At a time when Congress has the lowest approval record in history, bankers receive even lower marks for being trusted by the public at large, according to a new Housing Predictor survey.
The latest opinion poll found that only 3% of all those surveyed trust bankers to have consumers best interests in mind. An over-whelming 97% of respondents said they do not trust bankers to have their best interests at heart. The finding is the latest indication that Americans are fed up with bankers, Wall Street and financial institutions in fall out of the real estate collapse and the related financial crisis. The online poll was taken over a two week period ending Monday.
The crisis developed as major Wall Street investment banks developed financial instruments to raise as much cash as possible to lend mortgage buyers through banks they associated with to artificially over supply markets with mortgage financing. The resulting fall out has led to the worst economic disaster since at least the Great Depression, and may carry more repercussions than the economic failures of the 1920s.
Alt-A mortgages developed as new mortgage lending instruments and subprime mortgages composed the largest number of loans that were foreclosed during the first two years of the foreclosure crisis. But increasing joblessness and a lack of hiring by employers has led to a rise in foreclosures in conventional mortgages leading to an even more tragic state in the record breaking foreclosure crisis. Housing Predictor forecast the crisis before any other real estate research firm.
Serious questions linger over the economy as the Obama administration and Congress try to get a grasp on the magnitude of problems that threaten the U.S. economy. Partisan bickering and political issues divide the nation, and appear to be doing more damage as foreclosures climb nearly every month as candidates for Congressional seats vie for election in November.
Do you trust banks and mortgage companies to have your best interests in mind?
Yes – 3% No – 97%
To see the previous poll results from 2010 click here.
To see poll archives from 2010 click here.