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GOP2012: Republican debate, October 11th, 2011
The Reality
Fact Check

Romney said foreclosures should “hit the bottom”

November 09, 2011 at 09:04 P.M.


Let’s not forgot that Romney said we should let the foreclosure process that has devastated so many families “run its course and hit the bottom.” That’s appalling, but not unexpected from a former financial executive who wants to let Wall Street – the same guys whose recklessness brought the housing market and our economy to the brink – write its own rules, even if it means hanging the middle-class out to dry. Mitt Romney believes families who work hard and play by the rules should be kicked out of their homes so bankers and the mortgage companies that scammed homeowners can get rich. His vision of the American Dream would be a nightmare for America’s homeowners.

Romney: “Don’t Try To Stop The Foreclosure Process. Let It Run Its Course And Hit The Bottom.” Romney: “As to what to do for the housing industry specifically and are their things that you can do to encourage housing. One is, don’t try to stop the foreclosure process. Let it run its course and hit the bottom. Allow investors to buy 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 process [inaudible] that has long existed and as a result we still have a foreclosure overhang.” [Las Vegas Review-Journal, 10/17/11]

Las Vegas Sun Editorial: Romney Said He Wants To Move Quickly By Having Foreclosures “Washed Through The System” Meaning Even More Foreclosures. “In an interview with the Las Vegas Sun, Romney said ‘the key thing for me is let the market do its work. Get the foreclosures washed through the system ... let the market rebound from the bottom that it hits, and get people back into homes.’ In other words, Romney doesn’t want the government involved but instead wants the market left on its own. And he wants it to move quickly by having foreclosures ‘washed through the system,’ meaning even more foreclosures.” [Editorial, Las Vegas Sun, 10/30/11]

  • Romney: “Let The Market Do Its Work. Get The Foreclosures Washed Through The System… Let The Market Rebound From The Bottom That It Hits.” Romney said in his interview with the Las Vegas Sun: “Is there some way of helping people refinance their homes? With lower-priced debt? We’ll look at those things, but the key thing for me is let the market do its work. Get the foreclosures washed through the system ... let the market rebound from the bottom that it hits, and get people back into homes.” [Las Vegas Sun, 10/23/11]
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