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

Poll: Majority say Obama mortgage plan is unfair

[cnn-photo-caption image=
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. Mark

    I meant Obama and not the typo of Oboma.

    March 4, 2009 06:24 pm at 6:24 pm |
  2. Mike Ho

    Rob responsible Petes and pay reckless Pauls

    March 4, 2009 06:24 pm at 6:24 pm |
  3. robert

    why is everyone crying Bush and His GOP buddies didnt help no one. al least Obama is doing something for Americans so stop crying nothing gets solved fast give this man a little time.

    March 4, 2009 06:25 pm at 6:25 pm |
  4. FrankyJ

    Help stop the forclosures..Help our neighbors...So that home owners home values stop dropping......We all Win!!!! And our economy gets back on track.

    March 4, 2009 06:27 pm at 6:27 pm |
  5. carrotroot

    The people who bought homes they knew they couldn't afford them have long lost their homes.

    The goal now is prevent people who CAN pay for their homes from walking away from them when the cost of ownership is more than the worth of the house.

    I may seem unfair, but it is a necessary step to prevent further losses in the housing market.

    March 4, 2009 06:27 pm at 6:27 pm |
  6. Ritas

    It was probably really unfair to sellers to take advantage of everyone else and sell their property at the height of the real estate market too causing a huge bubble so everyone is to blame in this.

    March 4, 2009 06:28 pm at 6:28 pm |
  7. janelle

    No, it's not fair. There is no allowance for people who were responsible to refinance our homes that are not under water and lower our payments. We're all in the same boat. All of our home values are down, yet we have to keep making payments and can't refinance because we're not underwater?

    Secondly, this bailout won't solve the housing problems because it will falsely stabalize the market. It's this false home values that got us here in the first place. The idea that not only should everyone own a home even if they can't afford it, but they should go out and get huge 300K and 400K homes they can't afford artifically raised home values.

    Now, not only do we have to pay for our own homes, we have to pay for the homes of those who have lived way beyond their means too, in houses they never should have had and that should never have been bought at the prices they bought them at in the first place.

    March 4, 2009 06:29 pm at 6:29 pm |
  8. Kathie Clayton

    Is it fair??? No, it's not fair - but it's the RIGHT thing to do. Fairness is not the issue here. This is about stabilizing the economy which will benefit all of us. I know a few folks who are in foreclosure, and they are responsible, intelligent people. They didn't live beyond their means and didn't go into their mortgages blindly. Regardless, they are still experiencing serious economic issues that may result in foreclosure.

    So personally, I am happy to have my tax $$ go to support others who are in need. Were some of these mortgage holders overambitious, yes, they probably were? Did some of them utilize poor judgment - yep, some of then probably did? But it is not my place to judge the misfortune of others - and blame certainly doesn't help. There an old saying "There but for the grace of God goes I". Experience has shown me that it's easy to complain, blame and be self-righteous when things are going well for me - but it's hurtful. Let's try a little forgiveness and support for folks that are suffering - you never know, you may need that same support yourself some day!

    March 4, 2009 06:29 pm at 6:29 pm |
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