Imagine you and your spouse have good jobs; a teacher and a fire fighter. You have a nice home in a good neighborhood with great schools and your oldest kid is ready to go to college next year. Suddenly, one spouse is laid off. College is out for your oldest, and you don’t know how you’ll be able to keep up the mortgage payments on one salary. In a live interview with Las Vegas Journal-Review, Mitt Romney shared his solution to help you:
ROMNEY: Are there things that you could do to encourage housing? One is: Don’t try and 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 that has long existed, and as a result we still have a foreclosure overhang.
Fire Dog Lake’s David Daven says it right in his article last week:
I like the notion that the Obama Administration is the one slow-walking the foreclosure process. Anyone who’s looked at the issue for 10 seconds knows it’s the banks, effectively, who have slow-walked the process, in part by violating the laws governing the process. Courts have stopped foreclosures not because they are operating on high and responding to some Kenyan version of a Bat-Signal; instead judges with some sense of fairly enforcing the laws stopped them, because banks committed fraud by using false affidavits and fabricated or forged documents. So they can’t legally determine ownership of the underlying properties.
In fact, in Nevada, where Romney was sitting when he made this statement, Attorney General Catherine Cortez Masto has sued Bank of America over these illegal foreclosure processes, along with generalized fraud and deceptive practices on loan modifications and fee pyramiding. Nevada is one of the key areas of the country where the foreclosure crisis is at its most acute. And virtually every resident there has been touched by abuse at the hands of their lenders. So more than perhaps anywhere else, Romney using Andrew Mellon’s “Liquidate everything” strategy just isn’t going to fly.
In essence, Romney wouldn’t even try to fix anything. He’d let the mortgage crisis continue, allowing thousands of us to slip into poverty and despair. Religion aside, no wonder the majority of the Republican party are not happy with Romney as their presidential candidate.
Romney’s Foreclosure Plan: Faster Foreclosures | FireDogLake