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October 18, 2011

Romney says government should let foreclosures run their course

Democrats are slamming Republican Mitt Romney for saying the government should get out of the way and let housing foreclosures run their course until the housing market bottoms out.
In Nevada for a debate - the state with the nation's highest foreclosure rate - Romney told the Las Vegas Review Journal that the government should not interfere.
"Don’t try and stop the foreclosure process, let it run its course and hit the bottom,” Romney said. “Allow investors to buy homes, put renters in them, fix the homes up and let it around and come back up. The Obama adminstration has slow-walked the foreclosure process.”
Democrats pounced.
"Mitt Romney’s message to Nevada homeowners struggling to pay their mortgage bills is simple: you’re on your own, so step aside," said Ben LaBolt, press secretary for President Obama's campaign.
"Instead of offering an opportunity, like President Obama has, for responsible homeowners who were scammed by their lender or trapped by falling housing prices to refinance, Governor Romney believes we should instead let the foreclosure process ‘run its course and hit the bottom’ so that investors can come in and make a quick buck after families lose their homes.
"This is just one more indication that while he will bend over backwards to preserve tax breaks for large corporations and tax cuts for millionaires and billionaires, Mitt Romney won’t lift a finger to restore economic security for the middle class.”

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ryan homes

That scenario and strategy is a grand scale default. It will have repercussions in the country's economy.

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