How will the Presidential Election effect Dodd-Frank?

Since the implementation of the Dodd-Frank Act in 2010, there has been much debate over whether is it actually helping the current housing crisis or simply complicating it for everyone involved with no real benefit. This comes from not only the appraisal side, but mortgage servicers and other housing industry professionals as well. While I think everyone can agree a move had to be made and this bill had good intentions, I can certainly understand the controversy. With the housing crisis a major factor in the current Presidential Election, Mitt Romney has made recent announcements regarding the “Romney-Ryan Plan to End the Housing Crisis.”

What is the Romney campaign proposing for the housing industry?

1. Sell  200,000 vacant homes currently owned by the government to eliminate more      than half of the foreclosed homes that are bringing neighborhood values  down.
2. Make  foreclosure alternatives easier including short sales, deed-in-lieu of      foreclosure and shared appreciation.
3. Replace  the Dodd-Frank Act with “sensible” regulation.
4. Reform  Fannie Mae and Freddie Mac to decrease the role of government in the      housing market and reintroduce private market growth.

The plan also discusses the burden falling on smaller banks in the housing industry which don’t have the same resources as large banks. Specifically, the recent changes of mortgage disclosures put in place by the Consumer Financial Protection Bureau. I have heard this complaint first-hand from some of our valued “small” lenders. Hopefully we will see productive changes soon, whichever party wins this election.