ron paul revolution or something

Mitt Romney Isn’t Telling Us Exactly How He Will Ruin The Housing Sector

romney, right before his screen saver went onGood news, everyone! Romney/Ryan have no specific plans to ruin the housing sector at this point, which is probably a good thing, given that Mitt Romney has been pretty clear about his interest in ruining education and Paul Ryan has a very specific plan to ruin Medicare and Medicaid. So let’s just all respectfully disagree with Business Insider, which thinks it’s a Bad Thing that the campaign’s white paper on housing policy is basically just a collection of vague platitudes about “too big to fail” and “common sense reform” and blah blah etc, with one little part about how much EASIER it will be for banks to foreclose on you.

For example: here is a paragraph from their white paper, which is called “Securing the American Dream and the Future of Housing Policy”, taken from the aforementioned Business Insider article lamenting its lack of specificity:

End “Too-Big-To-Fail” And Reform Fannie Mae And Freddie Mac: The Romney-Ryan plan will completely end “too-big-to-fail” by reforming the GSEs. The four years since taxpayers took over Fannie Mae and Freddie Mac, spending $140 billion in the process, is too long to wait for reform. Rather than just talk about reform, a Romney-Ryan Administration will protect taxpayers from additional risk in the future by reforming Fannie Mae and Freddie Mac and provide a long-term, sustainable solution for the future of housing finance reform in our country.

Note: GSE’s are “Government Sponsored Enterprises.” Meaning, they are privately held corporations with a specific public policy objective, like, for example, Fannie Mae (created in 1938) and Freddie Mac (created in 1970). After the housing crash in 2008, the federal government bailed them out and took them over, and if this is still confusing, the schoolmarms over at NPR’s Planet Money have a nice little explainer that you can check out here.

But ANYWAY, what will Romney/Ryan do for Fannie Mae and Freddie Mac? They will “reform them.” How? We don’t know. What else will they do?

Other than that, in the paper, Romney talks about “responsibly” selling 200,000 government-owned homes, getting rid of Dodd Frank, improving the job market, and making foreclosures easier.

Oh ok, to whom will they sell these foreclosed homes? Not sure, don’t worry about it. They will also improve the job market! How? Eh, details, details! But anyway, this is the plan, guys. Reform stuff! Create jobs! Fix things! Less regulation! Also, something about Certainty in the market. Business Insider thinks this lack of specificity is a problem but we are actually thrilled — it means that Romney/Ryan either isn’t super invested in ruining the housing sector, or hasn’t yet figured out how to ruin it.

[Business Insider]

About the author

Kris E. Benson writes about politics for Wonkette and is pursuing a doctorate in philosophy. This will come in handy for when they finally open that philosophy factory in the next town over. @Kris_E_Benson

View all articles by Kris E. Benson
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  1. BigSkullF*ckingDog

    At this point I kind of wish Wells Fargo would mistakenly foreclose on my house. As long as they didn't kill my dog and cat. According to an amortization table, if I keep paying my mortgage my balance will match my current home value in about 12 years.

  2. anniegetyerfun

    Rather than just talk about reform, a Romney-Ryan Administration will protect taxpayers from additional risk in the future by reforming Fannie Mae and Freddie Mac and provide a long-term, sustainable solution for the future of housing finance reform in our country.

    Weird, because they're TALKING about rolling back the minimal reforms that got pushed through. And not talking that much about it, even.

  3. Texan_Bulldog

    "….make foreclosure easier"? Is that really something they want to advertise they want to do? Geniuses!

    1. An Asexual Ungulate

      Because it's so hard now…? Foreclosure is a state issue anyway. The only way they could make it "easier" is by repealing all sorts of federal debt collector laws.


    2. Negropolis

      Mitt said something to the extent that the housing crisis should "just work itself out." So, yeah, this is pretty much his stated policy. At best, this thing is working like it should, in his eyes, and at its worse, it's not working nearly fast enough.

  4. hagajim

    He's already said what he would do….let everyone go broke, and let the banks take their homes….that pretty much sums it up.

    1. kittensdontlie

      Romney/Ryan want to take us back to the future, when credit default swaps were all the rage..and when Dodd/Frank was just a twinkle in Barney Frank's eye.

  5. Jus_Wonderin

    Kinda looks like he is reacting from shooting himself in the foot. You'd think he'd be used to that by now.

    1. anniegetyerfun

      It's probably easier not to specify what policies you want to implement, since you'll just have to hold the opposite stance a week later, you know?

      1. Lot_49

        And for all you 47-percenters who expect food along with your medical care and housing, there's room service! Just dial 8 and ask for a tasty New York steak medium rare.

        Honestly, the things you have to explain to the Poors make it almost seem like it's their own fault.

      1. CthuNHu

        "We grew up in a wadded-up tissue in the middle lane of the interstate!"

        "Ah, a tissue! We went to sleep at night dreaming of having a tissue!"

    1. anniegetyerfun

      It's really strange, but do you think maybe they lack empathy? I feel like maybe they lack empathy.

  6. Goonemeritus

    We wouldn’t need Fannie Mae and Freddie Mac if everyone just went to their dads and borrowed a few hundred thousand.

  7. kissawookiee

    Far be it from me to bodysnark on anyone, but are those scars under his browline? Like from an eyelid lift? Good on him for creating jobs for blepharoplasty techs, I suppose.

  8. RedneckMuslin

    Right. Once you get kicked out of your house you don't have to worry about foreclosure anymore. Problem solved.

  9. MonkeyMotion

    Once Romney/Ryan finish the total decimation of the economy (financial, education, environmental, energy, infrastructure, etc.) begun by Bush/Cheney, the housing sector will simply collapse on its own!

    Gotta admire the simplicity.

  10. coolhandnuke

    Income and education are way too taxing on me. Fuck it, i'm going back to bed and count lottery numbers and sleep the new American dream.

  11. Oblios_Cap

    Why would anybody think that a party whose platform is that "all government is bad" would have such difficulty actually, you know, governing?

  12. Monsieur_Grumpe

    With all the bad things we have said about Mittens you must admit that he does a pretty good job on his nose hairs.

  13. Hammiepants

    After making foreclosures even easier, Mittens next moves are: 1. Make all old people into soap, 2. Blahs and Messicans self-deported, unless they want to stay here with the white poors to serve their corporate overlords, 3. Eliminate that fat fuck Santa Claus.

  14. ph7

    1. Mitt buys all houses.
    2. Americans pay rent to Mitt.
    3. Ann decorates the common areas.
    4. Free apple cider and square dancing on weekends.


  15. Mittens Howell, III

    Romney: "Bring out your bankrupt, bring out your bankrupt!"

    Serf: "I'm not bankrupt yet."

    Romney: "Oh don't be such a baby, get in the cart."

  16. Serolf_Divad

    Guys, stop racking your brains. Here's Romney's plan for everything:

    Kick the ball down the field and hope something happens.

    The End.

    1. zumpie

      That would honestly be too much action for Ol' Mitty. I think his plan is cross his fingers and hope for the best.

  17. Blueb4sinrise

    Needz moar robo-signing.
    It's the burdensome big government bureaucracy that is stifling the foreclosure industry.

  18. Incitefully_Joe

    Also, something about Certainty in the market. Business Insider thinks this lack of specificity is a problem

    They will help alleviate the Uncertainty in the market, through processes, and initiatives, and they'll tell you what after the election. I can see how this would be confidence-inspring!

  19. One_Man_Band

    Well, I guess I'll just keep renting this same apartment while secretly laughing at everybody who bought a house in the past decade…

  20. Mittens Howell, III

    Todays Conservative pundit talking point:

    "If only Ryan would get out there more and act like a total fucking douche-bag, then maybe voters would forget what a total fucking douche-bag Romney is."

        1. zumpie

          Though that wasn't as stupid as when she blathered about how maybe picking Handsome joe was a mistake on Barry's part. Ummm, yeah, that would be Vice President Handsome Joe, to you, missy. Hard to guage mistakes on the winner, dumbass!

  21. SorosBot

    Yeah, they need to make foreclosures easier; it's not like foreclosing is way too easy right now, so that banks are foreclosing on houses that they don't even own the mortgage on, some of which weren't even mortgaged period, or anything.

  22. Lot_49

    "I won't tell you what I'm going to do if I'm elected" = "I'm willing to bet you hate the Kenyan usurper more than you find me distasteful yet still recognize me as a rightful member of your ruling class/liege lord/big moneybags."

    How can such a subtle and carefully-thought-out strategy possibly fail?

  23. YouBetcha

    This is their idea of being getting more specific?
    They should go back to fraud and disenfranchisement, it'll improve their odds.

  24. Caelan Aegana

    Jeebus. That photo scared me so much that I had a laughing fit, and now my cube-neighbors think I am possessed.

  25. DahBoner

    Only Romney will bring "certainty" to America's Financial Markets!

    Remember how much "certainty" Bush brought to the NASDAQ back in 2000 when it became "certain" that Bush would bag the Republican nomination?


  26. Chichikovovich

    a Romney-Ryan Administration will … provide a long-term, sustainable solution for the future of housing finance reform in our country.

    We should take Romney-Ryan at their word – it would be uncharitable to suggest they are just stringing buzzwords together.

    So it turns out – as they plainly state in the above sentence – they are not concerned with the future of housing finance, they are concerned with the future of housing finance reform.

    So if a Romney-Ryan administration takes the reigns, we can be sure that efforts of housing reform may never end in our lifetimes!

    I never imagined they would have the courage to state it flat-out like that.

    1. Incitefully_Joe

      Right, but they have some really great ideas for reforming the way that we reform housing finance reform.

      On an unrelated matter, I stumbled, over the course of my Internet research* upon the claim that humans are physically incapable of sensing the fourth derivitive of motion.

      *for pornography

      1. Chichikovovich

        In my pedagogical research I've encountered astonishingly many humans who are incapable of understanding the first derivative.

        Of a function of a real variable.

        A constant function.

  27. GregComlish

    As a business man, I can assure that Mitt's vague and empty promises do a great deal to ease my concerns about uncertainty. God, if there's one thing businesses have no way of dealing with, it's risk and uncertainty.

    1. docterry6973

      Absolutely. After hanging on by our fingernails since 2008 I would hate to be faced with risk and uncertainty. Whatever would we do.?

  28. chascates

    Obviously he'll ruin the housing sector by purchasing a multimillion-dollar house in every state of the Union, causing real estate sector stats to be skewed to show an economic recovery.

  29. anniegetyerfun

    I work in Marketing now, and this is how we describe products that we know are going to suck. "Instead of just doing X, our product does more than X. We can't wait to show you how."

  30. TootsStansbury

    Great Brightfart's Ghost! That photo should come with a warning for anyone attempting to access this site from something other than a phone!

  31. Negropolis

    Kris, the vagueness is not a bug, it's a feature. I don't know how you could interpret the vagueness as a good thing coming from Republicans. I know that you are not that naive.

    BTW, this spin off Freddie and Fannie hysteria is par for the course. Whatever they may have done wrong, it's simply a perfect excuse for them to attack yet another publically owned-and-or-operated institution. Go reform BofA and Wells Fargo and the rest of them you fuckers.

  32. Negropolis

    Where will we all sleep when our infrastructure is so rotten that the freeway overpasses all collapse?

    We had to destroy the housing market to save the housing market.

  33. ttommyunger

    ……says the man born of wealthy white parents who makes 13 Million a year, yet doesn't even have a fucking job.

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