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. Eyes Wide Open

    Just in general philosophy and mindset, our nation is off course. And these types of policies just drive us further off the map.

    THINK about it. People who can't pay their mortgage (and probably never could) are going to get help. This will keep them afloat for six, maybe eight months. Then what? When do we cut our losses?

    March 4, 2009 02:40 pm at 2:40 pm |
  2. Noah

    We Americans have become so selfish its unbelievable ( even though we are a so called christian nation); Bush scared us about Saddaam and we spent all our money in Iraq and Afghanistan willingly even castigating those who opposed the war. Now here we are complaining about helping our neighbours!!!! Wow common sence truly isnt common; hypocrisy has become the norm. Thanks Mr. President for doing your job which is helping ALL americans!

    March 4, 2009 02:41 pm at 2:41 pm |
  3. Kim in Pa

    I am totally shocked by the attitude of some of the people on here. I love how the right is the party of Christianity and "moral values", but they become so un-Christianlike when it comes to helping others who have fallen on bad times. It reflects badly on you as human beings. It's not like most of these people just decided one day to steal from fellow taxpayers. They got in over their heads, and need help, not condemnation, Thank goodness the Democrats are doing something to fix this mess.

    March 4, 2009 02:41 pm at 2:41 pm |
  4. w.l. jones

    It apperes some people have for gotten the welfare of women and children on this mortgage bailout. Remember each and every one of us were a child at one time and what it would do to them if your parent lost there house.

    March 4, 2009 02:41 pm at 2:41 pm |
  5. Rosie

    Evidently, plenty of you guys have not read the mortgage modification program. There IS a clause for people who have paid their mortgages on time each month. If the mortgage payment is more than 38% of monthly income, the borrower has proof of income and lives in the home, the borrower can apply for a reduced rate, not to be lower than 2%. I have never been late on my pmt, but since my income depends on people signing up for extracurricular activities, I AM APPLYING for this reduction.

    March 4, 2009 02:41 pm at 2:41 pm |
  6. I voted for change!!!!!

    I disagree with the polls. The mortgage crisis needs to be addressed since it's the root cause of our economic problem. I'm terrible to hear Americans struggle and end up homeless because of being unable to pay for their American dream. Hopefully these banks will jump on board and start helping the common folks.

    March 4, 2009 02:41 pm at 2:41 pm |
  7. Gene

    Sky...

    Your version of the "Fix" is the exact problem. Capitalism by itself will never work because people are always subdued by greed. Just like Socialism or communism by itself will never work because there will always be greed in the equation and someone in power will always be seduced by the opportunity to come up on everyone else. That's why we need multiple systems.. like Capitalism and Socialism to balance each other and support each other.. because individuals never will.

    Unfortunately, we live in the real world, not the world as it should be.

    March 4, 2009 02:41 pm at 2:41 pm |
  8. brianinboise

    How could we taxpayers not be delighted with the opportunity to help those who overpaid for a home and for those who refi'd so they could buy the new Lexus and pay off the credit cards which they ran up shop-shop-shopping. Given that we taxpayers are going to bail out, er, I mean, aid those consumers, we as a society are justly giving those folks another opportunity to spend-spend-spend, which is of course not just what our economy, but our entire reason for being, is based on. So, you go, boys and girls!

    March 4, 2009 02:42 pm at 2:42 pm |
  9. Some Guy

    President Obama is not a socialist. I've never seen him at the meetings.

    March 4, 2009 02:42 pm at 2:42 pm |
  10. Duby

    It is easy... the plan will be in place for 3 years... so just go to foreclousure !

    March 4, 2009 02:42 pm at 2:42 pm |
  11. delgami

    My house is upside down $200,000 four houses next to me have been abandoned. If this plan does not go in effect soon there will be no home in the U.S. that will not be affected one way or the other. I have lost enough. The price of my house, my 401-K., etc. I think we need to realize that this affects everyone whether or not you are paying on time. If the houses continue to plumet all of America would have lost. Thank you President Obama for looking after us. We are not children, we are adults, citizens of this country looking to put our country back in order.

    March 4, 2009 02:42 pm at 2:42 pm |
  12. Susan

    I don't think this plan is a blank check to people. It's enabling banks to give some limited, needed lower rates so folks can PAY their mortgages, and keep their homes, and all our investments. This is not free money, it will be paid back. Rush has everyone convinced that Obama is Satan and out to ruin America. Guess what? Bush already did that-have you read the spy memos? The torture memos? The memos that he thought gave him carte blanche to arrest American citizens? And Rush thinks Obama is changing America? Yup, he is, back to what we are supposed to care about–people and the Constitution.

    March 4, 2009 02:42 pm at 2:42 pm |
  13. meh

    Hey, Dave! Guess who has been in charge of the economy for EIGHT YEARS now! Hint: It wasn't President Obama!

    March 4, 2009 02:42 pm at 2:42 pm |
  14. Hello?

    "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…"

    –Thank you!

    March 4, 2009 02:43 pm at 2:43 pm |
  15. Boston Irish

    Maybe before they give someone mortgage refinancing, they better check on why they are behind. Is Obama going to appoint someone to do this? If not, those that just don't care will receive just as much as those that are on hard times right now. What about when rent keeps going up and up because landlords want to make enough to stay ahead. Where's the help for those that rent? My tax money will be going for someone's mortgage. Will someone elses money be going to help me pay the huge rent increases. I don't think so and I don't expect Obama to come through on it anytime in the future.

    March 4, 2009 02:43 pm at 2:43 pm |
  16. Claes

    Its quite clear that if these people saying this is not fair, would not say this if they was in the situation of loosing their jobs, loosing their houses and whatever else this credit crunch has brought on the world.
    I know the word solidarity might not be so cool anymore, but people lets realize, to get out of this situation we all have to help eachother out. Its the same with paying for taxes that for example here in Europe might be abit higher than in the US, its to make sure that if one of us goes to hospital, loose the job or anything that could happen to any of us, no one is immune to this, then all of us has the same treatment and chance to get back on track again.

    We need to become less greedy to get out of this situation, and hopefully learn from history this time, but with that I am sceptic, human kind is born greedy, the more we get the more we want.

    claes, sweden

    March 4, 2009 02:43 pm at 2:43 pm |
  17. AVR

    Hey Idaho Guy,

    people paying their mortgage do get huge tax rebates, its called mortgage interest deduction. When your property taxes go up and your home value drops because several homes down the street have gone in foreclosure, don't compalin.

    March 4, 2009 02:43 pm at 2:43 pm |
  18. Peggy Robson

    Unfair all the way around, the bankers, the car companies and now the people who don't pay or didn't REALLY qualify for a mortgage are all being taken care of...and those of us who have nothing more than to pay our bills and stay home because there is nothing left are just that....left out in the cold. And then how many times will they get rescued...there seems to be no limit for the banks and car companies. What because it is for the "good " of all of us...until we are in a total depression. Are we (who pay our mortgages) going to be wishing we would of stashed away our mortgage $ instead of paying because then at least we would have something. Looks really bleak from this end, am I giving up cash I am going to wish I had a few months down the road? And I have nothing left to pay for this horrible debt that is being created...and guess who they will come to.

    March 4, 2009 02:43 pm at 2:43 pm |
  19. Tax Cuts can increase that certain part of tha male body!

    When is the last time you said to yourself that life is fair?

    Never? Thought so.

    March 4, 2009 02:43 pm at 2:43 pm |
  20. Common Sense Republican

    The only surprising thing in all of this is that people are surprised. Weren't we all warned about Obama and socialism? What is the problem? this is what you wanted- Change- LOL

    I know CNN won't post this! Change- LOL

    March 4, 2009 02:43 pm at 2:43 pm |
  21. jeanne

    DEAR POTUS, PLEASE REVIEW YOUR PLAN, I HAVE BEEN TURNED DOWN FOR YOUR PROGRAM BY WELLS FARGO,MY MORTGAGE (IN EXCELLENT STANDING) IS AT 35% OF MY GROSS, I TOOK A @10K PAYCUT AFTER BEING LAYED OFF., AND PUTTING MY DAUGHTER THROUGH NURSING COLLEGE ON A SINGLE BUDGET. BUT ALWAYS MAKE SURE I PAY MY MORTGAGE ON TIME....WHO ARE YOU HELPING IF NOT ME? I'M STRUGGLING NOT TO LOOSE MY HOUSE AND TO KEEP "MY DREAM' ALIVE, BUT SEEMS LIKE ALL HELP IS GOING SOMEWHERE ELSE.....BY THE WAY, CAN I PLEASE HAVE THE 30K LOST IN MY 401k, THAT SURLEY WOULD GET ME SPENDING AGAIN.....THANKS, COTUS...

    March 4, 2009 02:43 pm at 2:43 pm |
  22. Ray

    Fundamentally, it may be a unfair, but a case can be made that spending billions of tax payer dollars to bail out the mega banks is also unfair. The fact is, we have a crisis on our hands and that crisis is a direct result of the housing bubble. We could let these homeowners go under and lose their houses, but then the banks would be stuck with properties that are not worth the money they have in them. They would then take a huge loss, which would probably mean more bailouts. It's a catch 22 proposition for the U.S. economy.

    March 4, 2009 02:43 pm at 2:43 pm |
  23. CL

    This congress & President is driving our economy and country over the cliff, and CNN and the like are selling road maps ....... Your mom told told you, Anderson & Blitzer, don't forget your pom-pom's. In a few years ,once we have dismissed this President , you guys are gonna look really bad for enabling this dismantling of our county. I can only pray that our public will see the sham that you are. ( you = Anderson Cooper, Wolf, Ms Brown ). I am doin my part to expose you.

    March 4, 2009 02:43 pm at 2:43 pm |
  24. in the middle

    Pat people like yourself are the ones we have help. Good people going through a bad situation. To those who don't see the benefit of Obama or the banks helping homeowners in need, I hope nothing bad change in your life where you can't make your payments; like loosing your job, spouse dies, divorce, or work hours cut. If so are you going to lable yourself as a lazy good for nothing looking for a handout? Or you bought a home you could not afford?

    March 4, 2009 02:43 pm at 2:43 pm |
  25. Kyle W

    Thank you Obama!! I'm going out and getting $1,000,000 loan and defaulting on it. Now that i know I won't lose anything for doing something as stupid as that. Everyone's tax dollars will go to my new house, Ferrari and who knows, maybe a in-door pool.

    Give me a break people!! I tired of hearing about your complaining!! I can't pay this, give me money for this. I can't afford this now, give me money for it. The hell with you all!! I pay my rent, I pay my bills and I don't expect a reward for doing it. Grow up, buck up and figure out your crap people. You got yourself into this mess, get yourself out of it. Don't take my freaken tax dollars to pay for your house, car, 15 kids. Give me a break!!

    March 4, 2009 02:43 pm at 2:43 pm |
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