‘Since the president took office, 8.5 million foreclosure filings,’ said Ryan. ‘Home values down an average of 20,000 dollars. Eleven million homes underwater. Nevada ranks fifth in foreclosures. The unemployment rate? I had to read this number three times. 11.6 percent in Nevada. You deserve better than that. You deserve jobs in your economy, you deserve an America that's heading in the right direction.’
Ryan's address, however, did not offer specific strategies to strengthen the housing market. The Wisconsin congressman's controversial budget plan – which has sparked new national debate primarily for its approach to Medicare reform – makes no mention of whether funding for federal loan modification programs should be trimmed or eliminated. Ryan's congressional website offers his constituents links to foreclosure prevention programs coordinated by the U.S. Department of Housing and Urban Development.
Last October, Ryan's running mate – former Mass. Gov. Mitt Romney – used an interview with the Las Vegas Review-Journal to criticize the Obama administration's handling of the foreclosure situation, saying the administration has ‘slow-walked’ the foreclosure process, leading to an extended overhang of foreclosed properties. Romney also asserted that market forces would be more effective than federal intervention.
‘Let it run its course and hit the bottom,’ Romney said during his interview. ‘Allow investors to buy homes, put renters in them, fix the homes up and let [the market] turn around and come back up.’