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. white female

    Oh C'MOM people give it a rest, some of you are never happy, or agree with nothing that the New President does.
    You can't please everyone Mr. President, so just keep up the good work that your doing to get this country working again, so, or should I say 90% of us agree with the way that you have been handling things. the other 10% is the haters, and nasayers or the Rubps, and Consev. who will never agree, that just say NO Bunch of fools, thats stuck on STUPID, and Money from their 401ks, and the stock market. Let them see how it feels to not have for a change, that's the new change that you speak of that they will see, that they claim they don't see from you.
    LOL, this is so nice Work it mr President Obama, work the middle out to the left, and make your shot Sir again just you have been doing.

    March 4, 2009 02:19 pm at 2:19 pm |
  2. Judy

    The plan DOES NOT reward bad behavior. This poll is the result of republican lies and media spin. You HAVE TO BE CURRENT on your mortgage and show that you CAN PAY going forward. Please people, read the plan. It may help you too!

    March 4, 2009 02:19 pm at 2:19 pm |
  3. Steven

    Why should I care if property values continue to plummet? I intend to live in my house for the next ten or fifteen years. I don't give a whit about short term value.

    March 4, 2009 02:19 pm at 2:19 pm |
  4. david

    I dont like the bail out. I think it make sense to find a way to transition people who are in homes in 400k mortgages to homes with 25Ok mortgages.

    and re sell those more expensive home to people who can afford them. There should be no reward to those who borrowed too much. but we, as a nation can no afford to have entire towns disappear.

    Just because I dont like it doesn't mean it is not what we need to do.

    March 4, 2009 02:20 pm at 2:20 pm |
  5. Argyle

    Maybe people should read the details of this stimuls before condemning it. It specifically says that people who are underwater, currently in forclosure, or not making their payments don't qualify. It's geared towards people making their payments on time but have lost the equity in their home.

    March 4, 2009 02:20 pm at 2:20 pm |
  6. Rob

    How dare they blaspheme His Almighty Holiness!! Round up these sinners and send them to the re-education camps. We can't have people thinking now can we?

    March 4, 2009 02:20 pm at 2:20 pm |
  7. RJN

    I admire Obama for setting a plan in motion. Now listen to the people they want it to be fair for all.
    You can't promote bad behavior and expect everyone to just take it.
    Extend the length of time to payback the loans and allow everyone the same opportunity to get the lower rate. Just because I can pay my house doesn't mean I wouldn't like to save more money and help jump start the economy.

    March 4, 2009 02:20 pm at 2:20 pm |
  8. Rob

    Forget about fair vs. unfair. This does not fix the problem, it just pushes it down the road. How many of these borrows are going to default on the new arrangement too? Then we are back to where we started and have put off the inevitable.

    March 4, 2009 02:20 pm at 2:20 pm |
  9. aaron

    This is wrong. I pay off all my bills on time, even the house bill. I have great credit. I also have a 6.8% intrest rate, and I called my bank today. They said they will only help people who got loans they could not afford. I think I might stop paying my bills on time, then I can get help.That seems like the only thing I can do to get attention

    March 4, 2009 02:20 pm at 2:20 pm |
  10. Dennis

    I tend to agree with Gene, but I also agree with strong to some extent.

    Yes it is unfair to us who work hard and pay our mortgages and were smart enough to not get suckered into the ballon mortgages in the first place. Shame on all those who sold those mortgages to those people and taking advatage of those not so well informed just to make a buck. That is greed in the first place. But as Gene points out, something has to be done to stabilize the market , both housing prices and credit market or we will all suffer.

    March 4, 2009 02:21 pm at 2:21 pm |
  11. Bill

    Gene – I would also hope you would agree that what is beneficial for all of us going forward – is telling those who cannot afford a mortgage that they won't get one.

    March 4, 2009 02:21 pm at 2:21 pm |
  12. jazee

    Every home that sells below market value will have a negative impact on neighboring homes, it may not SEEM fair but if nothing is done and the market is allowed to simply self adjust - cash is king and the home owners will suffer from negative equity for sure, all while keeping their mortgages paid on time.

    Sometimes when it seems like you're loosing you may really be winning, because those who keep their mortgages paid and weather this situation will more than likely preserve some if not most of their equity with the president's plan, otherwise their equity will be absorbed and then they will really be angry and minus a few bucks.

    March 4, 2009 02:21 pm at 2:21 pm |
  13. SIMP

    CNN needs to stop with the polls, they are NOT RIGHT!!. All you complainers about this plan need to shut the hell up. I have been able to maintain paying my mrtg but the value of my house is half of what we paid when building it 7 years ago. With this plan this could help the economy get a jump start, homes won't be sitting empy due to foreclosure and the value of my house will increase again. I get so sick and tired of all of you whinner, no matter what Pres Obama does, you stupid people who don't really listen or understand the plans start to whine, read people educate yourself before you start spreading all this misinformation.

    March 4, 2009 02:21 pm at 2:21 pm |
  14. IndependentfromTexas.

    I am angry about those who will get bailed out but I am glad this is being done. I have lost over $500K – this will help me recover part of this loss. I don't care who gets the bailout except of course those bastards on Wall Street. A financial advisor is after me to make money – I am not even letting him into my house anymore. These advisors make money whether you gain or lose. Crazy world!! You go Obama – let Rushthug scream his arxeoff.

    March 4, 2009 02:21 pm at 2:21 pm |
  15. Darryn

    People just don't get it. Grave illness isn't fair either – but if you don't treat it, you die. It's that simple.

    The mortgage situation affects not only EVERYONE (homeowner OR NOT) in the U.S., but MOST of the world's great economies as well.

    Like it or not, we are all in this together and we will SINK or SWIM together.

    Desperate times call for desperate measures. I don't like to see fiscal irresponsibility rewarded either, but I have FAR more tolerance for those who were trying to provide a home for their families and fell on hard times than I do for CROOKS like Bernie Madoff and the banks.

    This was a situation created by GREED by the housing and financial centers, pure and simple. All those millionaires on Wall St weren't complaining when they were cashing those CHECKS a few years ago. They need to DEAL with it.

    March 4, 2009 02:21 pm at 2:21 pm |
  16. AndrewCPA

    We all should get something from this. I think it is unfair, I pay all my bills on time, but when you know others who are not and going to get a hand-out, well that stinks. All I would want is the chance to re-work my mortgage to lower the payment a little so my family could spend money on other things/save/invest/etc... come on mr president help us all out.

    March 4, 2009 02:22 pm at 2:22 pm |
  17. wall street thieves don't like the plan?

    the plan must be GOOD for main street!

    now, you can take that analysis to your local non-profit credit union!

    if my current mortgage holder, HSBC, doesn't give me a good refinance deal,

    i WILL take it to local NON_PROFIT credit union of which i have been a member for a long time.

    they have always treated me right.

    March 4, 2009 02:22 pm at 2:22 pm |
  18. Stan

    If this is a free market society, then the market should dictate all moves not just the upward moves. I look at it like this. If some one paid $80,000 for a Honda Civic and is now complaining that they can't make the payments, YOU are the the one that made the decision to make that purchase. Same with a house. If you overpaid, YOU made that decision. If you signed papers that you didn't understand, YOU made that choice to sign them with out all the info you needed. I bought a house in 2007 and the lender tried to talk me into a loan that gave me 40% more money than I wanted to borrow. I understood it would be to much and I stayed within my budget. Now people like me have to pay to help people like YOU.

    March 4, 2009 02:22 pm at 2:22 pm |
  19. Nebraska

    They should cut everybody's home loan down to 4% no extra charges from the bank. Talk about a stimulis package, a least a $200.00 in your pocket in a months times wow.

    March 4, 2009 02:23 pm at 2:23 pm |
  20. frank

    its the charactor of people..not the capacity to repay...the same people will again be in default in less than a year..

    March 4, 2009 02:23 pm at 2:23 pm |
  21. Mike Ft Collins , CO

    Ok, so the majority of Americans are self richeous fools. Let the homeowners fail and these fools will be next. If they can't understand the viscous cycle we are in where there is no credit, people are losing their jobs due to no fault of their own then lose their homes, then this Nation is in trouble.

    Everyone who are losing their homes didn't try to scam the system or do anything wrong. Hopefully these people who are so judgemental of others don't find themselves in the same predicament.

    March 4, 2009 02:23 pm at 2:23 pm |
  22. Steph

    To quote my mother..."the world isn't fair". Get over it! I am fine with bailing out some people as long as my home value doesn't drop any further. Don't you get it...they are taking us all down with them right now!

    March 4, 2009 02:23 pm at 2:23 pm |
  23. Rod

    The plan is a terrible idea because it does nothing for all of us who have paid in a timely fashion. Lets face it, we don't care about everyone else only what is happening to us the individual. I don't care if the value of my home falls to -0- we should get the same help everyone else does. The money I could save on my mortgage could go toward other bills or to buy new things which will help the economy recover.

    March 4, 2009 02:23 pm at 2:23 pm |
  24. Erik S.

    I hate to sound so negative, and I could be off base here, but the majority of rulings when a democrat rules the house is to help the poor, and again I apologize for saying it, but also helping the stupid. Seriously, it's always about helping the people who don't want to help themselves, it's getting old. I'm not going to go broke to help deadbeats and idiots.

    March 4, 2009 02:23 pm at 2:23 pm |
  25. Steve, PA

    Everyone just needs to take straw and suck it up(try not to cget a brain freeze) Continue on paying your mortgage and hope for the best. It's a lose/lose situation either way you look at it. Which one of the "lose" scenario would you prefer???

    March 4, 2009 02:23 pm at 2:23 pm |
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