Romney Campaign Press Release - Four Years Later, Homeowners Are Still Waiting For Change

"Candidate Obama promised to solve the housing crisis facing millions of middle-class families — but after nearly four years, it's clear President Obama just can't deliver the change he promised. Millions of Americans are still struggling to pay their mortgages and families are still facing foreclosure filings. As president, Mitt Romney will deliver change to Washington by jumpstarting our economy and ending the housing crisis for middle-class Americans." — Andrea Saul, Romney Campaign Spokesperson

In 2008, Candidate Obama Promised To Deliver Change To Washington That Would Help "Stop Foreclosures":

Candidate Obama, In 2008: "I'm Going To Make Sure That This Financial Rescue Plan Helps Stop Foreclosures ... That's The Change That We Need." OBAMA: "As president, I'm going to make sure that this financial rescue plan helps stop foreclosures and protects your money instead of protecting CEOs and enriching CEOs. And I'm going to put in place common sense regulations that I've been calling for throughout this campaign, so that Wall Street can never cause a crisis like this again. That's the change that we need." (Senator Barack Obama, Remarks, Chester, PA, 10/28/08)

But After Nearly Four Years, President Obama Has Left Families Struggling With Millions Of Foreclosure Filings And Underwater Mortgages:

President Obama, During Stimulus Bill Negotiations: "We Will Not Roll Out An Aggressive Housing Plan." "What about the thousands of homeowners who owed more on their mortgages than their homes were worth? asked Durbin.  'We will not roll out an aggressive housing plan,' Obama said, and it would not be part of the stimulus bill.  The housing problem was massive and baffling, and none of them had solid ideas for fixing it."  (Bob Woodward, The Price Of Politics, 2012, p. 8)

Since President Obama Took Office, Homeowners Have Received More Than 8 Million Foreclosure Notices. (RealtyTrac Website, 9/20/12)

Nearly 11 Million Homeowners Are Underwater On Their Mortgage. "CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today released new analysis showing that 10.8 million, or 22.3 percent, of all residential properties with a mortgage were in negative equity at the end of the second quarter of 2012." (CoreLogic, "CoreLogic Reports Number Of Residential Properties In Negative Equity Decreases Again In Second Quarter Of 2012," Press Release, 9/12/12)

Under President Obama, The Average U.S. Home Has Decreased In Value By $13,000. (Zillow Website, Accessed 9/20/12)

And President Obama's "Alphabet Soup" Of Programs Have Failed To Deliver Change For Homeowners:

President Obama Has Acknowledged "That His Response To The Housing Crisis Had Fallen Short" By Declaring The Housing Crisis Was The "Most Stubborn" Problem He Faced. "This summer at the White House, Obama offered a rare acknowledgment that his response to the housing crisis had fallen short. Asked what mistakes he had made in handling the recession and what he would do differently, he said: 'We had to revamp housing several times to try and help people stay in their homes and try to start lifting home values up. Of all the things we've done, that's probably been the area that's been most stubborn in us trying to solve the problem.'" (Zachary A. Goldfarb, "Obama's Efforts To Aid Homeowners, Boost Housing Market Fall Far Short Of Goals," The Washington Post, 10/23/11)

Since 2009, President Obama Has Unveiled An "Alphabet Soup Of Housing Assistance Programs" That Have Failed "To Slow Or Halt The Slide In The U.S. Housing Market." "That's a big if, given that the alphabet soup of housing assistance programs to date -- HAMP, HARP, EHLP, 2MP -- have been too poorly administered and too limited in scope and eligibility to slow or halt the slide in the U.S. housing market." (Eric Wieffering, "Fixing economy Requires More Work On Housing," Star Tribune, 9/17/11)

• "Every Program 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)

President Obama's Foreclosure Programs "Have Had Little Impact On The Overall Housing Sector." "The administration is already using taxpayer funds from its $700 billion bank bailout program to help prevent foreclosures and give struggling Americans a reprieve on their mortgage payments. But the programs have had little impact on the overall housing sector." ("White House Says Needs To Deal With Housing Problems," Reuters, 6/5/11)

CNN's Jessica Yellin, On President Obama's Housing Record: "There Are Almost As Many Houses Underwater As There Were At The Beginning Of The Administration ... Isn't This Something Of A Failure To Date?" YELLIN: "If I had a chance to ask him a second question, I really would have asked him why is it that if this is so important, it took you three years to roll out this plan? Brooke, I'd point out that three years into his administration there are almost as many houses underwater as there were at the beginning of the administration, and he has rolled out more than 10 housing refinance plans in that time, so what's taken -- isn't this something of a failure to date?" (CNN's "CNN Newsroom," 3/6/12)