The Romney/ Ryan campaign published their White Paper on their Housing Policy. Since this is a real estate blog, this deserves looking at closer. Often times these things are fairly “milk toast” and nothing much to them. While this does not go into great detail on specifics, it does address key components of the problem.
The Romney-Ryan Plan To End The Housing Crisis:
The Romney-Ryan plan will reduce the outsized role of the government and revitalize the privatesector’s role in the housing market to end the housing crisis and preserve the American Dream of homeownership.
- End “Too-Big-To-Fail” And Reform Fannie Mae And Freddie Mac:
- Responsibly Sell The 200,000 Vacant Foreclosed Homes Owned By The Government:
- Make Foreclosure Alternatives Easier:
- Sensible, Not Overly Complex, Financial Regulation That Gets Credit Flowing Again:
- Improve The Job Market:
Rather than just talk about reform, a Romney-Ryan Administration will protect taxpayers from additional risk in the future by reforming Fannie Mae and Freddie Mac and provide a long-term, sustainable solution for the future of housing finance reform in our country.
Many foreclosed homes are clustered in low- and middle-income neighborhoods, and the more than 200,000 properties owned by the federal government represent over half of all vacant, foreclosed properties in the United States. The Romney-Ryan plan will get the federal government out of the landlord business by responsibly selling these vacantforeclosed homes, and doing it in a way that will enhance communities rather than contribute to neighborhood blight.
Foot-dragging by the Obama Administration has made it harder for homeowners to get alternatives to foreclosure, such as short sales, deed-in-lieu-of-foreclosure and shared appreciation. A Romney-Ryan Administration will bring clarity in this area, reduce the inventory of foreclosed homes that is clogging the market, and more importantly, spare thousands of families from going through the foreclosure process.
By replacing the Dodd-Frank Act with sensible regulation (instead of the 9,000+ pages, and counting, of new rules for financial institutions), a Romney-Ryan Administration will usher in a new era of responsible lending. Sensible regulation will allow banks to approve loans to families with good credit rather than rejecting their mortgage applications. A return to more normal lending standards would produce an estimated 640,000 more home sales and 320,000 jobs next year. A Romney-Ryan Administration will ensure that clear rules of the road exist for lenders to follow and eliminate the regulatory uncertainty that is paralyzing lenders.
The best way to help the housing market is to get the economy going and get America back to work. The Romney-Ryan jobs plan will create 12 million jobs in the next four years. Families will benefit from fairer, flatter taxes, sensible regulation, the opening of new markets for American goods and investment in our vast energy resources