Barack Obama, Mortgage Genius?

So, which presidential candidate knows the most about mortgage banking? Newt Gingrich who gave invaluable advice to Freddie Mac, telling that GSE to avoid subprime acquisitions? (If only, Freddy had listened!) Mitt Romney, who this past weekend called on banks to grant more loan modifications and who blamed the federal government for taking steps that deter the private sector from modifying loans to borrowers who owe more than their homes are worth? Or maybe our current lender-in-chief Barack Obama who on Tuesday introduced details of FHA's Streamline refi program which allows mortgagors to pay a nominal 1 basis point upfront premium to FHA? That's not a typo: a 1 basis point upfront premium. Obama (who we assume has a jumbo loan on that house back in Illinois), of course, is sitting in the catbird seat because he controls HUD and FHA and has marginal control over Fannie Mae and Freddie Mac, though Ed DeMarco is rightly sticking to his guns as conservatorship-in-chief. Anyway, now that the GOP primary is more-or-less decided (Romney, Romney, Romney) you can expect that between now and November both candidates will show how “kinder and gentler” they are toward troubled homeowners, but only one candidate will attempt to do away with the crippling mortgage effects of the Dodd-Frank Act. And that candidate does not reside in a jumbo property on Pennsylvania Avenue -- but his wife drives not one, but, two Cadillacs. This should get interesting.