Republican presidential candidate Mitt Romney and running mate Paul Ryan released a white paper on Friday outlining a plan to improve the housing market.
The paper, titled Securing the American Dream and The Future of Housing Policy, argues that government needs to get out of the housing market, and criticizes the Obama administration's current housing programs and the role of the Dodd-Frank reform law.
"The Romney-Ryan plan will reduce the outsized role of the government and revitalize the private sector's role in the housing market to end the housing crisis and preserve the American dream of homeownership," the paper says.
The paper does not offer much detail on its various initiatives, but says a Romney-Ryan administration would reform government-sponsored entities Fannie Mae and Freddie Mac, "responsibly" sell the more than 200,000 vacant homes owned by the government, make foreclosure alternatives easier, replace Dodd-Frank with "sensible" regulation and improve the job market.
It also critiques Obama's housing programs, including the home affordable modification program and the home affordable refinance program, calling them "poorly administered with constantly changing terms and overstated goals that have never been met." "Unfortunately, the failed policies of the Obama administration have put the dream of home ownership needlessly out of reached," the paper adds. "In many cases, the president's policies have made things worse."
The Romney-Paul policy recommendations do not make any mention of loan refinancing or modifications.