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New Poll Finds Americans Skeptical over Proposals to Rescue Subprime Borrowers
For Immediate Release December 4, 2007
Pete Sepp, (703) 683-5700
(Alexandria, Va.) -- As the Bush administration huddles with major lenders to finalize a relief plan for subprime borrowers, new results today from a survey conducted by Harris Interactive® on behalf of the National Taxpayers Union (NTU) warn against the government going too far. Almost half (48%) of U.S. adults aged 18 and older think a federal bailout of the subprime market would help either lenders who issue subprime mortgages or Wall Street banks who profit from subprime mortgages; in contrast, roughly a quarter (26%) believe homeowners who hold subprime mortgages would benefit most.
"When it comes to rescuing the subprime mortgage market, Americans are skeptical not only of who will benefit, but who will be left holding the bag," said NTU Vice President for Policy & Communications Pete Sepp. "While other surveys have shown serious public concerns over rising mortgage defaults, this poll demonstrates Americans have equally serious reservations over government involvement in the solution."
From the S&L crisis of the 1980s through the recent scandals at Fannie Mae and Freddie Mac, NTU has opposed government schemes that would put taxpayers on the hook for financial institutions' missteps. Recently Congress and the Bush administration have crafted proposals to ease subprime woes, such as allowing the federal government to buy shaky loans and creating a "superfund" that states could use to bail out borrowers or lenders. NTU, which opposes such radical steps, commissioned the survey in order to gauge public attitudes toward subprime rescue packages. Among the findings:
"The low levels of trust in government reported in other polls, along with the results of our poll, seem to suggest that policymakers may want to minimize the government's role in any rescue packages being crafted with the lending industry," Sepp concluded.
Harris Interactive® fielded the study on behalf of NTU from November 26-28, 2007 via its QuickQuerySM online omnibus service among 2,058 U.S. adults aged 18 years and older. No estimates of theoretical sampling error can be calculated. Note: a full methodology*, along with a graphic presentation of the poll results, is available at www.ntu.org.
*Harris Interactive fielded the study on behalf of the National Taxpayers Union from November 26-28, 2007 via its QuickQuerySM online omnibus service among 2,058 U.S. adults aged 18 years and older. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents_ propensity to be online.
All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Interactive avoids the words "margin of error" as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.
Respondents for this survey were selected from among those who have agreed to participate in Harris Interactive surveys. The data have been weighted to reflect the composition of the U.S. adult population. Because the sample is based on those who agreed to be invited to participate in the Harris Interactive online research panel, no estimates of theoretical sampling error can be calculated.