[img_assist|nid=1093|title=Former Gov. Mitt Romney at the RNC last week|desc=RNC Photo|link=none|align=left|width=400|height=263]Former Gov. Mitt Romney's speech last week at the Republican National Convention raised eyebrows for the ferocity with which he went after liberals and his call for a return to Reagan conservatism. The speech, combined with a National Journal poll showing that 55 percent of party insiders think Romney is the frontrunner for the nomination in 2012, led several analysts to speculate that Romney is looking to the future.

"His sights are set nationally," said Rob Gray, a GOP strategist that consulted on Romney's 2002 campaign.

Before Romney can run again, he has to figure out what to do in the meantime. There are very few positions that a former candidate can take to stay in the media spotlight in the years between presidential elections.

Several analysts suggested that a perfect opening could present itself to Romney in the next few days: Leading the government rescue of Fannie Mae and Freddie Mac.

Those analysts said Romney, with his background at Bain Capital and the Salt Lake City Winter Olympics, is uniquely qualified for the position.

"If anyone can turn around the national mortgage crisis, it's Mitt Romney," said one Republican strategist.

And, if successful, the political benefits for Romney could be enormous.

"Certainly turning around a major business would be a feather in his cap and valuable politically," Gray said.

In the 1980s, Gray said, Lee Iacocca's turnaround of Chrysler fueled speculation that Iacocca could run for president.

Sources close to Romney said the former governor is only focused on helping the GOP ticket of John McCain and Sarah Palin win in November.

"Through the election, Mitt will do all he can to ensure that John McCain and Sarah Palin will get elected," said Ron Kaufman, a close friend and advisor to Romney. "He's doing whatever he is asked to do to win in November."

Others suggested that Romney would be considered for the chairmanship of the Republican National Committee, a possibility similar to the Democrats picking 2004 presidential contender Howard Dean for the role following that election.

Yet others said Romney hurt his chances for a leading role in the party with his speech. Todd Domke, the veteran GOP strategist, said Romney tried "to claim the conservative mantle with absurdly simple-minded rhetoric."

"Conservatives pride themselves on reasoning from principle not platitudes," Domke added.

In many ways, if Romney doesn't lead the Fannie Mae/Freddie Mac takeover, and there is no indication at this point that he will, Romney future is tied to McCain's success or failure. If McCain wins, Romney's role in the party could be entirely dictated by McCain. Dorie Clark, and Boston Democratic strategist, said McCain might appoint Romney as an ambassador.

"After all," she said. "McCain would love to get him out of the country and Mitt might not mind at that point."

Clark is referring to the fact that if McCain wins, he will likely carry the GOP banner in 2012 and if he doesn't, Palin becomes the frontrunner for the nomination. Other GOP analysts said that Palin is a major "X factor" for Romney now, since she could also become a favorite the nomination in 2012 even if the GOP ticket loses this year.

Romney's path to the nomination is made easier if Obama wins, several sources said.

"If Obama wins," said Mike Shea, a Boston Democratic strategist, "Romney wants a Republican Party post that lets him become the voice of the opposition while handing out money to Republican candidates, particularly in Iowa, New Hampshire and South Carolina."

But, Gray said, any assigned position in the GOP wouldn't carry nearly the cache politically as a successful stint rescuing the mortgage lenders.

"That's a lot better platform for Romney than accepting a cabinet post or a chairmanship in the party," Gray said. "Those types of positions would diminish his position rather than enhance it."

Of course, a turnaround project like Fannie Mae and Freddie Mac has the potential to be a disaster. If Romney were to take the position and fail, his political capital would also disappear.

"Generally speaking," Gray said, "turnarounds are also very risky. They can go either way."

UPDATE, Wednesday 7:00 P.M.: PolitickerMA.com has learned that the CEOs of both Fannie Mae and Freddie Mac have been replaced. Herb Allison, formerly of TIAA-CREF will take the helm at Fannie Mae and David Moffett, formerly of US Bank, will run Freddie Mac.