March 4th, 2009
04:37 PM ET
13 years ago

Poll: Majority say Obama mortgage plan is unfair

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/images/03/04/art.getty.obama.3.4.jpg
caption="A new national poll suggests that most Americans think the plan is unfair to those who pay their mortgages on time."]WASHINGTON (CNN) - On the day that the Obama administration begins implementing a new program to fight home foreclosures, a new national poll suggests that most Americans think the plan is unfair to those who pay their mortgages on time.

Sixty-four percent of those questioned in a Quinnipiac University survey released Wednesday feel the Obama administration program is unfair to those who pay their mortgages on time. Only 28 percent say that the president's $75 billion plan is fair. More details on the program, which is aimed at helping up to nine million borrowers stay in their homes using refinanced mortgages or modified loans, were released Wednesday.

Americans may not like the plan — but that doesn’t mean they think it’s a bad idea. While nearly two-thirds think the plan is unfair to those who follow the rules, 57 percent say they approve of the package, and 55 percent believe the plan will stabilize home prices.

"Americans don't like to see other people get special treatment, particularly when it comes to money, but they don't like to see others suffer either," said CNN Polling Director Keating Holland. "And unlike federal assistance to auto companies and banks, the Obama mortgage plan appears to benefit individual Americans, typically a more popular option in polls."

The poll also indicates that lenders are getting the lion’s share of the blame for the mortgage mess: 62 percent of those question blame them for the current crisis, to 25 percent who blame borrowers.

The Quinnipiac University poll of 2,573 people was conducted by telephone February 25-March 2, and has a sampling error of plus or minus 1.9 percentage points.


Filed under: President Obama
soundoff (533 Responses)
  1. Pat F

    Waah! I'm behind on my $740,000 mortgage! I only make $18,000 per year as a greeter at Walmart, but I told the mortgage company I made $300,000 per year!

    Wait, all I have to do is sign an affidavit and I get to stay in "my" house? No problem – I lied to the mortgage company – I have no problem lying under oath.

    March 4, 2009 03:05 pm at 3:05 pm |
  2. Mary Ann Caden

    All of the banks who accept the economic stimulus money should lower interest rates (about 2%) on all their home mortgage and home equity loans. If they don’t comply, they should not be given billions of dollars. One good bailout (given to the banks) deserves another (given to the borrowers) bailout.
    This would save time, paper, stress, and money while helping the economy.

    March 4, 2009 03:05 pm at 3:05 pm |
  3. Beasley

    A pox on both their houses, Democrat and Republicans alike. Election after election, we are presented with nothing but poor choices. Before his "greening," Al Gore looked to me like a "guy who wanted to be President." No particular reason, he just wanted to be. The American people thought so too, and we got stuck with Dubya. Think about it, Democrats – if you weren't so dead set on putting a screaming Liberal into the White House, we might have had a candidate more "normal" people would have supported, and Dubya would be a footnote. The lesson wasn't learned 4 years later, for sure, because the Democrats once again trotted out a tedious idealogue in Kerry, and, despite a failing economy and and unpopular war, Dubya kept his job.

    The last time around, the shoe was on the other foot. The Republicans nominated the tired Conservative, and added the Ultimate Right Wing (super-conservative, Christian and hockey mom) to the ticket just to make it really unbalanced. So, America chose goofy Liberal over goofy Conservative.

    When I fly on an airplane, I sit as close as I can to the middle of the plane. I like it when the pilot does about the same. Having things run alternately from the far right and far left wingtips, by far right and far left wingnuts, is no way to run a country.

    March 4, 2009 03:05 pm at 3:05 pm |
  4. ruth stoker

    I thought this was freedom of speech. To the person telling other to shut up with the crap!!!! I say he needs to let other voice their opinion whether it to his or her liking.!!!!!!

    I am a home owner and bought a home last year. I bought a home I could afford. For those that those they could have it all easily, you need to be right where you are now. Learn a lesson hopefully.

    Bank of America is the worst when it comes to be fair on their bank credit card. They upped a payment amount and I did not realize it. charged me for a 9.00 dollar oversight of 39.00 and lower my credit limit of 7,000 to 2,100. And I had previously a year ago paid them off in full 5,000 plus dollars. That is not fair.

    March 4, 2009 03:06 pm at 3:06 pm |
  5. Beatrice

    Well get use to things not being fair for the next four years. Obama is a Socialist. So if you work hard and plan ahead things aren't in your favor.

    March 4, 2009 03:06 pm at 3:06 pm |
  6. Boston Irish

    @proud army navy mom – Funny, I didn't hear that sentiment when the republicans sends our kids to fight an illegal war.

    They weren't forced to go. They VOLUNTEERED to join knowing the odds were that's where they would end up. Everytime something happens in the Obama camp that people aren't really happy about, the Iraq war is brought up. Just remember, the majority of congress backed Bush including OBAMA. When it became an unpopular war, then all the supporters changed their minds. Sounds like they want it both ways – Popular, I'm for it, Unpopular, Oh I'm against it.

    March 4, 2009 03:06 pm at 3:06 pm |
  7. Nelson Colorado Springs Co.

    It would be easier to lower interest rate to 4.5 apr 5.0 for everyone who own a home. But a lot of homes are over vauled buy a house for $100.000 five years later property tax man say it's worth $130.000 now you taxes and insurence is set $130.000 alone with 321 buy down so your payment goes up.

    March 4, 2009 03:06 pm at 3:06 pm |
  8. laithmeister

    If you can not afford your house sell it and move into an appartment. Don not make the rest of the country pay for your mistakes. I am sorry but not reading the fine print is not my fault or the banks fault its the person who did not pay attention and/or gambled that the economy will stay strong fault. Take ownership of your mistake and move in with relatives.

    March 4, 2009 03:06 pm at 3:06 pm |
  9. Momsense

    Some seem to have forgotten that there is a foreclosure crisis and economic crisis to solve – thanks to eight years under the former president. Also, since when have mortgages ever been fair? Look at the rates and fees the banks charge for these home loans and then complain about what is and isn't fair.

    March 4, 2009 03:07 pm at 3:07 pm |
  10. Maryland Lady

    All of you who are against the President for helping the homeowners keep their homes. Please keep your jobs and don't get sick. Because these situation can happen to you. If any of you whose against this, you can lose your job today or get sick and then you won't have any income. Please tell me how will you keep your home?

    March 4, 2009 03:07 pm at 3:07 pm |
  11. Matthew, Detroit

    Proud Army Navy Mom,

    First I doubt you are. Many claims on this sight and I doubt them.

    Second, THE WAR WAS NOT ILLEGAL.

    The House and Senate both voted and said yes. NOT ILLEGAL.

    Finally, The information that was available to the President, The Senate Intelligence Committee, and to the House was all the same.

    President Clinton agreed with the Action and had the SAME information.

    The information may have been bad, may have changed, or may have been misread, But in fact it was the same information and Everyone
    that mattered came to the same conclusion.

    Get your facts and statements correct before you speak.
    By the way, GET A JOB AND PAY YOUR TAXES.

    March 4, 2009 03:07 pm at 3:07 pm |
  12. Foley

    This is a revamped plan of the Hope for Homeowners program the Bush administration came up with last year. That program which had good intentions was flawed. As is this program. The original plan set out to help 400,000.00 homeowners avoid foreclosure and only 25 people benefited with 451 getting through the inital application process. The "new" plan which has very weak benefits to servicers and lenders will flood the call centers, overwhelm the underwriters, and eventually fall flat because although " guidelines" were released today they are filled with holes. The lenders and servicers have not been informed or have had time to review the pricing impacts or lender requirements for sale to Fannie or Freddie. This is another case of an administration shooting first and aiming later.

    March 4, 2009 03:07 pm at 3:07 pm |
  13. diana bedoya

    I have a home, I have always paid for everything i have bought and for my credit cards. I have a great credit score and I do not make alot of money. PEOPLE, STOP COMPLAINING BECAUSE SOMEONE IS TRYING TO FIX THE ECONOMY. IF EVERYONE AROUND YOU FAILS TO PAY THEIR MORTGAGE, YOUR HOUSE WILL NOT BE WORTH VERY MUCH. STOP THINKING ABOUT YOU, AND THINK ABOUT THE GOOD THAT WILL COME OUT OF THE SOLUTION BEING PRESENTED FOR THE MESS WE ARE IN. 'YES' MANY PEOPLE WERE GREEDY AND STILL ARE, MANY PEOPLE BOUGHT THINGS THAT THEY COULD NOT AFFORD AND THE LENDING INSTITUTIONS WERE AND ARE HORRIBLE. BUT, WHAT ARE WE GOING TO DO - ADD INSULT TO INJURY AND LET EVERYTHING SLIDE EVEN MORE BECAUSE IT IS NOT FAIR. WELL, IT IS NOT FAIR BUT IT HAS TO BE DONE. STOP COMPLAINING – YOU SOUND LIKE THE REPUBLICANS THAT ARE ALWAYS COMPLAINING BUT DO NOT OFFER A SOLUTION. JUST SIT TIGHT AND WAIT FOR THE COUNTRY TO RECOVER BECAUSE I REALLY, REALLY HOPE, FOR THE GOOD OF ALL OF US, THAT IT DOES.

    March 4, 2009 03:08 pm at 3:08 pm |
  14. come on people

    He can't help everyone especially those whodon't want "help". A lot of idiots went out there knowing they cant afford these houses and got them anyway. It is going to help those who truly need the help

    March 4, 2009 03:08 pm at 3:08 pm |
  15. dave from pittsburgh

    Public housing was created to help people in a time of need. Some people have made it a way of life for multiple generations. Throw welfare into the equation and finally now the icing of the cake. ...bailouts from OBAILYA to a part of society that
    a. doesn't deserve help (they aren't trying to better themselves)
    b. somehow got houses that they couldn't or can't afford (conveniently blaming the banks for giving them the money)
    c. people that 100% were buying houses on a speculative market (hoping to hit it big)
    d. has contributed nothing to this country

    The bottom line is this "PLAN" is garbage. I worked hard my whole life. Paid my bills. Went without alot of luxuries (funny how many "unemployed" have cell phones, cable....whos paying for that? And now you think its right to reward people for fiscal irresponsibility. I don't get it. My mother recently lost her benefits through GM cost cutting...yet the stinking unions (there was a time and place for them but not now) still think they are owed for alot of jobs that monkeys or robots could do. Unions add 33% to the price of anything they are involved in (fact). You could save all of us $ by eliminating the unions. I also prepared for this day when a marxist/socialist would fool people (especially younger ones claiming we need change) by saving and not spending everything and taking on debt. As for this "PLAN" creating 3.5 million new jobs is laughable. Take February stats: 700,000 jobs lost ...but 60 were created yesterday. woo hoo. Lets see we gained 60 but lost 699,940 jobs. Its working like a charm OBAILYA. Keep up the great work ...moron.

    March 4, 2009 03:08 pm at 3:08 pm |
  16. Karen S Crow

    I've stated it before .. But I don't see a problem with helping homeowners that have been stiffed by provable, VERIFIABLE, predatory lending practices by sellers or mortgage lenders.

    As for those who simply got into too much house ... Uh .. NO! Not one DIME of my hard-earned money should help them out! What's next in "helping" out these irresponsible people?? A bailout for their credit cards or their auto loans??

    Sheesh!

    March 4, 2009 03:08 pm at 3:08 pm |
  17. Independent Paul

    Rudy @ 2:53

    You are right, life isn't fair. So why do i have to pay for someone else who bought above their means, took lavish vacations, and has a new 52' flatscreen tv?

    I am not an Obama hater, instead an Obama voter. But this bill is crap. I am doing everything right, but because these people lied to get their loans, my property value has sunk, and I can't refinance and take advantage of the new lower rates because I am upside down.

    Which means....Rudy is either really rich, or he is one of the 9 million who this will benefit. Either way, the majority of Americans are getting the shaft with this plan.

    People, do not confuse this bill as a crutch for people who lost their jobs. This is not designed for that, or else it would specifically say that this is only an option for those who have become unemployed within the last year.

    This is a crappy spending bill, plain and simple.

    March 4, 2009 03:08 pm at 3:08 pm |
  18. reggie

    it's VERY UNFAIR! The only people who like it are those looking for a free handout OR the poor folks who don't really understand it, but merely say they like it because it comes from Obama not Bush. As witih most of Obama's initiatives, it hurts those for working hard and trying to prosper. Sounds like Chavez in Venezuala.

    March 4, 2009 03:09 pm at 3:09 pm |
  19. Just Shut Up!

    Of course it's unfair and favors a free handout. This is Obama we're talking about!

    Nothing I want more than to pay my mortage and someone else's. I don't care why someone is losing their house. To put it on the taxpayer tab is wrong any way you look at it.

    March 4, 2009 03:09 pm at 3:09 pm |
  20. Angie

    I make my mortgage payments. But I still worry about the market value of my house, and if my neighbor's house goes into foreclosure, it will hurt the value worse. How is it unfair to me if my neighbor gets help? I haven't been wronged by that in any way. Nothing has changed for me, except that my house value has potentially been helped.

    March 4, 2009 03:09 pm at 3:09 pm |
  21. america first

    at least the help has begun, maybe it won't help me, but it will help America.

    March 4, 2009 03:09 pm at 3:09 pm |
  22. Wait a second

    Just a reminder that a big piece of this program is NOT intended to somehow reward the poor judgment of people who bought homes they couldn't afford. My wife and I pay our mortgage on time and are both, thankfully, still employed.

    Currently, mortgage rates are significantly lower than they were when we purchased our home so we'd love to refinance. The problem is that the market value of our house has plunged so dramatically that our lender will not refinance our mortgage to allow us to take advantage of the lower interest rates because we've lost nearly all the equity we had in our home and our loan-to-value ratio is now too high.

    The program rooled out today is meant, in large part to provide funds to the banks (not borrowers directly) so that responsible homeowners who've seen their home equity evaporate can take advantage of lower rates, maybe knock a couple hundred dollars off their monthly payment, and start pumping money back into the economy again.

    Folks need to stop with the knee-jerk GOP response that every government program is a handout for deadbeats and scofflaws. Learn about the program and what it does before ranting (and making a fool of yourself) online.

    March 4, 2009 03:09 pm at 3:09 pm |
  23. JL

    It's Replican'ts who think Obama's the
    "Messiah".

    Less than 2 months in office is long enough to bring an economy back from the dead?

    Not even they're leader Rush Limbaugh could do that.

    March 4, 2009 03:09 pm at 3:09 pm |
  24. Some Guy

    I know 3 different people who are about to lose their homes due to unemployment. They are not lazy, irresponsible people. Their mortgages have low, fixed rates. You all need to chill out and see if this works. Nothing in life is fair. The sooner you realize this, the less stressful your life will be.

    March 4, 2009 03:09 pm at 3:09 pm |
  25. Cry me a River!!!!!!!!!!!!!!!

    Reatte Beaumont, Texas,
    You are the an ignorant!!! Who started the crazy mess I think it was BUSH and GREED....You idiot!!!!

    Who in the right minds would want to be in the situation to ask anyone for help on saving their home for what ever reason they are losing it. Repugs = TREASON
    Bush took American tax dollars, funded a war that's was a lied and help build Iraq, a people that hate America guts and you are mad that Obama wants to help OUR American people, to stay in their homes and help your property value HA, you got to be kidding me....idiot!!!!
    God ain't blessing the old greed America!!!!!!!!

    March 4, 2009 03:09 pm at 3:09 pm |
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