‘Don’t try and stop the foreclosure process’


Last fall, campaigning in Nevada, Mitt Romney took a curious line on housing policy, which Democrats were quick to seize on.

The Republican said at the time, “[D]on’t try and stop the foreclosure process. Let it run its course, and hit the bottom.” In states like Arizona, Florida, and Nevada, where so many families are underwater, Romney’s line on foreclosures is likely to be problematic.

Perhaps this will be an Etch A Sketch issue for the former governor? No, apparently not. Bloomberg News talked to Lanhee Chen, Romney’s policy director, who echoed the candidate’s sentiments.

Romney … doesn’t intend to offer targeted relief for the 11.5 million American homeowners who owe more on their mortgages than their homes are worth, Chen said, suggesting that such actions are temporary fixes insufficient to stabilize the housing market.

“Governor Romney has indicated that there are some steps we ought to take to ensure that we’re growing our economy,” Chen said. “But on the housing market specifically, I do think we have to resist the temptation for short-term approaches.”

In other words, for struggling homeowners, the message is, “Good luck.”

In several key swing states, the housing crisis has taken a brutal toll, and it stands to reason this will be a targeted campaign issue in the fall.

Housing and Mitt Romney

'Don't try and stop the foreclosure process'