Mitt Romney has released an official housing plan on his campaign website; how does it compare with the housing policies of Barack Obama?
By Peter Ricci
For months, real estate professionals and trade groups alike have bemoaned the lack of housing-related policies on the presidential campaign trail, and it seems Mitt Romney has taken consideration of those criticisms to heart in devoting a new page on his campaign website to a housing plan – though agents may end up hoping for more specifics.
The Romney Housing Plan
The goals of the Romney housing plan are as follows:
- “Responsibly” sell the 200,000 or so REO properties the government currently owns.
- Offer foreclosure alternatives for delinquent borrowers.
- Repare the credit markets with “smart regulation” that holds banks accountable and does away with complex regulations.
- Reform Fannie Mae and Freddie Mac to protect taxpayers from future bailouts.
Searching for Specifics?
Following Romney’s selection of Paul Ryan as his vice president, we asked what his nomination would indicate for the government’s housing policy, and though Romney’s housing plan covers a wide set of housing topics, it does not seem very specific in how it would correct those problems, which is something HousingWire, MarketWatch and other news outlets have pointed out.
For instance, regarding the government’s REO properties, here how the housing plan elaborates upon Romney’s goal to sell those distressed housing units: “Mitt Romney will responsibly get the government out of the homeownership business and return these vacant homes to productive uses that will increase neighboring home values.”
Interestingly, Romney’s housing plan for Fannie and Freddie borrows none of the language in Paul Ryan’s oft-quoted budget proposal that he released in 2011 as head of the House Budget Committee. Though Ryan’s plan called for privatizing the GSEs, all Romney’s plan says is, “Mitt Romney will reform these government-sponsored companies to protect taxpayers from additional risk in the future by ensuring taxpayer dollars in the housing market are replaced with private dollars.”
President Obama recently reaffirmed his commitment to a new government-led refinancing plan; do you think Romney’s housing plan matches that of his Democratic rival?
Of course Romney’s plan isn’t as good as Obama’s. In the beginning of last year Romney stated (paraphrase) “we should let the housing market hit bottom…”
This type of free market laissez faire mentality will hurt the housing market, not help it.
No matter WHAT ROMNEY does, it will be far and away BETTER THAN THE SOCIALIST O’VOMITBAMMER and the DUMB DEMOCRAPS could ever do.
STOP SPREADING TRASH ABOUT ROMNEY !!!!!!!!!!!!!!!!!!!
There will be NO REAL ESTATE BUSINESS(or ANY business for that matter), if O’VOMIT wins…………..
PLEASE GET THE GOVERNMENT OUT OF OUR BUSINESS SO WE CAN PROSPER.
Romney at least does not want government owned everything like Obama. If Obama is re-elected the government will own your house too. Your business will be highly regulated and he will tax you until you drop. Remember; he thinks we should pay more taxes if we own a business because we did not “build that” we “had some help along the way”. So now we should pay the government more of our hard earned money! Go and see 2016!
I wouldn’t think someone who says “let the housing market hit bottom” to do anything to help. I believe in the economy like I believe in my two Chevy’s. We need to do something that will help homeowners and stabilize the housting market. I know that I have more money to spend since I refinanced my home; the interest rates are great.
This is a sensible question. Let’s keep politics out of this and consider our profession. Realtors have a big stake in this market.
With the business sense Romney brings to the table, I’m confident we would all benefit in the long run,if he allows the market to take its course from a supply and demand attitude the market will have to be what it is , that’s the capitalistic fair way to have the market reflect . The money will come to shore up the downfalls and climb again in a stronger and solid more true picture of values. The lenders however would have to be restrained from calling notes and mortgage devaluation because if the adjustment in market conditions . But ultimately business should always be dealt with values and markets to where they fall .
Specifics will come in due time. We already know Obama’s position is to take down America. He’s definitely not the man with the plan that benefits America. He needs to be fired come November.
What I hope Romney/Ryan will do is to have less banks involved in non-distressed real estate transactions and more mortgage brokers to broker the loans allowing competitive interest rates via broker’s pool of investors. Banks and appraisers today are ruining our industry. Appraisers need to get back to appraising by their own set of guidelines and not the dictates of these banks. Let’s allow the market to correct itself so that EVERYONE can get back on their feet to succeed and thrive once again.
Simply said, let’s get rid of this SOCIALIST O’VOMITBAMMER and most of DUMB DEMOCRAPS,send them back to where they’ve come from, then we can let private business not government take care of real estate business, so we can get back on our feet and prosper like before.
Who better to straighten out this mess than a successful businessman and an economist, Romney/Ryan. At least we know where they stand. With Obama we can count on dirty little secrets and surprises, for instance, is there really a clause in the healthcare law charging a fee/tax to sale your home to pay for healthcare. Think about it. How will that effect the housing market??
I always thought real estate people were a cut above the yahoooos that I read about everyday on blogs, but from what I just read above we have some crazy people in this business…badmouthing our government, our President and just about everyone they see…sick people. Where do they come from?