Carney Criticizes Romney's Foreclosure Stance

White House Press Secretary Jay Carney called out Republican Presidential candidate Mitt Romney on his stance against government intervention in the home foreclosure process.

“There is no simple fundamental restructuring that will wipe away the damage done by the bursting of the housing bubble,” Carney told reporters aboard Air Force One Monday. “What we firmly do not believe is that the answer is not to simply let the housing market bottom out and let investors come in and fix the problem.

Added Carney, “That’s not a solution. That’s a solution that basically says to middle-class Americans who have been responsibly paying their mortgage and who, through no fault of their own, have seen their economic situation get quite desperate because of the prices in the housing market that you’re on your own — tough luck.”

As Carney concluded his remarks, a reporter questioned whether his comment was a specific response to Romney’s proposal in Nevada last week that the home foreclosure process should be allowed to “run its course and hit the bottom.”

“I have heard that Governor Romney said something like that, yes,” Carney responded.

"We Can't Wait" Will Do Little To Help Homeowners, Charges House GOP'er

Congressman Patrick McHenry (R-N.C.) declared Monday that the White House’s “We Can’t Wait” initiative has come along too late to help struggling homeowners.

As part of this new effort, the Obama administration announced a series of fresh housing refinancing opportunities to help those homeowners who are financially incapable of refinancing their mortgages.
 Mchenry, Chairman of the House Oversight Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs, however, has stated that this new policy will do little to help homeowners.

“Today’s announcement by the President is just another step in the floundering strategy of an administration that has been grossly incapable of providing meaningful solutions to help struggling homeowners,” McHenry wrote in a press release. “When it comes to this administration’s housing policies, the time to act has long since passed. More than 6 million Americans are behind on their mortgage payments or facing foreclosure and the policies of this President have done more harm than good.”

The new housing refinancing options, meant to supplement Obama’s Home Affordable Refinancing Program (HARP), will reduce refinancing costs and allow easier eligibility for refinancing among other changes.