Saturday, September 22, 2012

No details, good speak though

"If elected president, Mitt Romney would reform Fannie Mae and Freddie Mac, sell 200,000 vacant foreclosed homes owned by the government and promote "sensible, not overly complex" financial regulation that gets credit flowing again.

He would also "spare thousands of families from going through the foreclosure process" by making foreclosure alternatives easier.

How would he go about doing this? As with an abridged version of the plan that appeared on the campaign website a few weeks ago, this seven-page white paper (including the title page) called "Securing the American Dream and the Future of Housing Policy" includes no details.

It does, however, include a bit more blame.

President Barack Obama's housing programs "have been poorly administered with constantly changing terms and overstated goals that have never been met," the plan says.

Romney also notes in his plan that Obama's signature financial regulation law, the Dodd-Frank Act (which hurts small business, Romney says) did nothing to reform Fannie Mae and Freddie Mac, which currently owe taxpayers $140 billion.

Yet Romney's plan doesn't say what he would do differently. Instead, it makes broad policy statements that suggests the answer will include rolling back regulations."

No matter what side of the political fence you stand on I don't believe either candidate will do anything about the housing mess. 

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