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. aaron

    Judy is wrong. I talked to my bank today, and they said this is only for people who are at risk of losing thier homes. The banks just want to help those people who can't pay, so they get more money down the road. People who lost thier jobs should be helped, the idiots who got loans they could not afford, should be out of luck, and out of handouts!

    March 4, 2009 02:27 pm at 2:27 pm |
  2. Tyran

    This is a "we" problem, not a "me" problem. It's okay to feel that's it's unfair, but what are the alternatives. Either we help stabilize the house industry or the American Taxpayer will have to come out of their pockets again at the state level when we pay for welfare to help the families diplaced by the mortage meltdown. Or our pocket books will suffer from declining property values when the house next to us forecloses. DON'T BE FOOLED BY REPUBLICAN IDEOLOGY!!! Their idea of "just let the market correct itself" has dire consequences. The America people have sat and tolerated obscene amount of tax breaks and set-asides for the rich, now, when it's time to help "joe-sixpack", we choose to voice or outrage. SHAMEFUL!!! We are getting what we deserve. If we would of stood up to these banks and hedge fund managers, we wouldn't be in this mess that Obama, in my view, is doing the best he can to clean up, while keeping his committment to the American people. This is a time to just hold your peace and see if it works.

    March 4, 2009 02:27 pm at 2:27 pm |
  3. nitro

    its funny that whats fair and whats not fair seems to be an issue in the for front of american ideas. It never was before.

    March 4, 2009 02:27 pm at 2:27 pm |
  4. Jee

    The blowing of billions in taxpayer money continues. Only now the states and obama want you to help do their job in figuring out how to spend it.

    If the money was really going to bost up the job market but this is only to payoff funders to obama.

    now u tax more to buy stock,he kill mortgage deduction too ..

    oh, oh, I hear Obama is turning Green ( not enviromental ) but MONEY green. I hear he is going to replace the beatiful cherry trees in Washington DC with trees that grow money on them. Now he can increase employment by hiring illigal Mexican immigrants to pick the money off these trees while giving them government benefits. I quess Americans will be sitting on the park benches looking at this happen.

    March 4, 2009 02:27 pm at 2:27 pm |
  5. Casey | Sebastopol, CA

    Foreclosure signs on YOUR block affect YOUR home's value, period. If you are okay with YOUR home being worth less, then by all means, continue to whine about having to subsidize anything.

    But recognize that it was the seller's market - buyer demand - that sent the value of YOUR home up over the past 10 years. Didn't hear ya'll complaining so much about mortgages then.

    Talk about clueless!

    March 4, 2009 02:27 pm at 2:27 pm |
  6. John

    Fairness is not the issue. Life isn't fair. If it works it will benefit us all and that is what is important. I have had both good and bad fortune in my 60 years. I got drafted for Vietnam, but I came home in one piece. I wasn't born rich or handsome, but I have been married to a wonderful woman for 38 years. I am not about to begrudge someone who needs it a helping hand.

    March 4, 2009 02:27 pm at 2:27 pm |
  7. Pat

    There was a time during the break – up of my marriage that I was so behind in my payments I was sure that I would lose my home. I sked for help and was given an opportunity to re-finance and get my payments back on track. If someone had not been willing to help me during hards times I would be one of these people that you feel is being unfairly compensated thru this process. As the person stated on this blog. You may be able to pay your mortgage now but what happensd if you lose a spouse, a job or get sick and fall behind. Would you want to lose your home. The problem with everyone today is people are so selfish. If you are still luckey enough to be one of the ones have you forgotten that "WE ARE OUR BROTHERS KEEPER".
    If we continue to be so selfish we are all going to perish.

    March 4, 2009 02:27 pm at 2:27 pm |
  8. HD

    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!

    That's not fair, what about poor people?

    If you're current and can pay going forward, you don't need the program.

    March 4, 2009 02:27 pm at 2:27 pm |
  9. Jabril Muhammad

    "dittohead"<<<wow...people still actually call themselves that in public? rewarding bad behaviour huh...you mean like keeping your junkie ditto-god on air? must be alot of that going around then...GET OVER IT!!! YOU ARE OFFICIALLY OBSOLETE RELICS IN THIS COUNTRY NOW...NOBODY CARES WHAT YOU THINK ANYMORE!!

    March 4, 2009 02:28 pm at 2:28 pm |
  10. AliveNSC

    Buying a house is an investment that always involves risk. There is always risk that it could lose value for different reasons, just like the stock market. If Obama bails out the risky house investments, then he should extend the same for all mortgage homeowners. It sends a bad message if he does not. For the ones who still can't make payments, that is what bankruptsy is for.

    March 4, 2009 02:28 pm at 2:28 pm |
  11. Francis

    I think they shouldn't have bailed out any of the banks or companies either. They should of all been allowed to collapse. I am more mad at them being bailed out then homeowners. They got away with murder. They are the ones who put theirselves in the position they were in and deserved to go out of business instead of using taxpayers money to keep them afloat.

    March 4, 2009 02:28 pm at 2:28 pm |
  12. K

    So, we want cheaper gas, cheaper cars, cheaper food, cheaper airplane tickets, cheaper TV, cheaper movies, cheaper everything, but MORE EXPENSIVE HOUSES?

    Let the housing market CRASH AND BURN. Then maybe people like me who actually know how to manage their money can afford one.

    March 4, 2009 02:28 pm at 2:28 pm |
  13. Gene

    Thank you Lori!

    I've been trying to beat that point home ever since the Repubs have been screaming "SOCIALISM"

    Why is that "Conservatives" love to send money to help other countries rebuild after we spent all the money destroying them.. but to help our own people it's considered irresponsible.

    Case in point... Obama's entire budget is only about 10% higher than Bush's.. with the majority going to all the projects every other candidate promised to the American people and didn't deliver. The Repubs had no problem with Bush spending a trillion dollars on destroying and rebuilding another country.. but they scream that investing money in ourselves is irresponsible?

    Any smart business man knows that you need to invest money to make money. We may not see any immediate benefit from some of these investments.. but Obama is the only one with the guts to invest money in projects that will be feeding us long after he's gone.

    March 4, 2009 02:28 pm at 2:28 pm |
  14. inat

    of course it is unfair! All it will do is prolong the time someone is in a house before it is forclosed. Sure, reduce he principle, interest, and payment. – but how are you going to make sure the occupant chooses to pay the mortgage instead of spending it on cable, cell, car, cigarettes?

    There are plenty of people out there ready to buy – get these losers out of their homes and put them on the market! use the $75b to subsidize NEW home loans. Or reduce the principle on MY house too!

    March 4, 2009 02:29 pm at 2:29 pm |
  15. nima

    Just Keep HOPE!
    live with hope
    die with hope

    March 4, 2009 02:29 pm at 2:29 pm |
  16. Bjoerlingfan

    The problem is that a lot of these folks did everything right, but unfortunately because of the bad economy they risk loosing their homes. I don't like bailing out lazy people either, but if we have to do that so the people who are just innocent victims in this mess can keep a roof over their heads so be it.

    Besides, keeping people in their homes will help the housing market. An improved housing market means an improved economy. And an improved economy benefits EVERYONE.

    March 4, 2009 02:29 pm at 2:29 pm |
  17. sky

    Here is the fix...the fix that will solve everything....make it against the law to take advantage of someone else. There is a way to suceed and make money without taking advantage or cheating. What happened with the vast majority of people who are facing forclosure right now is that they were taken advantage of by someone who was greedy and whose goal it was to get as much as possible from whomever they could without regard for right or wrong.....greed.....capitalism works when people dont give in to greed. do unto others and all of that......people get mad because this plan helps people keep their homes.....they are mad because their greedy plans dont work anymore....because Obama is leveling the playing field. But if these greedy people would take a step back for a moment they would realize that they can still make money...they can still suceed. Sucess is not contingent on how many people you can screwover. you can be sucessful and a good person also. Every mans death diminishes me....right....as does every mans misfortune. When one man/woman/company fails....we all feel it. It reflects on all of us.....if you people who are upset that Obama is helping these people out....take a look at yourselves and see if greed is your motive.

    March 4, 2009 02:29 pm at 2:29 pm |
  18. PLEASE OPEN YOUR MIND!!!

    PLEASE STOP AND THINK WHY WE ALL IS IN THIS MESS!!
    PEOPLE BEING SELFISH AND GREEDY!!!!
    TAKE 10 SECONDS OUT OF YOUR TIME AND THINK WHY ARE THESE PEOPLE IN THE SITUATUION THEIR IN. PEOPLE ARE NOT LOSING THEIR HOMES BY NOT JUST PAYING THEIR MORTAGES. PLEASE LOOK AT THE WHOLE PICTURE AND NOT JUST BITS AND PIECES. THE UNEMPLOYMENT RATE IS AT THE HIGHEST IT HAS EVER BEEN IN THE LAST 50 YEARS. WITH NO JOB, HOW CAN A PERSON PAY THEIR MORTAGE. THE FINANCE COMPANIES PULLED A WOOL SHEET ON ALL OF CONSUMERS HEADS. BY CONVINCING THEM THE ADJUSTABLE RATE IS RIGHT FOR THEM, KNOWING THEY WILL CATCH HELL AND HIGH WATER TRING TO RE-FINANCE. STOP AND THINK, IT'S PAY BACK FOR THE BANKS, THAT'S WHY THEY ARE IN THE MESS THEY ARE IN. IF YOU OWN YOUR OWN HOME, YOU SHOULD BE RELEIVED SOMETHING IS BEING DONE TO KEEP YOUR HOME VALUE UP. THE WHOLE PICTURE SHOWS THIS IS HELPING ALL HOME OWNERS. KEEP PAYING YOUR MORTAGE, IF YOU ARE BLESSED TO DO SO, AND IF NOT IT'S ABOUT TIME– HELP IS ON THE WAY!!!

    March 4, 2009 02:31 pm at 2:31 pm |
  19. Jeremy

    What I really love is the fact that someone like me who didn't buy a house 5 years ago because I knew I couldn't really afford what was being offered, is now going to be on the hook to help pay for all of those homes that were bought/sold irresponsibly... Makes me wonder why I made the responsible decision...

    March 4, 2009 02:31 pm at 2:31 pm |
  20. Idaho guy

    I'm with Denver Mom, we need to reward the people who paid on time and stayed with in their means with major tax breaks. And just to be clear, there is no such thing as a "predatory loan". You are responsible for yourself people!!! If you got a loan that you can no longer afford, that's your fault, not mine and the government.

    March 4, 2009 02:31 pm at 2:31 pm |
  21. JLO

    Alot of people miscalculated and they're dragging us all down. Until people begin to feel the consequences of their bad choices this cycle wil continue as they will never learn or change. I'm all for helping my fellow Man, but enough is enough. Sooner or later we Americans are going to collectively have to regain our resilience, not just the folks at the bottom end who got into their "Starter Castles" then couldn't make payments, but to include the Wall Street Fat Cats and imperial CEO's who expect to get paid for failure.

    March 4, 2009 02:31 pm at 2:31 pm |
  22. Griff............... on The Truth...

    Have you paid your morgage yet? Mr Obama.

    March 4, 2009 02:31 pm at 2:31 pm |
  23. jah

    For all of you that complain about people being helped with their mortages 9 please do me a favor) SHUT UP. people have lost their jobs. He is not rewarding Bad behavior, if you have made all your pymts on time and need to refiance to lower rate SHUT UP and DO IT. You either want this country to get back on track or you don't.
    And STong you are just plain stupid-- people have lost their jobs and have to settle for lower wages. If you had you house for 10 years and lost your job SHOULD you LOOSE YOUR HOME??????
    People We are our BROTHERS KEEPERS – Let's UNITE AGAIN LIKE WE DID ON JAN 20th.

    March 4, 2009 02:31 pm at 2:31 pm |
  24. in the middle

    To those who feel like the majority of the people getting help are dead beats, you are wrong. I work in banking. I am helping people in regards to the bailout and the majority of folk we are helping have either been laid-off and had to take a less paying job or health problems got them in this situation. Those who can not afford their homes are offered other solutions to move out of the property like short sales. So there is balance to this process. To those who think different stop listening to talk radio and FOX news. No one is recieving help who does not deserve it, we go through financial information, property value, and all. This is not a handout process at. There are many good people, who had bad situation happen to them. recieving help and I am happy for it.

    March 4, 2009 02:32 pm at 2:32 pm |
  25. Louis

    THINK PEOPLE, THINK: When do the bailouts end? Hard-working, responible Americans who scrimped and saved and are paying their mortgages on time now get to help pay the mortgages of some people who never saved, bought big screen TV's and took vacations on their credit cards.

    March 4, 2009 02:32 pm at 2:32 pm |
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22