Video: Mitt Romney Says Don't Stop Foreclosures on People's Homes
In an interview with the Las Vegas Review-Journal (video below) on Monday, Republican presidential candidate Mitt Romney said that the U.S. housing market would be better off if banks were allowed to foreclose on people's homes without obstruction: “Don’t try and stop the foreclosure process. Let it run its course and hit the bottom, allow investors to buy up homes, put renters in them, fix the homes up, and let it turn around and come back up.”
“The Obama administration has slow-walked the foreclosure processes that have long existed and as a result we still have a foreclosure overhang,” Romney said.
Romney will appear with the other Republican candidates at a CNN debate in Las Vegas on Tuesday. Nevada has the country’s highest foreclosure rate. According to Realtor.org, one in every 118 households in the state were foreclosed on in August.