Just 28 Percent Favor Mortgage Bailout

August 10, 2010 No Comments »

bailout

A new poll from Rasmussen Reports found that just 28 percent of Americans favor a homeowner bailout after rumors of such a plan surfaced in recent weeks.

They were since put to rest by a Treasury spokesman, but there is still speculation that the Obama administration could do more to help struggling homeowners, possibly by offering widespread principal balance reductions.

However, 58 percent of those polled in a related survey opposed a proposal that would see the federal government forgive a portion of mortgage debt owed by troubled homeowners.

Another 14 percent said they weren’t sure about it, leaving just over a quarter in favor of such a plan.

Interestingly, opposition is higher among homeowners, and underwater borrowers, the very individuals targeted by the loan program, are opposed by a two-to-one margin.

Roughly two-thirds (63%) of all those surveyed believe the government forgiveness program would be unfair to those who are making their mortgage payments on time, while 23 percent disagree and believe it’s fair.

Nearly half of homeowners think it would be bad for the economy, 30 percent feel it would help, and 15 percent believe it would have no impact.

The poll involved 1,000 likely voters, including 40 percent who owe more on their mortgages than the current value of their homes.

Oh, and one-in-seven homeowners (14%) polled said they are at least somewhat likely to miss or be late with a mortgage payment in the next six months.

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