In a research poll conducted by CNN, it was revealed that the American public is split on whether troubled homeowners deserve special treatment. About 1,008 adults were interviewed via the telephone from the period of April 28 to 30.
Poll results showed that 49 percent of the participants were not in favor of troubled homeowners receiving special assistance while 48 percent feel the opposite. Last December, a similar survey was conducted, which gave almost the same results. About 51 percent of the respondents favored special assistance while 46 percent did not.
This special treatment is believed to be in the form of an FHA-expansion program that will insure almost $300 billion in mortgage loans in the next four years. Critics believe that the lenders are the most to gain from such foreclosure-prevention loan package. The White House seems to think that the said loan is more of a bailout program rather than a reform or assistance.
It is not surprising that the public has conflicting views of the current housing issue. For some, it is unfair for the federal government to use taxpayers’ money in order to lend assistance to irresponsible lenders and borrowers. On the other hand, there are those who believe that many homeowners were victims to predatory lending practices and were too overwhelmed to stop foreclosure.
On the other hand, the federal government has been trying very hard to come up with a long–term solution to the enduring housing crisis. Lending guidelines are now being scrutinized and improved in order to protect borrowers.
At present, the financial and credit industries are also suffering from the mortgage mess. With the weakening dollar and rising fuel prices, many people can not help but think if the country is heading for a recession.
Foreclosure Listings Nationwide is a reliable online source of foreclosure news and information. Check the site regularly for updates!
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