Obama Mortgage Bailout Plan – 64% of Americans Feel it is Unfair
Posted on | March 5, 2009 | 5 Comments
On Wednesday, March 5th, the Obama administration gave lenders the OK to start modifying home mortgages under the $75 billion Obama Mortgage Bailout Plan. The United States Treasury said borrowers would be required to prove hardship to the lenders. Such instances include job loss or reduction in income. Overall, President Obama feels that this will put a bottom in the housing market and will help many stuggling Americans avoid foreclosure on their homes.
CNN recently wrote an article stating that when surveyed, 64% of Americans feel that the mortgage bailout program 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.
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.” (Link)
It will be interesting to see how the American public feels if this mortgage bailout does not stabilize the housing market. Until unemployment stabilizes, it is difficult to see how the housing market can rebound. With no money being made, how can individuals make even a modified mortgage payment. One thing is for certain, Wall Street does not like what the Obama Administration is doing.
Do you feel the Obama Mortgage Bailout Plan is fair or unfair?
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5 Responses to “Obama Mortgage Bailout Plan – 64% of Americans Feel it is Unfair”
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March 5th, 2009 @ 11:59 pm
[...] Continued here: Subprime Blogger / Obama Mortgage Bailout Plan – 64% of Americans … [...]
March 6th, 2009 @ 9:34 am
Fed. Res. reports show that variable interest mortgage rates have a multi higher rate of foreclosure than the fixed rate. Obama said nothing about fixing the difference. All he wants to do is spend. He portrays himself as the modern day FDR. It has finally come to light that FDR was not as successful as Democrats and the media wish to have you believed. 2/3rds were still unemployed after the first 6 years under FDR.
WWII put our workers back to work.
March 6th, 2009 @ 11:18 am
Of course it’s not fair. It takes for granted those of us who waited years to become financially stable enough to put some money down on a house we could afford at a fixed rate. It rewards those who bought a house at an adjustable rate because they couldn’t afford the fixed rate payment. Then instead of paying off debt and changing their lifestyle to account for the raised mortgage rate, they acted immaturely and now aren’t willing to take responsibility for their actions. We don’t struggle to pay our bills, but we still live paycheck to paycheck. We didn’t get our dream house, we got what we could afford. Bad decisions shouldn’t be rewarded, and that’s exactly what this bailout does.
March 6th, 2009 @ 6:05 pm
Look, who is bailing out the small businesses. This country is run by small business. What people do not understand is everything is connected. There are millions of small business owners that are experiencing hardship due to the economy. Their companies are running on empty.They have worked very hard for their families and their employees. It is my opinion, that mortgages should be modified to help all people that are experiencing a serious loss of income, due to the downward spiral of this economy. The little guy needs a little help too. I
July 12th, 2009 @ 7:15 pm
There are still lots of billion of dollars left from the $700 billion bank bailout, and, according to news, there could be a debate in congress on how the remaining money be dealt with. IMO, the bailout plan somehow help some companies but there are still lots of them who are under crisis. I just hope that the remaining fund will be used wisely to lessen the economic crisis.