Romney's Housing Fix: Let Foreclosures 'Hit Bottom'

LAS VEGAS -- Mitt Romney came to the state with the highest foreclosure rate in the nation and said he wants to allow home foreclosures to "hit the bottom" to help the housing industry recover.

In an interview published Tuesday ahead of presidential debate, Romney told the Las Vegas Review Journal's editorial board that solving the foreclosure crisis would require letting banks proceed against homeowners who have defaulted on their mortgages. New investors could then rent out the homes until markets adjusted.

"As to what to do for the housing industry specifically and are there things that you can do to encourage housing: One is, don't try to stop the foreclosure process. Let it run its course and hit the bottom," Romney said.