Rasmussen: Mass mortgage forgiveness deeply unpopular

posted at 12:55 pm on August 9, 2010 by Ed Morrissey

After rumors arose last week of a plan by the Obama administration to forgive portions of the principal in underwater mortgages at Fannie Mae and Freddie Mac, Rasmussen decided to poll on the supposed “August Surprise” to see whether it would sway voters into supporting Obama.  The results don’t look good for the White House.  Opposition to such a plan holds a 30-point lead over support, and does even worse among homeowners than the general public — and is opposed by the very people it would purport to assist:

Rumors have circulated that the Obama administration is considering a partial mortgage forgiveness plan to help those who owe more than their homes are worth. Just 28% of U.S. voters favor such a proposal.

A new Rasmussen Reports national telephone survey finds that 58% oppose a proposal to have the federal government forgive a portion of the mortgage debt owned by troubled homeowners. Fourteen percent (14%) are not sure about it.

Opposition is a few points higher among homeowners. And, those the plan is designed to help are also opposed. Those who they owe more on their mortgages than their houses are worth oppose the mortgage forgiveness proposal by a two-to-on margin.

The demographic internals of this particular poll are fascinating, and disturbing.  Forty percent of likely voters who own their homes say that their mortgages are underwater.  Black homeowners are more secure in their equity, with only 32% underwater, while “others” have a plurality underwater, 48% to just 40% whose home values are above water.  The age demographic most likely to be underwater is 40-49 YOs; younger voters are the most secure in equity, 63/37.  Democrats are slightly more equity-secure, 59/38, with Republicans at 54/41 and independents least secure overall at 47/42.

So is this idea aimed at the independent voters that Democrats have shed over the last two years?  If so, it’s a bad bet.  While Democrats narrowly favor such a plan 47/38, independents hate it, 18/65, just behind Republicans, 15/75.  Black voters favor it 56/21, but “others” are very hostile, 19/65.  Majorities in every age demographic oppose it except among 18-29 YOs, who oppose it by a 32/45 plurality.  Even self-described liberals are iffy on support, with only a 43/36 plurality.  Moderates oppose it 31/52.  Every single income demographic opposes it as well.

Even the political class can’t get behind it, with a 41/44 rating, and that says something about this massive government intervention.


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Do it, Barry! Do it!

greggriffith on August 9, 2010 at 12:57 PM

Would I like my mortgage to be forgiven?
Would I like a personal bailout from debt?
Oh you bet I would.
But my sense of what’s right, honor, & my duty to provide for myself & not off of the backs of others precludes me from acceptance of such a ‘gift’.
The 21% must be in deep doo doo &/or immoral leeches.

Badger40 on August 9, 2010 at 12:58 PM

Lead trial balloon? Yes. I think just floating the idea was stupid.

dogsoldier on August 9, 2010 at 12:58 PM

Even the political class can’t get behind it, with a 41/44 rating, and that says something about this massive government intervention.

Who cares about the Political Class. They are the ones who are voting for this BS and wondering why everyone is up at arms over the “new and improved” laws and regs.

If it ain’t broke, don’t fix it.

upinak on August 9, 2010 at 12:59 PM

Pffft, as if this means anything. PBHO will do what is necessary to rescue us from ourselves, if we are too stupid to understand then he will make us understand. Understand?

Bishop on August 9, 2010 at 12:59 PM

Badger40 on August 9, 2010 at 12:58 PM

mental midgets is more like it.

upinak on August 9, 2010 at 12:59 PM

Hopey is hoping to sh*t-diturb this,as the Agitator in Chief
can’t help himself,its the Perpetual Community Organizer that resides in Obama!!!!!!!

Perception/Deception/Distraction,Ongoing
NeverEndingStory!!!!!!!!!!!

canopfor on August 9, 2010 at 1:01 PM

Our mortgage is underwater in spite of having given the lender over $70 thousand (almost 50%) as a down payment.

Husband has been looking for full-time work since being laid off in March 2008. I’m working part-time.

We haven’t missed any mortgage payments, nor have we been delinquent on any other payments.

STFU, Dems. We don’t want your bailout.

GrannyDee on August 9, 2010 at 1:02 PM

Yes, but 100% of the people who benefit from it will vote Democrat.

It’s the typical Democratic ploy – concentrate the benefits of their policies, spread out the (much larger) pain so that it is comparatively unnoticed.

David Shane on August 9, 2010 at 1:02 PM

The Right to Fail

J_Crater on August 9, 2010 at 1:03 PM

I’d like to be forgiven for at least one mortgage payment (My notice for my September payment arrived in today’s mail before lunch), but I figure that’s not going to happen.

Jack.

Jack Deth on August 9, 2010 at 1:04 PM

The question that is being asked in the White House is how many votes will it buy from those who would otherwise not vote Democratic, and how many Democratic voters would vote Republican due to this passing.

Those who were already voting Republican are totally irrelevant. Not sure this will work for them, but its popularity isn’t the issue.

sharrukin on August 9, 2010 at 1:04 PM

Black voters favor it 56/21

Now there’s a shock….

I guess I should call myself a racist now before anyone else does…

PatriotRider on August 9, 2010 at 1:04 PM

Lead trial balloon? Yes. I think just floating the idea was stupid.

dogsoldier on August 9, 2010 at 12:58 PM

Their track record of these “trial balloons” is pretty dismal. Remember, they tried the same thing lat week with the “leaked” memo about amnesty for illegal aliens. That was no accident, this administration knew full well what they were doing, letting that one get out.

UltimateBob on August 9, 2010 at 1:06 PM

Obviously a large number of American people need to be “reeducated” about necessity of Government redistribution of private wealth.

listens2glenn on August 9, 2010 at 1:06 PM

Lead trial balloon? Yes. I think just floating the idea was stupid.

dogsoldier on August 9, 2010 at 12:58 PM

Like a pregnant pole-vaulter.

GrannyDee on August 9, 2010 at 1:06 PM

So is this idea aimed at the independent voters that Democrats have shed over the last two years? If so, it’s a bad bet. While Democrats narrowly favor such a plan 47/38, independents hate it, 18/65, just behind Republicans, 15/75. Black voters favor it 56/21, but “others” are very hostile, 19/65. Majorities in every age demographic oppose it except among 18-29 YOs, who oppose it by a 32/45 plurality. Even self-described liberals are iffy on support, with only a 43/36 plurality. Moderates oppose it 31/52. Every single income demographic opposes it as well.

Great stats. I was wondering about this, as well (previous thread). Here’s to hoping for a massive miscalculation of voter sentiment and a colossal backfire, even if it is at taxpayers’ ultimate expense yet again.

Bee on August 9, 2010 at 1:06 PM

So,Obama plans on more Liberal Democrat Seats in both
houses,to be sent up the crick with no paddles!!

It seems that Obama will sacrifice the entire DNC to
get his way!!

Me thinks at the rate of Obama’s brilliant idea’s,its more
or less a war within the Party that he has hijacked,so,
will the Progressive Socialists terminate the Liberal
Democrats,politically that is!!!!!!!!!!!!!

canopfor on August 9, 2010 at 1:07 PM

Black voters favor it 56/21, but “others” are very hostile

I don’t understand this. Their kids will have to pay for this as surely as those of other races. Do they not understand? Or is anything connected with Obama alright even if blacks will be hurt as much, if not more, than the rest of us. Surely it’s that they don’t see the ramifications?

jeanie on August 9, 2010 at 1:08 PM

I figure any comments about the demographics would be racist…

MNHawk on August 9, 2010 at 1:08 PM

Do it, Barry! Do it!

greggriffith on August 9, 2010 at 12:57 PM

Sorry, I can’t root for something that will be fundamentally destructive for the country just to hurt Obama and the Left.

I believe action like this could lead to real unrest and I am in no rush to see that happen.

TheBigOldDog on August 9, 2010 at 1:10 PM

mental midgets is more like it.

upinak on August 9, 2010 at 12:59 PM

Nothing the current education system can’t fix. /s

Black voters favor it 56/21, but “others” are very hostile

I don’t understand this. Their kids will have to pay for this as surely as those of other races. Do they not understand? Or is anything connected with Obama alright even if blacks will be hurt as much, if not more, than the rest of us. Surely it’s that they don’t see the ramifications?

jeanie on August 9, 2010 at 1:08 PM

Their current position as another type of slave from what African Americans used to be escapes them.
They are so embroiled in the ‘racist’ rantings that they cannot see the forest for the trees.
Or the hood for the hood.

Badger40 on August 9, 2010 at 1:10 PM

Anything this unpopular will surly be shoved down our throats.

CC

CapedConservative on August 9, 2010 at 1:11 PM

Of course to admit this is an Alinsky plan to screw us all is the most….accurate plan based on the reality of what we have seen.
Plus the notion that the Dems will do their overall best to steal all election, so buying votes may not be a real concern of theirs.

bbz123 on August 9, 2010 at 1:11 PM

Badger40 on August 9, 2010 at 1:10 PM

Well I wish you had been my science teach. It would have at least been interesting.

upinak on August 9, 2010 at 1:12 PM

Since when did the Comrade Chairman care what we peon proletarians think about anything?

Obama still has a ton of money in his Porkulus slush fund, and he intends to buy himself a defeat-proof, permanent socialist congress with it.

And if that doesn’t work for him, there are the trillions sitting around in pensions, 401Ks, and IRAs just waiting to be seized.

Dave R. on August 9, 2010 at 1:13 PM

Black voters favor it 56/21, but “others” are very hostile

I don’t understand this. Their kids will have to pay for this as surely as those of other races. Do they not understand? Or is anything connected with Obama alright even if blacks will be hurt as much, if not more, than the rest of us. Surely it’s that they don’t see the ramifications?

jeanie on August 9, 2010 at 1:08 PM

For reasons I cannot fathom, our Black brethren still fail to see and understand that the policies of the DimmoWits have done little to nothing to improve their lives.

GrannyDee on August 9, 2010 at 1:13 PM

Lead trial balloon? Yes. I think just floating the idea was stupid.

dogsoldier on August 9, 2010 at 12:58 PM

Yep. I don’t think they understand the perception they are feeding by these trial balloons. Whether they actually spend the money or not, all we hear is dollar$.

txhsmom on August 9, 2010 at 1:14 PM

Surely it’s that they don’t see the ramifications?

jeanie on August 9, 2010 at 1:08 PM

I’ll guarantee most of these polled are inner-city blacks who are mainly Gov’t-educated. Most inner-city schools don’t teach economics properly, so most of these former students don’t understand the true nature of ’cause and effect’ as it applies to finances and economics.

Phil-351 on August 9, 2010 at 1:14 PM

I don’t understand this. Their kids will have to pay for this as surely as those of other races. Do they not understand? Or is anything connected with Obama alright even if blacks will be hurt as much, if not more, than the rest of us. Surely it’s that they don’t see the ramifications?

jeanie on August 9, 2010 at 1:08 PM

It’s probably just a lockstep thing, and includes all dems not just blacks. “If Obama wants it, then I want it too, whatever it is. What is it, again?”

Felonious Monk on August 9, 2010 at 1:15 PM

What does it say about them that they think they can buy us? Projection, anyone?

No surprise they think we’re whores, no surprise they think we’re stupid.

jodetoad on August 9, 2010 at 1:15 PM

They are so embroiled in the ‘racist’ rantings that they cannot see the forest for the trees.

Badger40 on August 9, 2010 at 1:10 PM

agree

cmsinaz on August 9, 2010 at 1:15 PM

California and Nevada have the most houses in mortgage trouble. This plan is a political freebie to shore up Obama’s base in California and help Harry Reid in Nevada.

The public has to be educated that owning a home does not mean one has to make a profit when they sell it. (And they should plan for it.) One does not expect to make a profit on any other purchase after they use it for 20 years then sell it.
People buy a house for $200G then sell it 20 years later for $300G and think they made a $100G in profit. Always neglecting the $200G in interest payments they made along the way.
Then they have to go buy a new home and it costs them $400G for the same thing in a different area….

albill on August 9, 2010 at 1:17 PM

I would be financially better off if I could be exempted from fed, state and local taxes for two months than I would be with adjustments made to my mortgage.

myrenovations on August 9, 2010 at 1:19 PM

No surprise they think we’re whores, no surprise they think we’re stupid.

jodetoad on August 9, 2010 at 1:15 PM

They have bought a significant number of voters, and as for stupid, well 52% did vote for the guy, so how far off are they?

sharrukin on August 9, 2010 at 1:21 PM

Their vote buying comes in all shapes and sizes…

Ltlgeneral64 on August 9, 2010 at 1:22 PM

Hey Rahm! Let’s throw this idea up against the wall and see if it sticks!????????

smart powah

ted c on August 9, 2010 at 1:23 PM

Well I wish you had been my science teach. It would have at least been interesting.

upinak on August 9, 2010 at 1:12 PM

Most of my students realize they were better off having me some time later.
Bcs I expect excellence from them,& make them do, GASP!, work, I am sometimes unpopular.
And I do it all without having to spend tons of $$.
Go figure.

Badger40 on August 9, 2010 at 1:24 PM

Impeach. Return to square one. President Biden? Work out, yes or no. If no, impeach, start at square one. Continue until we get someone competent, honest, and patriotic who is willing to act within their Article II defined powers. If not, impeach, begin again.

We the People

ted c on August 9, 2010 at 1:25 PM

Ladies and gentlemen,

This principal forgiveness initiative has nothing to do with the economy. It has everything to do with 40 acres and a mule.

1. Let’s toss out any requirements for qualifying for a mortgage

2. Incentivize the origination of mortgages, through Fannie and Freddie, by brokers thereby loading up the ranks of homeowners, especially with those who couldn’t ordinarily afford a house.

3. Crash the economy. Under the guise of “doing the right thing” to get the economy growing, insist upon magically making “amount due” numbers smaller…vastly smaller. In fact, if the homeowner can’t show any means of re-apying the loan, we’ll just forgive the debt entirely. The bank will just have to eat it.

Folks, this reparations without using the word.

BobMbx on August 9, 2010 at 1:26 PM

Forty percent of likely voters who own their homes say that their mortgages are underwater.

Wow combine that with 10% unemployment for nearly two years…

Supose you need to move to a new place for a job and there is no way you could afford to sell your house. I don’t know much about short sales, but I heard they were mostly hype. I think we have a lot of foreclosures and bankruptcies still to come.

If you don’t have a job for two years, TWO YEARS!, who pays your bills? Nobody, that’s who. You go bankrupt and rightly so!

There is still a lot of debt to be defaulted, I’m thinking.

I wonder if we will ever recover from this thing.

petunia on August 9, 2010 at 1:26 PM

Badger40 on August 9, 2010 at 1:24 PM

Did speling count in yoar class?

BobMbx on August 9, 2010 at 1:27 PM

Impeach.

We the People

ted c on August 9, 2010 at 1:25 PM

ted c: Like yesterday,yup!:)

canopfor on August 9, 2010 at 1:27 PM

So, would any underwater mortgage be forgiven?

Or, would they differentiate between those that are underwater because they bought a house right before the bubble burst and those that are underwater because they pulled money out in a home equity line of credit to expand their kitchen or go on a fancy vacation?

I think it’s crap either way, but, I’m just wondering if all underwater mortgages are equal.

Personally, as a person without a house that would benefit from a market correction, I really wish the government would stop dragging this correction out forever. While painful to those that ‘lost’, it’s a net benefit for society when people are punished for doing reckless things (and, yes, believing that housing prices only ever go up, up, UP! is reckless) and rewarded for doing smart things like buying a house that is honestly valued and not purchasing more house than you can afford.

JadeNYU on August 9, 2010 at 1:30 PM

Make no mistake – we are ruled by people with below average intelligence.

Don’t let the media fool you on this, you don’t believe them on anything else. Why do you allow them to sway you on this?

Barack Obama is not a smart man and neither is Axelrod, Emmanuel and anyone in the White House.

They are there soley due to ambition, connections and persistance.

They have absolutely nothing of value to offer the American people.

Congress? Complete and utter fools. Nancy Pelosi and Harry Reid are far less intelligent than anyone reading this post, I am firmly convinced of that.

The Democrats have a strong monopoly on utter and complete stupidity, to go along with their cornering the market on inscrupability.

NoDonkey on August 9, 2010 at 1:32 PM

Look out, America. Thre is nothing more dangerous than a cornered Leftist. And that’s what we’re facing. The Left always had the luxury of being out of power, never having to face the consequences of their actions and ideas, and so were able to sneer, slander and savage others in power for theirs. Now they have power, and now must face the consequences of their own. But they cannot. Because they cannot. That’s it — they just cannot. Because they’re Leftists. Daily the evidence of their failures mounts and the consequences become more widely felt by the American people. Only the renunciation of their ideas and policies, and total reversals of them, could possibly produce different results. But they cannot bring themselves to this humiliating acceptance. Never. So with each new action, they drive themselves futher into a corner, and bring their day of reckoning closer. And grow more afraid, more desperate. The attacks grow more intense, frenzied, louder. They don’t know what else to do. Literally — they do not know what else to do. It is not within their psyche, their imagination, to act differently.

I am pressed to the ends of my own imagination to conceive of the final days and hours of Leftism. But be prepared for the inconceivable — if that is possible. I guarantee this — America will never have seen anything like the unraveling of Barack Obama.

rrpjr on August 9, 2010 at 1:35 PM

Surprise! Surprise! Black voters approve 56/21. Did anyone expect they would give up their long standing entitlement to get something for nothing?

Hobbes on August 9, 2010 at 1:35 PM

And we laughed at the video of that lady saying Obama was going to pay her mortgage.

Chuck Schick on August 9, 2010 at 1:36 PM

Opposition to such a plan holds a 30-point lead over support, and does even worse among homeowners than the general public — and is opposed by the very people it would purport to assist

Which means Obama will do it. After all he knows far better than the American people what is good for us. Look for it to happen somewhere between the 16th and 17th hold.

simkeith on August 9, 2010 at 1:38 PM

NoDonkey on August 9, 2010 at 1:32 PM

I don’t think they are stupid at all.

I think they are simply corrupt, power hungry narcissists with delusions of grandeur.

I think some of them were brought up to hate America and they are now in a position to attempt to remake it.

TheBigOldDog on August 9, 2010 at 1:39 PM

there are some odd numbers here.

i think i read the other day that 19% of all mortgages are underwater, so these numbers don’t match at all.

r keller on August 9, 2010 at 1:40 PM

What does it say about them that they think they can buy us? Projection, anyone?
No surprise they think we’re whores, no surprise they think we’re stupid.
jodetoad on August 9, 2010 at 1:15 PM

There is something deeply pernicious about this kind of bailout. Befor Carter invented FEMA, there were natural consequences for building homes in river basins or in fire prone or earthquake areas.

Most people know that, no matter what foolish choices are made, FEMA pretty much makes everybody whole, whether they are rich or poor. As a result, particularly in Southern California, many people who used to purchase fire and/or earthquake insurance back in the 70′s realized those who didn’t buy it were no worse off – they were also made whole by good ol’ FEMA.

Even many people you’d ordinarily not expect to be waiting in line for a handout, have come to rely on FEMA, and will accept the money when it’s offered. And I am not just talking about poor folks either.

Nowadays, way more people don’t bother buying these catastrophic policies because FEMA (that’s all you taxpayers who don’t live in an “iffy” area) can be pretty much counted on to come to the rescue.

Like I said, bailouts are across-the-board pernicious … and contagious and tend to make “whores” out of ordinarily decent folks.

marybel on August 9, 2010 at 1:45 PM

Badger40 on August 9, 2010 at 1:24 PM

Did speling count in yoar class?

BobMbx on August 9, 2010 at 1:27 PM

I’m hoping you are not razzing me for any spelling errors I might have committed here (bcs I ain’t perfect).
But yeah-spelling counts in my class.
I’m willing to forgive some, but then, I’m not the English teacher, so I can.

Badger40 on August 9, 2010 at 1:47 PM

i think i read the other day that 19% of all mortgages are underwater, so these numbers don’t match at all.

r keller on August 9, 2010 at 1:40 PM

Well the government figures are not the most reliable these days and they keep re-adjusting the definitions so that may have something to do with it.

sharrukin on August 9, 2010 at 1:48 PM

Forty percent of likely voters who own their homes say that their mortgages are underwater.

I call b.s. on this. Maybe I’m out of the mainstream, but I’m middle class and everyone I know owns their home. I’m not aware of anyone beying underwater – nobody in my or my wife’s family or any friends. Now, people will say “well they wouldn’t advertise it”. Yes, but you can generally tell by checking to see what the house is assessed at and what they paid for it. Perhaps 40% of all the people I know for some reason took out huge loans and the banks were willing to lend way above the value of the home, but I doubt it.

Upside down loans are those where home values skyrocketed and then dropped, such as in CA, and involve excessively priced homes. Or, sub-prime loans where the interest rate sent the loan over value very quickly and keeps it there as the market value dropped slightly.

Teh vast majority of americans are not ni underwater mortgages. Only the people with no common sense who expect the gov’t to bail them out of every situation.

Monkeytoe on August 9, 2010 at 1:49 PM

Like I said, bailouts are across-the-board pernicious … and contagious and tend to make “whores” out of ordinarily decent folks.

marybel on August 9, 2010 at 1:45 PM

I do mostly agree with what you said.
But I think there is a place for a program like FEMA in dire circumstances.
However, like the perpetual flooding, for instance, that the Fargo/Moorehead area experiences over time in ND/MN-I think continuing to throw $$ down a hole like that from FEMA is useless.
Now the 1st instance of govt aid, the New Madrid earthquake-I think that was justified.

Badger40 on August 9, 2010 at 1:50 PM

Well, let’s hope that is one trial balloon popped.

Count to 10 on August 9, 2010 at 1:51 PM

there are some odd numbers here.

i think i read the other day that 19% of all mortgages are underwater, so these numbers don’t match at all.

r keller on August 9, 2010 at 1:40 PM

I think the numbers look really weird, too. Look at the answer to question number 1. Do we really believe that 40% of likely voters’ mortgages are underwater? I don’t.

1* Is the value of your home worth more than the amount you owe on your mortgage?

54% Yes
40% No
6% Not sure

I’m betting a lot of people didn’t understand the question.

Missy on August 9, 2010 at 1:52 PM

But I think there is a place for a program like FEMA in dire circumstances.
However, like the perpetual flooding, for instance, that the Fargo/Moorehead area experiences over time in ND/MN-I think continuing to throw $$ down a hole like that from FEMA is useless.
Now the 1st instance of govt aid, the New Madrid earthquake-I think that was justified.

Badger40 on August 9, 2010 at 1:50 PM

What FEMA does should a private charity thing, particularly if you like it’s purpose.

Count to 10 on August 9, 2010 at 1:52 PM

In this area, which was never badly hit to begin with on the home-value-deflation front, property values are actually tickling upward a little bit.

There’s two real problems with this idea. I mean, aside from the Magic Christian giveaway aspect of it.

One is that the it’s just like everything else the Dems have done since Fathead took office – large amounts of money thrown down a hole to gain nothing. People without jobs can’t make mortgage payments.

And the other is that a lot of other folks know it’s a zero-sum game, it’s going to be the OTHER guy, the one who’s in the right Democratic demographic box, who’ll get the break, and for them – perhaps tenuously employed and just hoping things stabilize a bit so the bank will talk to them about refinancing down to 4% or so – it’s a guaranteed screwing.

JEM on August 9, 2010 at 1:53 PM

Black voters favor it 56/21

21% know how to stop drinking kool aid for a second.

angryed on August 9, 2010 at 2:18 PM

I think the numbers look really weird, too. Look at the answer to question number 1. Do we really believe that 40% of likely voters’ mortgages are underwater? I don’t.

Do you think 40 is too high or too low?

I think 40% is too low. People are delusional when it comes to what the value of their house is. I can’t tell you how many people I’ve spoken to who say “my area is different, we actually held steady while everyone else’s house value dropped 50%”. If 40% THINK they’re underwater, 60-70% probably are.

angryed on August 9, 2010 at 2:21 PM

Is there no end to Hussein buying votes with tax suckers money?

borntoraisehogs on August 9, 2010 at 2:23 PM

Which only fives this administration all the more reason to ram it through. Has it not been proven they don’t care what Americans think about their lousy legislation?

scalleywag on August 9, 2010 at 2:23 PM

TheBigOldDog on August 9, 2010 at 1:39 PM

Sorry, I don’t agree.

My definition of intelligence may be different than others.

“Intelligence” does not include merely being clever, nor does it include swindling people, lying to people or conning them.

That’s “intelligence” defined by the Obama team, agree.

Real intelligence is honest, direct and it achieves tangible, positive results. It’s not just rhetoric.

The only thing Obama has ever been successful at is advancing himself far beyond his miniscule abilities and he has had a great deal of help in doing that.

NoDonkey on August 9, 2010 at 2:23 PM

Well that idea is dead. Ran it up the ol’ flag pole and it got blasted.

GarandFan on August 9, 2010 at 2:31 PM

Do you think 40 is too high or too low?

I think 40% is too low. People are delusional when it comes to what the value of their house is. I can’t tell you how many people I’ve spoken to who say “my area is different, we actually held steady while everyone else’s house value dropped 50%”. If 40% THINK they’re underwater, 60-70% probably are.

angryed on August 9, 2010 at 2:21 PM

Since many places have had huge drops in value I think the number is okay.

As far as the question

1* Is the value of your home worth more than the amount you owe on your mortgage?

54% Yes
40% No
6% Not sure

Not sure would be the only true answer… but If people got any kind of home loan in the past say 5 years it is likely the appraisal today would be less. And if as many people got into homes with little or nothing down as the rumour goes that 40% may be a pretty good number.

I don’t see what would drive the prices back up.

With unemployment often comes the need to re-locate, that leaves a lot of future defaults even if the economy gets going again.

I don’t know what the solution is, I don’t want this government to do anything else! Everything they do is a disaster! And a lie.

But as a number, that 40% means that much of this country is taking a financial hit. And it isn’t over. Not by a long shot.

petunia on August 9, 2010 at 2:35 PM

If 40% THINK they’re underwater, 60-70% probably are.

angryed on August 9, 2010 at 2:21 PM

I would have said 40% is too high. But you may be right, I just haven’t seen any numbers that reflect anywhere near that high a percentage being underwater.

Besides, you have to account for equity. A certain percentage of mortgages are within 10-15 years of being paid off and are probably not underwater.

At any rate we seem to be in agreement that it’s possible many people really don’t know either way.

Missy on August 9, 2010 at 2:37 PM

GarandFan on August 9, 2010 at 2:31 PM

Since when did unpopularity ever stop the insane clown posse in the White House?

They’ll have to drag Barry kicking and screaming out of the White House when he gets his worthless ass kicked in 2012.
He’s such an idiot he thinks he’s Great Leader for life.

NoDonkey on August 9, 2010 at 2:38 PM

Missy on August 9, 2010 at 2:37 PM

You’re right that someone who has been paying off a mortgage for 10 or 20 years is above water most likely. But millions of people took out helocs in the go-go days. So there are tons of people who bought a house in the 90s or even 80s, paid off 10, 20 years of a mortgage and then in 2004 decided they wanted a new Hummer and took out a $70K HELOC, killing all the equity they built up over the years. How do you think all those BMWs, Hummers, and Escalades were paid for? Not to mention the redone kitchens with $5K fridges that popped up everywhere.

The “official” numbers say 21% of mortgages are under water. But keep in mind this is number is computed by the the same govt bureaucrats who claim porkulus has created 3 million jobs.

angryed on August 9, 2010 at 2:42 PM

I’m hoping you are not razzing me for any spelling errors I might have committed here (bcs I ain’t perfect).
But yeah-spelling counts in my class.
I’m willing to forgive some, but then, I’m not the English teacher, so I can.

Badger40 on August 9, 2010 at 1:47 PM

Oh no, not at all. Just making a funny.

BobMbx on August 9, 2010 at 2:49 PM

The “official” numbers say 21% of mortgages are under water. But keep in mind this is number is computed by the the same govt bureaucrats who claim porkulus has created 3 million jobs.

angryed on August 9, 2010 at 2:42 PM

Excellent point. And I forgot about all the home equity loans.

Missy on August 9, 2010 at 2:52 PM

Just to add my $0.02:

I have never owned a home. Have rented – because while I had a good bit of the money for a downpayment, I didn’t have the economic stability I thought I should have to responsibly buy a house of the type I would like.

Have rented cheap, and done labor for the landlord to keep it cheap. That money could have gone toward a house, but I knew I couldn’t afford it yet.

Meanwhile, other people who couldn’t really afford it jumped into a nice big house with nice cool A/C, had parties, and enjoyed the good life.

Now that they are proven financially foolish, by rights, their houses should go on the market and thereby depress housing prices and thereby allow RESPONSIBLE people like me to finally afford a house – to give US responsible people a chance not to squander the banks’ (the people’s – MY- money!!)

Instead, forgive those mortgages and prices will stay artifically high – and those irresponsible people get to stay in their nice houses while I am still priced out of the market.

If Obama does this – I can thank him DIRECTLY for blocking my ability to buy my own home.

I will be able to directly blame the president for increasing the price of the house that I would like to buy, so that I may not do so.

“Unfair” does not even touch this.

Unjust – immoral – class warfare – those aren’t even close either.

It just makes me see red – red – RED

cane_loader on August 9, 2010 at 3:54 PM

Every time this topic comes up… I can’t think of a comment that won’t get me banned.

bitsy on August 9, 2010 at 4:37 PM

Remember Obama’s stats amongst Blacks for the election? 90/10?

It is now 56/21… that is a move, huge move, over the last two years. When folks learn that it isn’t race but class they are getting shoved down their throats, then things will change. And that change is coming as even Black Americans learn that lesson. Remember 56 for is 44 undecided or against… which is about where Obama was with the general population a month or so after the election. Performance, ultimately, matters. Race does not perform, and those claiming racism for everything can’t really speak about that direction Black Americans are going as it isn’t racism that is driving things.

ajacksonian on August 9, 2010 at 4:56 PM

If Obama does this – I can thank him DIRECTLY for blocking my ability to buy my own home.

cane_loader on August 9, 2010 at 3:54 PM

He’ll do it, be ready to thank him.

Obama is going to create a ‘lost generation’…unless there are drastic economic improvements in short order, my generation will be totally unable to afford middle-class status entirely.

And that’s downright dangerous. Too many older people have already been unseated from what were once secure circumstances, and if they aren’t at least replaced by prosperous younger people (no offense meant), the middle class will soon collapse entirely. The candle will not stand being burnt at both ends for much longer.

Dark-Star on August 10, 2010 at 9:09 AM