Rasmussen: Mass mortgage forgiveness deeply unpopular

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.