Lenders Should be Forced to Cut Mortgages, Poll Shows

For the second time, respondents to a Housing Predictor poll say that banks and other mortgage lenders should be forced to reduce mortgage principal underwater and cut loan payments for underwater homeowners.

Respondents to the online poll were in favor of principal reductions by a resounding 60% of those polled. The remaining 40% said bankers should not be forced to reduce mortgages. The new poll was just completed late Monday.

The new survey shows that Americans feel lenders should pay the price for throwing the U.S. economy into chaos. Respondents were in favor of reducing mortgage principal in the exact same poll question when it was asked last November astoundingly by the exact same margin, demonstrating how strongly respondents feel about the subject, despite Congress inability to take action on the issue.

Tighter mortgage underwriting criteria combined with an unprecedented U.S. foreclosure crisis have slowed lenders from making home loans to borrowers, except those with exceptionally high credit scores and job histories.

The majority of real estate investors purchasing residential property are also paying cash for their purchases in the current economic environment, with many investors either unable or unwilling to apply for financing.

Answer the New Predictor Poll

Results

Should mortgage lenders be forced to reduce mortgage principal and cut monthly loan payments for underwater homeowners?

Yes 60% No 40%

To see the previous poll results click here.