With the presidential race entering its final stretch and with the employment figures remaining effectively flat, one would think that the housing crisis would have already been front and center by now.
As I have said numerous times every economic recovery since the Depression has been led by the housing sector.
But only now do we have a fuller picture of both the Republicans’ and Democrats’ agendas on housing.
AND TO SAY THE LEAST I AM UNDERWHELMED.
In the wake of both conventions, each party has made their official party platforms public, and yes, they both at least try to address some aspects of the foreclosure crisis.
With the Democrats, there is a firmer grasp of the housing picture, but I still haven’t heard a solution from them that has the teeth to have a lasting impact.
They recognize the importance of refinancing, which is good, but to date nothing they have done has forced the banks to refinance. So the intent is there, but there is little actual follow through.
Not HARP or any of the alphabet soup programs created during the last four years have done anything to truly encourage refinancing. There’s too much please and thank you in the Democrats programs, when it is time for them to be the stern parent and send the banks to bed without their supper.
You must make refinancing in the banks’ best interest, to me the only way for that to happen would be to reinstate Franklin Roosevelt’s Home Owners Loan Corporation.
It closed up shop in the 1950’s, and mortgage lending hasn’t been the same since.