Romney in Las Vegas: Don't stop the foreclosure process
Republican Presidential candidate Mitt Romney says the government should let the foreclosure process run its course, so the housing market can reach its bottom.
Romney made those statements in a video interview recorded by the Las Vegas Review Journal this week.
The state of Nevada — Las Vegas in particular — has been hit hard by the foreclosure crisis.
When asked how he'd fix housing, Romney told the Las Vegas paper, he would let the foreclosure process go forward to clean up the process.
"Let it run its course and hit the bottom," he said. "Allow investors to buy homes, put renters in them, fix them up and turn them around."
Romney took shots at the Obama administration, saying the president "has slow walked the foreclosure processes that have long existed and, as a result, we still have a foreclosure overhang."
Romney also pushed back at the credit given to first-time homebuyers in the wake of the housing meltdown, calling it "insufficient and inadequate to turn around the housing market."
"It was like cash-for-clunkers," he said. "Throwing money at something which is not market-oriented."
Romney did say the idea of helping certain homeowners refinance their mortgages is worth further consideration. But he added, "I am not signing on until I find out who is going to pay and who is going to get bailed out."
Fellow presidential candidate Ron Paul also announced a fiscal plan that included a housing reference this week. The congressman said he would end funding for the Department of Housing and Urban Development as part of an aggressive plan to tackle the nation's deficit.
Write to Kerri Panchuk.
Don’t miss out: get HW delivered via email
- Current Chg.
- NASDAQ 3423.55 0 ^ixic
- S&P 500 1651.81 12.77 ^gspc
- Volatility Index 16.61 -0.19 ^vix
- KBW Mort. Financial Index 31.54 0.19 ^mfx
- MSCI US REIT Index 966.63 4.46 ^rmz