Common Dreams NewsCenter

We Can't Do It Without You!

Home | About Us | Donate | Signup | Archives | Search

Home > Progressive Community > NewsWire > For Immediate Release
Printer Friendly Version E-Mail This Article
Center for American Progress: Public Opinion Snapshot: Americans Want More Help, Better Regulation on Housing

May 16, 2008
10:11 AM

CONTACT: Center for American Progress
John Neurohr
Phone: 202.481.8182

Public Opinion Snapshot: Americans Want More Help, Better Regulation on Housing
By Ruy Teixeira
WASHINGTON, DC - May 16 - The Bush administration has steadfastly opposed direct assistance to homeowners caught up in the subprime mortgage mess. Instead, the administration is relying on voluntary negotiation between mortgage lenders and imperiled homeowners to help Americans stay in their homes. This is unlikely to be effective given the continued resistance of mortgage service companies and the lenders and investors they work for to voluntarily help struggling homeowners restructure their mortgage payments. It is also, as is all too common with the policies of this administration, completely out of step with the public’s views on the issue.

Consider the results of a new Los Angeles Times poll. The poll finds that the public supports federal government assistance to homeowners “caught between rising mortgage payments and falling home values” by well over 2:1—60 percent to 25 percent.

The same poll finds that the public believes, also by over 2:1 (56 percent to 27 percent), that Wall Street should be regulated more aggressively to prevent problems like the current home foreclosure crisis.

Finally, the public says by 3:1 (63 percent to 21 percent) that lack of regulation is partly responsible for the current financial and housing crisis.

The public’s views are very clear: It’s time to help homeowners and fix the system so that such painful problems are avoided in the future. Therefore, it’s also time for Congress to move forward on the various bills now before it that would accomplish these goals. House Financial Services Committee Chairman Barney Frank (D-MA) and Senate Banking Committee Chairman Christopher Dodd (D-CT) have crafted legislation with bipartisan support to help responsible homeowners caught up in the foreclosure crisis, alongside necessary financial support for communities hit hardest by the crisis so that they can combat the foreclosure blight afflicting their neighborhoods.

This is the right way to go. The American public expects Congress to act. And the poll numbers indicate the public would clearly reject the president’s threatened veto of this legislation.


Printer Friendly Version E-Mail This Article
Common Dreams NewsCenter is a non-profit news service
providing breaking news and views for the Progressive Community.

The press release posted here has been provided to Common Dreams NewsWire by one of the many progressive organizations who make up America's Progressive Community. If you wish to comment on this press release or would like more information, please contact the organization directly.
*all times Eastern US (GMT-5:00)

Making News?
Read our Guidelines for Submitting News Releases is an Internet-based progressive news and grassroots activism organization, founded in 1997.
We are a nonprofit, progressive, independent and nonpartisan organization.

Home | About Us | Donate | Signup | Archives | Search

To inform. To inspire. To ignite change for the common good.