In October, Mitt Romney suggested the foreclosure process "run its course and hit the bottom." Last week, Romney told struggling homeowners in Florida that banks are “feeling the same thing” they are. Today, he said he would “let the market work” instead of stopping fraudulent foreclosures.
Mitt Romney may know what banks are feeling, but clearly he does not understand what millions of struggling homeowners in Florida are feeling.
Romney has attacked Newt Gingrich for working with Freddie Mac during the housing crisis, but it's been shown since that Romney invested up to $500,000 in Fannie Mae and Freddie Mac—proving once again that he will say anything to get elected.
In his 59-point economic plan, Romney remained silent on housing. And the 44 percent of Florida homeowners who owe more than their homes are worth didn't hear anything about a refinancing plan from Romney while he was campaigning there.
Meanwhile, President Obama's housing plan is helping millions of Americans keep their homes through refinancing and loan modifications, among other programs. He took executive action so borrowers with little or no equity can refinance and take advantage of current low mortgage rates. And at the State of the Union, the President proposed a new re-financing plan that "gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low interest rates."