Oct 18, 2011 7:57 PM by Matt Stafford

Romney says foreclosures should "hit the bottom"

LAS VEGAS (AP) - Mitt Romney says he wants to allow home foreclosures to "hit the bottom" to help the housing industry recover, and Democrats are criticizing him for ignoring the problems plaguing the middle class.

In an interview on Monday, Romney was telling the Las Vegas Review Journal that solving the foreclosure crisis would require letting banks foreclose on homeowners. New investors could then rent the homes until markets adjusted.

Nevada has the country's highest foreclosure rate and the nation's highest unemployment rate.

Senate Majority Leader Harry Reid, of Nevada, says that's dramatically different than the way Democrats would deal with the problem. And President Barack Obama's reelection campaign is also criticizing Romney. They say he's out of touch with the middle class.

Romney is in Nevada campaigning before a presidential candidates' debate.


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