Rasmussen Report
January 2, 2010
The New York Times reports that “the Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good.”
The article goes on to say that “Treasury officials appear to have concluded that growing numbers of delinquent borrowers simply lack enough income to afford their homes and must be eased out.”
Voters reached that conclusion long ago, according to a number of Rasmussen Reports national telephone surveys.
In December 2007, 54% placed the blame for the mortgage crisis on “individuals who borrowed more than they could afford.” Just 25% disagreed and blamed Wall Street. Voters were somewhat supportive of a moratorium on foreclosures that would give people time to work things out, but only 26% favored providing federal aid.
At that same time, just over two years ago, most voters offered a simple solution to those who were behind on their mortgages: Sell. Fifty-seven percent (57%) said those in trouble should sell their home and buy something they could afford, while 29% said the federal government should provide financial assistance to help keep them in their existing house.
Voters took the hard line on mortgages even while understanding the consequences for the wider economy. Sixty-four percent (64%) said having a large number of people default on their mortgages and lose their homes to foreclosure would be a Very Serious problem for the U.S. economy. Another 22% said it would be Somewhat Serious.
The article continues at Rasmussen Report.
