Voters Blame Banks for Denying American Dream

first_img Scott Morgan is a multi-award-winning journalist and editor based out of Texas. During his 11 years as a newspaper journalist, he wrote more than 4,000 published pieces. He’s been recognized for his work since 2001, and his creative writing continues to win acclaim from readers and fellow writers alike. He is also a creative writing teacher and the author of several books, from short fiction to written works about writing. Douglas Schoen Fannie Mae Freddie Mac Housing Policy Investors Uniform 2016-07-15 Brian Honea The Best Markets For Residential Property Investors 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save A little more than half of Americans think it is too difficult to buy a home, especially for non-whites, and they don’t trust banks will help them achieve the American Dream, according to a new poll conducted by New York-based consulting firm Douglas E. Schoen.Schoen’s latest report, which polled 1,000 potential voters for this November’s presidential election, highlights a broad unrest in the perception of the American housing market, where would-be buyers distrust banks and feel like the system is rigged. According to the numbers, 53 percent of Americans surveyed said a home was too difficult to buy. Broken further, 69 percent of “all people of color” said they couldn’t buy a home. The largest single group feeling left out of the picture was Hispanic respondents, 78 percent of whom feel that homeownership is out of the picture for them.Forty-one percent of respondents agreed with the statement, “Banks don’t want to provide mortgages to people like me.” Fifty-one percent blame banks for the lack of access to home ownership, while about 30 percent blame Congress and the GSEs. At the same time, 45 percent of those surveyed said it is up to banks to fix the problem. Less than 35 percent said it should be up to governments or the GSEs.Fannie Mae and Freddie Mac, in fact, were in slight favor for respondents. According to Schoen, 55 percent of those surveyed had a favorable view of Fannie Mae and Freddie Mac, while 37 percent held an unfavorable view. Seventy percent said they would like to see Congress and the federal government do something to make mortgages more widely available. Interestingly enough, reports have surfaced this week that a draft of the Republican platform calls for the elimination of Fannie Mae and Freddie Mac while scaling back the government’s role in the housing market and implementing tougher underwriting standards for mortgage loans.When asked about the net worth sweep of Fannie Mae and Freddie Mac (the federal policy that diverts all GSE profits to the government’s revenue stream) in the Schoen survey, 47 percent of likely voters said the sweep “is a violation of shareholder rights, and takes funds that could be used to increase the availability of mortgages,” Schoen reported. “Further, black voters are the most likely to consider the net worth sweep part of a rigged system.”According to Schoen, 52 of black voters said the sweep is unfair to Fannie Mae’s and Freddie Mac’s shareholders; and 71 percent of black voters support shareholder rights over government interests, the highest of any group, the report stated.Despite the obvious disillusionment in Schoen’s findings, voters still believe that homeownership is both a good investment with financial benefits. In fact, 58 percent of those surveyed said so, while 57 percent said owning a home is still a hefty piece of the emotional promise of owning a home.Click here to view Schoen’s complete survey. Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Douglas Schoen Fannie Mae Freddie Mac Housing Policy Investors Uniform  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, News, Secondary Marketcenter_img About Author: Scott Morgan Voters Blame Banks for Denying American Dream Home / Daily Dose / Voters Blame Banks for Denying American Dream July 15, 2016 3,811 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: Supreme Court Clarifies the Standard for Actual Fraud Next: A Tale of Two Recoveries: How Will Changes to DASP Effect Homebuyers? Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img

Leave a Reply

Your email address will not be published. Required fields are marked *