Mitt Romney
explained his approach to the foreclosure crisis on October 17, 2011 in Las Vegas
Mitt Romney, who was
savaged earlier in the year by
The Wall Street Journal's editorial page for being an unprincipled technocrat ("compromised and not credible" in their words),
finally gets high words of praise from Paul Gigot's crew:
Romney's Finest Hour: He speaks the truth about housing and foreclosures.
And what was the "truth" of which Romney spoke? In his own words:
As to what to do for the housing industry specifically, and 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 up 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 processes that have long existed and as a result we still have a foreclosure overhang.
It's not just that Romney wants to let the housing crisis "run its course and hit the bottom," it's that he wants it to do that so that investors can snap up cheap homes and rent them back to the people who were just evicted in the foreclosure process.
According to The Wall Street Journal, that represents Mitt Romney's "finest hour." To everybody else, it represents one of the most cruel and heartless housing policies imaginable.