(Angus Reid Global Monitor) - Many adults in the United States support an idea proposed by Republican presidential nominee John McCain to deal with the mortgage crisis, according to a poll by Rasmussen Reports. 52 per cent of respondents favour a plan where the government would buy unaffordable mortgages directly from mortgage servicers and renegotiate manageable fixed-rate mortgages with the homeowner so they can stay in their homes.

Since last year, defaults on so-called subprime mortgages—credit given to high-risk borrowers—have caused volatility in domestic and financial markets and raised concerns that the U.S. economy could fall into a recession.

Earlier this year, the U.S. government took control of mortgage lenders Fannie Mae and Freddie Mac. Other financial institutions—including Bear Stearns, Merril Lynch, Lehman Brothers, American International Group (AIG), IndyMac Bancorp and Washington Mutual—have been sold, placed under bankruptcy protection, or received emergency loans from the Federal Reserve. On Sept. 15, the stock market plummeted in North America, Europe and Asia.

On Sept. 29, the House of Representatives rejected a proposal for the federal government to purchase up to $700 billion U.S. in assets from finance companies in a 228-205 vote. On Oct. 1, a modified version of the bill was approved by the Senate in a 74-25 vote.

On Oct. 7, McCain outlined his idea, saying, "I would order the secretary of the treasury to immediately buy up the bad home-loan mortgages in America and renegotiate at the new value of those homes—at the diminished values of those homes—and let people be able to make those payments and stay in their homes."

On Oct. 10, Democratic nominee Barack Obama dismissed McCain’s approach, saying, "Taxpayers shouldn’t be asked to pick up the tab for the very folks who helped create this crisis."

U.S. president George W. Bush is ineligible for a third term in office. The presidential election is scheduled for Nov. 4.

Polling Data

Would you favour or oppose a plan where the government would buy unaffordable mortgages directly from mortgage servicers and renegotiate manageable fixed-rate mortgages with the homeowner so they can stay in their homes?

Source: Rasmussen Reports
Methodology: Telephone interviews with 1,000 likely American voters, conducted on Oct. 8, 2008. Margin of error was provided.

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