The news mongers have been putting a lot of effort into convincing republican candidate, Mitt Romney, to release his 2011 tax returns. As reporters and the public focused on tax returns, Romney was busy formulating a plan for the reformation of the U.S. housing market. Romney’s housing policy provided a distraction for both reporters and the public.
His plans for the housing market included significant changes in Fannie Mae and Freddie Mac, two entities that secure mortgages for homebuyers. It would sell 200,000 foreclosed houses and provide alternative solutions to those currently threatened with foreclosure. The Dodd-Frank Act was on his “elimination” list. He did not give specific details of what he would replace it with, however.
Replacing it would require another all-inclusive plan to regulate the banks and financial practices in eight specific areas. The act covers, among other things, banking regulations and Wall Street reform. Some experts express the thought that Romney would have much ground to cover if he sought to replace this set of regulations created by the leading democrats, Chris Dodd and Barney Frank.
The plan republican Romney would replace the current legislation with is announced without giving any details other than, it will provide “a long-term, sustainable solution for the future.” He proposes that selling 200,000 vacant homes and filling them would eliminate vagrants and the use of empty houses being used to carry out illegal activities. The Dodd-Frank Act has provisions for similar safeguards.
It was introduced in 2009, passed by the House, passed by the Senate after an amendment in 2010 and signed by President Obama in that same year. It includes promoting financial stability, stopping the use of bailouts and consumer protection. Both the banks and Wall Street are to be held more accountable and their practices more open and accessible.
It is a fact that President Obama’s policies worked to prevent additional foreclosures. As for Romney creating 12 million jobs if elected, is there a specific way to accomplish that? Or, is this merely campaign rhetoric? Obama is currently working towards the goal of increasing employment. Many want him to have the next four years in which to finish that endeavor.
While Romney’s housing policy is merely part of his platform, it is a fact that President Obama’s policies are currently working to prevent additional foreclosures. As for creating 12 million jobs if elected, does he state details of his specific way to accomplish that, or is this merely campaign rhetoric?