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. George

    I think the government should provide housing for all Americans. Food too. Come to think of it, when the government gets Detroit back in order I'd like a car as well. I like pets and it wouldn't be fair if I couldn't have one because I couldn't afford it. So I'll need a government supplied pet and pet food and veterinary care as well. The National Endowment for the Arts is getting a few billion, but I think they need more. Let's make it a few trillion so I can have a government provided sculpture on my government provided lawn. In return, I'll work for one of the new bureaucracies filing paperwork. That or I'll maintain the printing presses that keep this whole system afloat.

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

    I point out that this poll consistently obtained negative results against Obama during the elections. They were also consistently out of line with most other polls.

    March 4, 2009 02:32 pm at 2:32 pm |
  3. rudy

    I believe Obama is trying to destroy the American People by taking retribution for all those “slaves” that his own people sold into slavery.
    Make all the non workers rich by taking from the hard working people of this country.

    I am sad for this country if we can’t stop his aggressive run toward socialism. He got elected because he could give good speeches. So did Hitler.

    And, NOOOOOOOOOOO I do not trust government anymore.
    Our elected officials (most–not all) have forgotten more than the average person in America knows—how to earn a living. They should all go back to work after 4 yrs and remind themselves what it is to earn a living.l

    By the way all of you that believe in Global warming…reserach that subject as well…you will be surprised…its not true! Have you noticed that all the people (Gore, Clinton, Pelosi, Reid etc…) have yet to debate this subject in public and meet behind closed doors to discuss their agenda…why..because a vast majority of the scientist (even those that had received grants from the government) have stated its a hoax. Also look at their investments…they are vested in green energy companies and its to their interest to get America to go in that direction….why you say….they will then become the NEW RICH of the USA at our expense….and what will you have to show for it….free healthcare?

    March 4, 2009 02:32 pm at 2:32 pm |
  4. johnrj08

    This is good old American greed talking. "Hey, what's in it for me?" It's exactly the kind of mindset that got us into this friggin' mess.

    March 4, 2009 02:32 pm at 2:32 pm |
  5. paul oregon

    to bad cnn relys on tabiold style reporting wonder whats going to happen when people get tired of misleading garabge head lines
    for rating points. very sad . and choose to watch something diff.
    try pbs (public broadcast system )

    March 4, 2009 02:33 pm at 2:33 pm |
  6. kdub

    Well, we all thought the free market was people who could never afford a home a loan...we took full advantage of it and this is the price we pay. Period.

    March 4, 2009 02:33 pm at 2:33 pm |
  7. white female

    To Andrew: whao care what you say when it is so negative all the time go get a job, or go to a food bank and hand out fodd or do something to help someone else for a change. Stop bad mouthing the President.
    One day you just may need yourself for real be careful what you ask for. not everyone is stuck on stupid.
    May you never need Sir. You are so sad.
    Get a life this is so sad how you and others are always starting negative trouble. The world is moving on shut up get on broad or get off the train, because it's left the station, like since Nov 4th 2008, get over it.
    Obama/Biden and the Dems for the next eight years OK.

    March 4, 2009 02:33 pm at 2:33 pm |
  8. Reatte Beaumont, Texas

    I had to pay my mortgage and on time or my house would be taken away from us. And now I have to pay for others stupid mistakes that should have never happened in the first place but that is the dumb democrat way take from the rich and give to the poor and then wonder why they are so hated. I didn't tell clinton to let freddie and fannie to put people in homes that they couldn't afford then take away my rights to get there socialism on the road to destroy the american way and I hope and pray that we as americans will stand up and fight this bull crap. It will take a war to stop these ignorant people and it will happen it will look like a third world country pretty soon.

    GOD BLESS THE OLD AMERICA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
    cause it is changing for the worse

    March 4, 2009 02:33 pm at 2:33 pm |
  9. Robert

    I'm not a fan of the bail out .... but, how does it help me when my neighbors are losing their house and mind is dropping along with theirs. It suck, but at least my house will stop been in a free fall.

    March 4, 2009 02:33 pm at 2:33 pm |
  10. JC, West Palm Beach

    They are finally addressing the root cause of this weak economy with this program and the market has responded. Who would have thought!? Duh!

    March 4, 2009 02:33 pm at 2:33 pm |
  11. Ed in Ohio

    I love the lesson that our President and Congress are teaching us. Go out and purchase a house you can't afford, make bad investments, act irresponsible and don't pay your bills as Uncle Sam will be there to bail you out with the hard working responsible taxpayers money.

    March 4, 2009 02:34 pm at 2:34 pm |
  12. Kiddo

    It's not fair that we're in this situation.
    It's not right that we're in this situation.

    This situation was a long time coming. Lots of us out here in the real world saw it coming but the folks in Washington either ignored it or did nothing about it. Now there's a new administration forced to put a bandaid on a bullet wound to try to stop the bleeding. Hopefully, the bandaid will be big enough and last long enough for the economy to recover quickly.

    It's not fair, and it's not right, but now we've got to do something to fix it. If the bailout plan works, that's great. I don't like that we're having to do bailouts, but if Washington had done something as little as 2 years ago, we wouldn't be in the mess we're in now.

    March 4, 2009 02:34 pm at 2:34 pm |
  13. Steph

    I don't allow my child to complain about something being "unfair". We have to fix this problem or our home values will keep dropping. There are so many things in life that aren't "fair". So, people need to stop acting like little kids...No fair...What about me...My turn....Wah...

    March 4, 2009 02:34 pm at 2:34 pm |
  14. SMJ

    Jee – you are a sad person. What have you done today to help a fellow citizen? I am an elementary school teacher who is expected to do more with less (almost @ poverty level). I'm working to change lives. What are you doing to help America?

    March 4, 2009 02:34 pm at 2:34 pm |
  15. Texas

    ON MY GOD! Let it go people! I pay my bills and I'm single and my taxes will be higher than most! All these people didn't purchase homes that they couldn't afford! Many people got adjustable rate loans and with the fallout they have added 1,000 to many monthly payments. DO I whine? Nope because I have lost thousands in stock? Nope! One day I will have a situation where it may spin out of control and I hope I get one small break! For those who whine about there perfection and that they have no flaws,as of yet ,get over it! Without this bailout it will affect even you-oh my!

    March 4, 2009 02:35 pm at 2:35 pm |
  16. Timmy

    Quick, we need to know what Rush Limbozo thinks about this!!!

    March 4, 2009 02:35 pm at 2:35 pm |
  17. Anonymous

    I financed a house that I could afford. I did my research, and planned carefully. I knew who to trust, and thought for myself.

    What's the big deal?

    March 4, 2009 02:35 pm at 2:35 pm |
  18. Franky

    "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,"

    Hell no!! Is mine, I tell you, mine!! My money...and as for the suffering...well, it depends, just as long is funny, you know? LOL!!

    March 4, 2009 02:35 pm at 2:35 pm |


    March 4, 2009 02:35 pm at 2:35 pm |
  20. B-lievable

    As much as I feel for those who, legitimately, found themselves behind the proverbial 8-ball with their mortgages, I find it unB-lievable that these same people will be any better off under the plan currently being implemented. You will still see a large percentage defaulting on their loans.

    If they have no money, lowering their payments means absolutely nothing. They still will have nothing to pay towards the loan.

    If I, as a current mortgage holder making regular payments (plus a little 'pay down' cash,) were to refinance to a lower rate, could I get the same rates as are being offered to the people being 'helped' by this plan? No. Would I be able to refinance with out closing costs, point, etc.? No. I would love to refinance my 30-year 7% loan to a 15-year at 4% – 4.5% with no other costs, but do you think the banks will touch me? Not a chance.

    March 4, 2009 02:35 pm at 2:35 pm |
  21. johnrj08

    The greedy bone-heads who are against Obama's mortgage plan because they've managed to keep their jobs and pay their mortgages, don't realize that if a home on their block is foreclosed on it could lower their own property's value by at least 7%. If two homes within an 8 block radius are foreclosed on, it gets even worse. So the next time you start whining about Obama's mortgage plan, consider its peripheral benefits and how it will help to preserve the value of your own investment.

    March 4, 2009 02:36 pm at 2:36 pm |
  22. sensible Cape Coral FL

    @Democrat turrned republican:

    What you got is equity in your home – Stupid!

    March 4, 2009 02:36 pm at 2:36 pm |
  23. Mike Syracuse, NY

    I'd draw a distinction between people who bought reasonable homes, played by the rules, and got laid off from those who bought homes on speculation or never should have qualified in the first place. the former deserve help. The later deserve to sink in their own mess.

    March 4, 2009 02:36 pm at 2:36 pm |
  24. Anonymous

    I'm clinging to my guns and religion right now.

    AMMO UPbefore it's too late!

    March 4, 2009 02:36 pm at 2:36 pm |
  25. Red Jacobs

    I guess should have re-financed and blown the money on plasma TVs and vacations. And kept paying for cell phones, cable, booze, vacations, 6-embryo implants, LASIK, etc and SKIP the mortgage payment.


    March 4, 2009 02:37 pm at 2:37 pm |
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