Republican presidential candidate Mitt Romney on Tuesday night released a brief overview of his housing policy, should his bid for election be successful.
While mostly a vague, initial outline, the document devotes substantial text to criticizing President Obama's lack of action on housing.
"Under President Obama, home prices have fallen, homeowners have received more than 8.5 million foreclosure notices, and 11 million Americans owe more on their mortgages than their homes are worth," the text states. "President Obama’s only plan to address the housing crisis was the same plan he used to try to fix the economy: Spend more taxpayer money on big-government programs. "
The Romney plan includes a sell-off of 200,000 vacant, foreclosed properties owned by the government. There is also a call to facilitate foreclosure alternatives, without mention of the current government-led programs. However, there is a complaint about "an alphabet soup" of housing finance programs instead of a "real solution."
"The dream of home ownership is out of reach for many Americans as a result of President Obama’s failed policies and stalled economy," the document adds.
Romney also calls for the replacement of complex rules with "smart regulation" to restore lending — the Dodd-Frank Act, which Romney has criticized in the past, is not mentioned.
Finally, Romney will offer additional taxpayer protection from risks associated with Fannie Mae and Freddie Mac, which "fueled a predictable disaster."
"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," the letter states.