Housing Market targeted by Republicans

The Republican National Convention is in full swing and practically in our backyard! Mitt Romney was officially nominated as the Republican presidential nominee this week in Tampa. As part of the GOPs platform, the Dodd-Frank Act was singled out as a specific failure in the current attempt to boost the housing market, stating it was “a massive labyrinth of costly new regulations that deter lenders from lending to creditworthy homebuyers and that disproportionately harms small and community banks.” The platform stated it would get the mortgage industry back on track and would encourage private sectors to return to housing. The platform also intends to downsize Fannie Mae, Freddie Mac and FHA in terms of residential lending. I can’t wait to see what will be proposed when the Democrats are in the spotlight!