Romney, Obama, and Housing

With the Presidential election just a couple months away, lets take a quick look at what each candidates housing policies are.

Barack Obama (D) - With President Obama, we actually have a track record to look at.  Unfortunately for the President, his housing policies have done very little to fix the problems facing the market.  Through a variety of different programs (HARP, HARP II, etc..) Obama has primarily focused on helping underwater homeowners refinance in an attempt to keep them in their homes.  These various programs have had some success, but most analysts agree that they haven't done nearly enough.

Interestingly, President Obama's re-election website does not list any housing policies.  He has posted his policy positions on a variety of other issues, but housing is notably absent.  Unfortunately for the market, the President doesn't seem to have much of a vision, and if he does he isn't exactly waving it around for the public to see.

Mitt Romney (R) - Mitt Romney has not been President, so we don't have a track record to analyze.  However, his website does lay out his policy vision on housing.  You can find that information here.  The core of Romney's housing plan is to reform Fannie Mae and Freddie Mac, the two government-sponsored enterprises.  The website doesn't provide any specifics as to what constitutes "reform", so it is unclear what exactly he means.  He also mentions that he plans to roll back most or all of the new rules and reforms instituted under President Obama.  Mitt Romney certainly deserves credit for outlining and providing a housing policy, but the lack of specifics is certainly frustrating.

Conclusion:  So what does this all mean?  From a "big picture" perspective, neither candidate seems willing to address the substantive issues in the housing market.  Although the market has recovered significantly in recent years, there are certainly underlying issues that need to be tackled.  Personally, I'd like to see something from the following list implemented:

-One year moratorium on all foreclosures sales.
-Streamlining of the short sale process with basic rules set by the federal government.
-Slight loosening of underwriting standards on Freddie and Fannie loans.
-Streamlined re-financing of any underwater homeowner who is current on payments.

I could continue this list, but these are four ideas that would drastically help the market, and neither candidate is willing to go there.

At the end of the day, the pundits say this election will be about the economy but the candidates refuse to discuss one of the central tenants of the economy.  It's frustrating as a real estate agent, and it has to be even more frustrating for those that bore the brunt of the housing market.