB Network, sir. Hello.<\/p>\n
CALLER: Hey, Rush. Let me just say, I\u2019m a little bit offended by the fact that you equated the H-RAP to ACORN because, you know, I was able to take advantage of H-RAP here just recently and it turned out pretty good for me.<\/p>\n
RUSH: Ummm…<\/p>\n
CALLER: I consider it kind of a personal attack.<\/p>\n
RUSH: You thought I was personally attacking you?<\/p>\n
CALLER: Well, I took it that way, so…<\/p>\n
RUSH: Because?<\/p>\n
CALLER: Well, H-RAP, they — they — they — My bank kept calling me over and over again to take advantage of it. And I was on a 30-year loan with 28 years left at 5.125%, and they were able to get me in at the current rate of 3.125% at 15 years with no down payment, no closing costs, and the mortgage only cost me a couple extra dollars a month.<\/p>\n
RUSH: Well, hallelujah. I mean, then all of us should sign up for this program and let the government pay for all of our mortgages.<\/p>\n
CALLER: No. Well, what\u2019s really interesting about it is that, you know, my mortgage wasn\u2019t behind it all or my house was kind of a lot more — worth a lot more —<\/p>\n
RUSH: But they tracked you down anyway, sort of like soliciting food stamps. Did they offer to set you up on food stamps, too?<\/p>\n
CALLER: They don\u2019t need to. I — I — I do pretty well.<\/p>\n
RUSH: All right. Well, doesn\u2019t matter. They\u2019ll try to register anybody for food stamps. They need to get the numbers up. Okay. I\u2019ve offended the guy. (interruption) I know, I know, I know he was just kidding. But this program, this HARP thing could end up forgiving mortgages. That\u2019s where it\u2019s headed. That\u2019s what Obama wants to do in the Election Year. Forgive \u2019em, just wipe the debt off, and then somehow make people think that banks are paying for it. “We\u2019re gonna really get even with them,” and wait \u2019til you see what your ATM fees end up being. But that\u2019s what ACORN wants, is for all of them to be forgiven.<\/p>\n","protected":false},"excerpt":{"rendered":"
RUSH: Obama was in Falls Church today — in his speech today President Obama says the government\u2019s gonna spend at least $10 billion refinancing everybody\u2019s mortgage without doing any credit checks. Nobody\u2019s gotta prove anything to anybody. He also said — I\u2019ve got the sound bites coming up — he also said banks and lenders […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0,"footnotes":""},"categories":[],"tags":[],"class_list":["post-16676","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\n