Mitt Romney Says Foreclosures Should Be Allowed to Run its Course
Photo by Gage Skidmore
The US economy is currently in the bowels of massive turmoil. Unemployment is at its highest since the Great Depression. Hence, many people are unable to make their mortgage payments. Their homes are increasingly being foreclosed upon. Foreclosures are daily becoming more prevalent in our society.
Mitt Romney is increasingly coming under criticism for attacking other presidential candidates. However, the Democratic National Committee wants to target Romney based on his comments about the foreclosure crisis. Romney had said that “don’t try to stop the foreclosure process.
Romney said before that people should “….let it run its course and hit the bottom”. He also believes that investors should be allowed to buy homes, put renters in them and reinvent them. The Obama administration has become negligent in fixing the foreclosure process. Their excuse? They believe that you can’t fix something “. . . that has long existed”.
Romney, in his debate, was mainly talking about Nevada. This state was hit the hardest when the housing bubble burst. Romney also said that the credit many homebuyers received on their taxes was very ineffective. However, the move to make people stay in their homes is definitely a worthy one in Romney’s eyes.
Romney has strong opinions on how to best turn the housing market around. However, the governor of Nevada, Brian Sandoval, Governor Rick Perry, and Senator Dean Heller do not agree with the plan proposed by Romney. It may be pointed out here that Nevada has the highest number of foreclosures.
It also has the highest rate of unemployment. The DNC Communications Director, Brad Wood house, said, “To Mitt Romney, houses aren’t places where people raise their families and build lives; they are investments to make a profit. You wonder if he’s running to be the chairman of the board of a Fortune 500 company as opposed to running for president. . . . What else can you expect from a man who says ‘corporations are people’?”
Romney, however, responded by saying that foreclosures are the main problem, not the unemployment crisis in Nevada. They have remained so under Obama. Romney’s spokesperson, Andrea Saul, said that President Obama will do everything in his power to distract people from his failures. He said that under the present government, millions have lost properties to foreclosures. Around 2.9 million foreclosure filings were completed in 2010.
Obama has come under sharp criticism for not stimulating the economy. The foreclosure crisis has not stymied either. In a recently released statement, it has been said that communities are being destroyed by foreclosures. The inaction of his administration is quite infuriating.
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