Survey Finds Opposition to Mortgage Bailout

A survey conducted for Reecon Advisors, an independent real estate economics and information company, finds that most people oppose using federal bailout funds to help pay the mortgages of homeowners who are in default. While 51% of respondents opposed using the bailout to help homeowners in trouble, 43% supported helping troubled homeowners, according to the Reecon Advisory Report. David Lereah, a former Mortgage Bankers Association and National Association of Realtors chief economist who is president of Reecon Advisors, said the findings indicate that there are "significant political barriers to proposals now being drafted in Congress to use some of the remaining $700 billion of bailout funds to help stem foreclosures by helping defaulted homeowners with their mortgages." Reecon Advisors publishes a new weekly newsletter about residential real estate, which can be found at www. reeconadvisoryreport.com.