Nevada has been perhaps the hardest-hit state in the country when it comes to the foreclosure crisis:
In Nevada, 9,622 properties were in foreclosure in September, a nation-worst rate of one for every 118 housing units, according to RealtyTrac, a foreclosure tracking service. About two-thirds of homeowners are “underwater,” meaning they owe more than their home is worth.
Mitt “Hit the Bottom” Romney’s prescription for addressing the problem: cut off the nose to spite the face. Let the homeowners lose their homes and be kicked out on the street so the homes can be bought out by big banks and investors and then rented back to the very homeowners who lost them like sharecroppers or indentured servants:
Don’t try and stop the foreclosure process. Let it run its course and hit the bottom. Allow investors to buy the homes and put renters in them.
“Let it run its course and hit the bottom.” He might as well say “Let them eat cake.” Romney is 100% tone deaf to the fact that “hit the bottom” means thousands more homeless families. Instead of re-working mortgages or setting up low-interest loan accounts to keep families in their homes, Romney takes the anti-family approach of letting the families be foreclosed into homelessness, only to be followed by the gracious invitation to rent back their old homes. Very sweet of him.
RMGers might love Romney’s policy prescription – you tell me. But one bloc not loving Romney’s approach of “Hooray foreclosures!” happens to be Nevada’s top Republicans:
Sen. Dean Heller, R-Nev., distanced himself from the Republican presidential contender.
“Senator Heller does not agree with Mitt Romney,” spokesman Stewart Bybee said. “His plan could take up to six to eight years for recovery, and that is time that Nevada just does not have.”
Likewise, Gov. Brian Sandoval “respectfully disagrees” with Romney, senior adviser Dale Erquiaga said. Sandoval was at the debate with Texas Gov. Rick Perry, whom he has endorsed.
Sandoval remains supportive of mortgage mediations and other efforts to avert foreclosures.
“Even if it is a state by state solution, we need a solution that keeps people in their homes,” Erquiaga said.
Even the top pro-Romney Republican in Nevada danced around Romney’s comments:
Rep. Joe Heck, R-Nev., has endorsed Romney. Heck thinks the housing market “does need to reach bottom,” a spokesman said, but supports “a soft landing rather than a hard crash” by having the government continue to offer refinancing help.
Even Romney-endorsing Republican Congressman Heck identifies Romney’s “Hooray foreclosures!” approach as a “hard crash.”
Any approach to addressing the foreclosure crisis should – if people’s well-being and families’ stability is at all important – be geared toward keeping families in their homes. Romney’s anti-family approach is to send the families packing, let the fat-cat investors buy up the foreclosed homes, and rent them back to the now-homeless families.
Republicans in Nevada don’t like it. I wonder how Republicans, independents, and Democrats across the country will feel about it.