Americans are divided over whether the Obama administration should issue an executive order forcing banks to make more home mortgages and loans to business to help the U.S. economy recover from the worst hit since the Great Depression, according to a new Housing Predictor poll.
The online survey was taken over the last month, and showed that respondents are statistically split over the issue in light of fallout from the financial crisis that developed from manipulative practices on Wall Street and in the banking industry. Many of the practices conducted by Wall Street executives would have been considered to be fraudulent had previous laws been in effect.
Some 52% of those polled said President Barack Obama should issue the executive order to bankers forcing the increase in lending, while 48% said the administration should not. Bankers are sitting on billions of dollars in cash in apparent efforts to protect their businesses from failure.
The division among respondents to the poll shows that while consumers would like the economy to get back on track, many are unwilling to force banks to make the change. The banking industry has one of the largest two lobbying forces to influence members of Congress and contribute to their campaigns in Washington, D.C.
The foreclosure crisis has forced many lending institutions to sustain losses, but the over whelming majority of losses due to foreclosures and short sales are being paid for through proceeds provided by the federal government.
The poll has a margin of error of plus or minus 4%, making the survey statistically divided after Housing Predictor editors ran the poll long enough to assure it was acceptable by scientific survey standards.
Answer the New Predictor Poll
Should the White House issue an executive order to banks to make more mortgages and loans on homes and businesses?
Yes 52% No 48%
To see the previous poll results click here.