Romney Reveals Crucial Housing Policy While You Aren't Looking
The timing of the new housing policy document coincided with a flash release of Romney's 2011 tax returns and a summary of his average annual effective tax rate from 1990-2009 -- previously unreleased information that had obsessed transparency whistle blowers for much of the 2012 election cycle.
The document "Securing the American Dream and the Future of Housing Policy," reveals a plan to reform U.S. home funding sources Fannie Mae (FNMA) and Freddie Mac (FMCC), sell 200,000 vacant foreclosed homes owned by the government, ease foreclosure alternatives and replace the Dodd-Frank Act.
The campaign promised earlier this week to announce more specifics on Romney's policy proposals, but the housing policy isn't heavy on how the Republican nominee would implement these changes.To reform Fannie and Freddie, the policy says a Romney-Ryan administration would "protect taxpayers from additional risk in the future" by providing "a long-term, sustainable solution for the future." The solution has not been outlined in detail. It explained that the sale of 200,000 vacant foreclosed homes would raise property values as vacant homes attract "vagrants and criminal activity." Romney's housing policy document said the president's policies such as short sales, shared appreciation and deed-in-lieu-of-foreclosure had dragged down homeowners' ability to find foreclosure alternatives. The Romney plan said it would "bring clarity in this area." The housing white paper also said a Romney-Ryan administration would replace Dodd-Frank with something less complex in order to aid the housing market. Romney has repeated throughout his campaign that he would replace Dodd-Frank for other financial matters. The best way to help the housing market, the paper said, is to create jobs through the Romney-Ryan jobs plan, which it claims would add 12 million jobs in the next four years. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV