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President Obama and Governor Romney: Two approaches to the housing crisis

Failing to address our nation's housing crisis would mean that 10 million families are at risk of losing their homes to foreclosure, driving down home prices, deepening the housing crisis, and delaying full economic recovery. Over the past two days, President Obama and Mitt Romney have described their plans to address our nation's housing crisis. How do they stack up?

PHILOSOPHY

Obama: "While government can't fix the problem on its own, responsible homeowners shouldn't have to sit and wait for the housing market to hit bottom to get some relief."

Romney: "But the idea of trying to stop the foreclosure process kept it from occurring, kept the market from bottoming and recovering. You have to let the market work and let home values recover as a result of that."

"Don't try and stop the foreclosure process. Let it run its course and hit the bottom."

REFINANCING

Obama: Sent to Congress a broad refinancing plan that would let responsible homeowners save an average of $3,000 per year.

Romney: No proposal.

HOMEOWNER BILL OF RIGHTS

Obama: Proposed a single set of rules for borrowers and lenders, including simple and full disclosures and prevention of conflicts of interest and inappropriate foreclosures.

Romney: No proposal.

UNEMPLOYED HOMEOWNERS

Obama: Ensured the unemployed homeowners participating in the FHA and HAMP programs could receive at least a year of forbearance. Major banks, Fannie Mae, and Freddie Mac have now followed the President’s lead and adopted the same policy.

Romney: No proposal.

PUNISHING FRAUD

Obama: Formed a joint task force with states and federal investigators from the Department of Justice, the Department of Housing and Urban Development, and the Securities and Exchange Commission.

Romney: No proposal.

ADDITIONAL STEPS

Obama: Expanded eligibility for HAMP mortgage modifications to reduce foreclosures. Increased incentives for lenders to modify loans and help borrowers rebuild equity. Rehabilitating neighborhoods through Project Rebuild.

Romney: No proposal.

Share this PDF of the side-by-side comparison of President Obama and Mitt Romney's housing plans.