It was survival of the fittest among the 2016 presidential candidates on Super Tuesday as they endured 12 primaries and caucuses in different states, ultimately putting their campaigns to the test. Who came out on top and what do these hopefuls intend to contribute to housing in the U.S.?
Super Tuesday, also known as the SEC Primary, consists of primaries in Alabama, Arkansas, Georgia, Massachusetts, Oklahoma, Tennessee, Texas, Virginia, and Vermont, and party caucuses in Alaska, Colorado, and Minnesota.
Former Secretary of State Hillary Clinton and Donald Trump reeled in big wins in the South for Super Tuesday.
On the Republican side, Trump has won seven states: Virginia, Arkansas, Alabama, Tennessee, Vermont, Massachusetts, and Georgia. Sen. Ted Cruz won his home state of Texas and eked out a surprise victory in Oklahoma. Florida Sen. Marco Rubio finally got his first outright win by taking the Minnesota caucuses.
In the Democratic race, Clinton also captured seven states: Georgia, Virginia, Texas, Alabama, Tennessee, Massachusetts and her onetime home of Arkansas. Sen. Bernie Sanders took his home state of Vermont and also picked up wins in the Colorado and Minnesota caucuses.
As the 2016 presidential election grows closer and candidates' campaigns pick up speed, there is one topic that has been considered to be a taboo among those in the race to the White House. Many in the mortgage industry still do not have a clear picture of what exactly these candidates intend to do for the U.S housing market.
Back in 2006, prior to the housing crisis, Trump started a mortgage company called Trump Mortgage. According to multiple media reports, Trump believed that his company would be successful despite forecasts of an uncertain future.
"As a presidential candidate a decade later, Trump says he would use the skills that made him successful in real estate to fix Washington," a recent report from Independent stated. "His decision to embrace the mortgage business illustrates the potential dangers of a business philosophy that has relied in part on a willingness to put aside the advice of experts and take risks."
Housing policy has been a muted subject among all of the presidential candidates throughout their speeches, debates, and plans for the U.S., but one presidential hopeful has finally broke the silence.
After months of hearing about Wall Street reforms, former Secretary of State and Democratic candidate, Hillary Clinton, released her “Breaking Every Barrier Agenda," which outlines intentions to revitalize the economy and includes a substantial housing investment.
Interestingly, the agenda, or the $125 billion , will be paid for by a tax on Wall Street, which Clinton's campaign believes will ensure that the "major financial institutions that contributed to the Great Recession are doing their part in bringing back the communities it hurt the most."
A $25 billion portion of the $125 billion-dollar Economic Revitalization Initiative will be dedicated to "lifting more families into sustainable homeownership and connecting housing to opportunity," according to a factsheet on Clinton's campaign site.
"Homeownership is about more than just owning a home," Clinton's campaign explained. "It is about putting roots down in a community with better schools, safer streets and good jobs. And it is about building wealth, as homeowners build equity in their home one mortgage payment at a time. But this opportunity is increasingly out of reach for too many families, particularly families of color...We must make sure that everyone has a fair shot at homeownership."