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Romney Campaign Press Release - President Obama's Empty Promises On THe Housing Crisis

May 11, 2012

"For years, President Obama has tried to pass off his stale liberal policies as a remedy for the housing crisis that middle-class families continue to face. But after three-and-a-half years of wasteful spending and failed programs, President Obama has proven on housing – like all of his economic policies – he isn't up to the challenge of getting our economy moving again." –Andrea Saul, Romney Campaign Spokesperson

President Obama Is In Nevada Today To Promote His Housing Policies:

Today, President Obama Will Make "A Quick Visit" To Nevada To Promote His Housing Policies. "President Barack Obama is turning his attention back to the economy after a day spent raising millions of dollars for his campaign and riding a media wave on his newly declared support for same-sex marriage. Obama was to promote housing policies to help homeowners avoid foreclosure in a quick visit Friday to struggling Nevada, which ranks second in the nation in foreclosed homes and has the highest unemployment in the country." ("Obama Heads To Struggling Nev. After Fundraising," The Associated Press, 5/11/12)

But President Obama Has Been Touting His Housing Policies For Years – While Failing To Deliver Relief For Struggling Homeowners:

President Obama, In 2009: "We Will Help Between 7 And 9 Million Families Restructure Or Refinance Their Mortgages So They Can Afford—Avoid Foreclosure." OBAMA: "And we will pursue the housing plan I'm outlining today. And through this plan, we will help between 7 and 9 million families restructure or refinance their mortgages so they can afford—avoid foreclosure." (President Barack Obama, Remarks, Mesa, AZ, 2/18/09)

Obama's Housing Policies Have Not Helped Anywhere Near The 7 To 9 Million Homeowners That He Said They Would. "The Obama administration's initial foreclosure-prevention programs, launched in early 2009, were intended to help 7 million to 9 million people. So far, they've aided about 2 million, and not all of those are out of foreclosure danger." (Julie Schmit, "What Went Wrong With Foreclosure Aid Programs," USA Today, 12/12/11)

Housing Experts Have Noted That "Every Program" From President Obama "Has Fallen Far Short Of Goals." "'Every program has fallen far short of goals. I can't think of one that's been largely successful,' says John Dodds, director of the Philadelphia Unemployment Project, a non-profit that's been involved in foreclosure prevention for decades." (Julie Schmit, "What Went Wrong With Foreclosure Aid Programs?," USA Today, 12/12/11)

Few Of Obama's Housing Initiatives "Had Much Impact," Because "Administration's Effort Did Little To Help" The Unemployed. "One of the main problems with Obama's foreclosure prevention program was that the housing crisis had already spiraled beyond unaffordable mortgage rates. Homeowners were defaulting because they didn't have jobs -- and the administration's effort did little to help them. In response, Obama rolled out a multitude of initiatives designed to help the underwater and the unemployed. But few of them have had much impact." (Tami Luhby, "Has Obama's Housing Policy Failed," CNN Money, 1/18/12)

And The Result Of President Obama's Failed Housing Policies? Nevada Homeowners Are Still Struggling With One Of The Worst Housing Markets In The Country:

Nevada Currently Has The Second Highest Foreclosure Rate In The Country. "Nevada's 62-month streak as the foreclosure capital of the nation has come to an end. ... One in every 301 housing units in Nevada had a foreclosure filing during the month of March. Arizona now claims the country's highest foreclosure rate, while California comes in third place." ("Nevada Foreclosure Rate Drops To No. 2 In Nation," The Associated Press, 4/12/12)

"Nearly One In Five Children In Nevada Is Affected By Foreclosure, The Highest Rate In The Nation..." "Nearly one in five children in Nevada is affected by foreclosure, the highest rate in the nation, according to a report released Wednesday by a national children's advocacy group. In all, 7 percent of the nation's children, or more than 8 million youths, are struggling with the housing crisis, according to the report by First Focus in Washington, D.C. Of those, 2.3 million have already lost their homes and 3 million children have been evicted or face eviction from rental properties in foreclosure." (Cristina Silva, "Report: Nevada 1st In Kids Affected By Foreclosure," The Associated Press, 4/19/12)

Last Year, Reno Had The Eighth Highest Foreclosure Rate In The Nation Among Metropolitan Areas. "Other metro areas with foreclosure rates ranking among the top 20 were Phoenix at No. 6 (5.10 percent); Reno, Nev., at No. 8 (4.37 percent); Atlanta at No. 12 (3.69 percent); Prescott, Ariz., at No. 14 (3.50 percent); Cape Coral-Fort Myers, Fla., at No. 15 (3.29 percent); Greeley, Colo., at No. 17 (2.97 percent); Detroit at No. 18 (2.94 percent); Boise, Idaho, at No. 19 (2.85 percent); and Salt Lake City at No. 20 (2.81 percent)." (RealtyTrac, "2011 Year-End Foreclosure Market Report: Foreclosures On The Retreat," Press Release, 1/12/12)

In The Fourth Quarter Of 2011, More Than Half Of All Reno-Sparks Homes With An Active Mortgage Suffered From Negative Equity. "In the fourth quarter of 2011, for example, an estimated 50,083 homes in Reno-Sparks, 53 percent of homes with an active mortgage, suffered from negative equity, according to data tracker CoreLogic." (Jason Hidalgo, "Region Enters Sellers' Market As Homes For Sale Are Dwindling," Reno Gazette Journal, 5/5/12)

Mitt Romney, Romney Campaign Press Release - President Obama's Empty Promises On THe Housing Crisis Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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