HousingWire reports Republican presidential hopeful Mitt Romney, in his housing plan, promises to shortcut Pres. Obama’s foreclosure prevention programs with private deals between banks and borrowers by providing alternatives to foreclosure, like short sales, deed-in-lieu-of-foreclosure, and shared appreciation. He has slammed the qualified mortgage rule and vowed to overhaul the Dodd-Frank Act. According to the plan, “More than two years since the passage of Dodd-Frank, regulators still haven’t been able to define what the characteristics of these ‘qualified mortgages’ should be, and the lack of certainty has paralyzed lenders. The end result is that credit-worthy borrowers are being rejected when they apply for a mortgage, and the housing recovery is being further delayed.” MHProNews has learned the plan calls for reforming the GSE’s but not privatizing them altogether.
