Survey Of

18 Congressional Districts

June 17-20, 2013

The following survey was conducted by OnMessage Inc within 18 congressional districts. Telephone interviews were conducted June 17-20, 2013. This survey consists of 1200 likely voters. Interviews were stratified by previous election results to reflect historic voter trends. The margin of error for this survey is +/- 2.82%.

2

Methodology

On Message Inc. conducted a survey for American Action Forum of 18 congressional districts across the United States, investigating various regulatory reform measures for the financial services industry currently being discussed in Congress.  These districts were broken into three groups to gain an understanding of the views of different parts of the population.  The groupings were as follows: conservative districts ( PVI from R+6 to R+10), districts held by Republicans where Romney garnered less than 47% (R in D seats – PVI from D+1 to D+3), and pure swing districts (PVI from D+1 to R+1).

3

Methodology

Fannie Mae & Freddie Mac

5

Image TestFannie Mae/Freddie Mac

Very FavSomewhat FavSomewhat UnfavVery Unfav

Never Heard OfNo Opinion-1 0 0

-8 0

-6 0

-4 0

-2 0

0

2 0

4 0

6 0

15 255 317

35

52

20Net: -32

6

Fannie Mae & Freddie MacArea

Conservative District Rep In Dem Seat Swing Districts0

10

20

30

40

50

60

70

80

90

100

19 21 20

52 52 53

Fav Unfav

7

Fannie Mae & Freddie MacParty

Dem Ind Rep0

10

20

30

40

50

60

70

80

90

100

2915 15

4156 61

Fav Unfav

8

Are you familiar with the institutions known as Fannie Mae and Freddie Mac? Would you say you are …

Familiar Unfamiliar DK/R0

10

20

30

40

50

60

70

80

90

100

22 12 2

54

11

SomewhatVery / Not At All

76

23

9

Favor Oppose DK/R0

102030405060708090

100

30 17 16

2215

SomewhatStrongly

As you may know, Fannie Mae and Freddie Mac are government sponsored enterprises that buy mortgages from banks which then allow banks to make more loans to families across the country. They are backed with taxpayer dollars and were designed to make home mortgages

accessible to more Americans. Fannie Mae and Freddie Mac were in the middle of the housing market collapse. One reform being discussed in Congress is to get the federal

government out of the home loan guarantee business by slowly phasing out both Fannie Mae and Freddie Mac. Knowing this, do you favor or oppose phasing out Fannie Mae and

Freddie Mac?

52

32

10

Phase Out Fannie and FreddieArea

Conservative District Rep In Dem Seat Swing Districts0

10

20

30

40

50

60

70

80

90

100

5347

55

2938

30

18 15 15

Favor Oppose DK/R

11

Phase Out Fannie and FreddieParty

Dem Ind Rep0

10

20

30

40

50

60

70

80

90

100

39

52

64

43

2924

18 1912

Favor Oppose DK/R

12

Favor Oppose DK/R0

10

20

30

40

50

60

70

80

90

100

1039

1615

20 SomewhatStrongly

As you may know, during the recent financial crisis, Fannie Mae and Freddie Mac were instrumental in causing the housing bubble that led to the collapse of the housing market. This bubble was caused when Fannie Mae and Freddie Mac insured home loans that were not sustainable and never should have been approved in the first place. As a result of the

collapse, the federal government had to bailout Fannie Mae and Freddie Mac costing taxpayers nearly $200 billion dollars. Knowing this, do you favor or oppose Fannie Mae and

Freddie Mac?

25

59

13

Favor Or Oppose Fannie and FreddieArea

Conservative District Rep In Dem Seat Swing Districts0

10

20

30

40

50

60

70

80

90

100

26 25 22

58 59 62

16 16 16

Favor Oppose DK/R

14

Favor Or Oppose Fannie and FreddieParty

Dem Ind Rep0

10

20

30

40

50

60

70

80

90

100

32

22 19

5159

68

17 1913

Favor Oppose DK/R

15

The American dream is to own a home that you can keep. Our government’s goal should be to maintain sustainable home ownership and taxpayers should not have to bailout Fannie Mae and Freddie Mac because they guaranteed home loans to people that could not a

You do not help families achieve the American dream by putting them into homes they cannot afford, which is exactly what Fannie Mae and Freddie Mac have done for decades.

Fannie Mae and Freddie Mac were responsible for inflicting damage on our housing market and received the largest bailouts in the country. Now is the time to phase out these organizations before they do even more harm to our economy.

While the taxpayers were bailing them out, Fannie Mae and Freddie Mac were committing accounting fraud while their executives were receiving millions of dollars in bonuses

Fannie Mae and Freddie Mac have required massive taxpayer bailouts and should be phased out because homeowners who are struggling to pay their own mortgage shouldn’t be forced to pay for their neighbor’s mortgage too.

Fannie Mae and Freddie Mac hold immense power over the home mortgage industry. As a result, Washington elites have more say than your local bank over whether or not you get a home mortgage.

100 80 60 40 20 20 40 60 80 100

11

11

10

9

9

10

13

15

13

15

14

14

23

19

19

16

18

18

33

35

35

41

38

35

Now I’d like to read you a few statements about phasing out Fannie Mae and Freddie Mac. For each one please tell me whether it makes you more or less likely to support the phase out of Fannie Mae and Freddie Mac?

LESS LIKELY MORE LIKELY

NET

Much Less Somewhat Less Somewhat More Much More

53

56

57

54

54

56

24

23

24

23

26

24

+29

+33

+33

+31

+28

+32

16

The American dream is to own a home that you can keep. Our government’s goal should be to maintain sustainable home ownership and taxpayers should not have to bailout Fannie Mae and Freddie Mac because they guaranteed home loans to people that could not a

You do not help families achieve the American dream by putting them into homes they cannot afford, which is exactly what Fannie Mae and Freddie Mac have done for decades.

Fannie Mae and Freddie Mac were responsible for inflicting damage on our housing market and received the largest bailouts in the country. Now is the time to phase out these organizations before they do even more harm to our economy.

While the taxpayers were bailing them out, Fannie Mae and Freddie Mac were committing accounting fraud while their executives were receiving millions of dollars in bonuses

Fannie Mae and Freddie Mac have required massive taxpayer bailouts and should be phased out because homeowners who are struggling to pay their own mortgage shouldn’t be forced to pay for their neighbor’s mortgage too.

Fannie Mae and Freddie Mac hold immense power over the home mortgage industry. As a result, Washington elites have more say than your local bank over whether or not you get a home mortgage.

100 80 60 40 20 20 40 60 80 100

13

11

10

10

9

10

12

16

15

16

15

15

20

20

18

16

17

17

34

33

37

40

38

36

Swing Districts: Now I’d like to read you a few statements about phasing out Fannie Mae and Freddie Mac. For each one please tell me whether it makes you more or less likely to support the phase out of Fannie Mae and

Freddie Mac?

LESS LIKELY MORE LIKELY

NET

Much Less Somewhat Less Somewhat More Much More

53

55

56

55

53

54

25

24

26

25

27

25

+28

+31

+30

+30

+26

+29

17

If Fannie Mae and Freddie Mac are eliminated, middle class and lower income families will no longer be able to get a 30 year fixed mortgage.

If Fannie Mae and Freddie Mac are eliminated only the rich will be able to buy a home.

Our housing market is too fragile to eliminate Fannie Mae and Freddie Mac.

100 80 60 40 20 20 40 60 80 100

18

15

16

21

25

20

14

12

14

19

17

19

Now I’d like to read you a few statements AGAINST phasing out Fannie Mae and Freddie Mac. For each one please tell me whether it makes you more or less likely to support the phase out of Fannie Mae and Freddie Mac?

NET

33

29

33

36

40

39

-3

-11

-6

LESS LIKELY MORE LIKELY

Much Less Somewhat Less Somewhat More Much More

18

If Fannie Mae and Freddie Mac are eliminated, middle class and lower income families will no longer be able to get a 30 year fixed mortgage.

If Fannie Mae and Freddie Mac are eliminated only the rich will be able to buy a home.

Our housing market is too fragile to eliminate Fannie Mae and Freddie Mac.

100 80 60 40 20 20 40 60 80 100

16

15

17

20

25

19

14

12

13

21

17

19

Swing Districts: Now I’d like to read you a few statements AGAINST phasing out Fannie Mae and Freddie Mac. For each one please tell me whether it makes you more or less likely to support the phase out of Fannie

Mae and Freddie Mac?

NET

LESS LIKELY MORE LIKELY

Much Less Somewhat Less Somewhat More Much More

32

29

35

36

40

36

-4

-11

-1

19

Now I’d like to read to you a few opposing arguments people are making about homeownership in America. For each one please tell me which argument comes

closest to your opinion.

Some people say Fannie Mae and Freddie Mac should be shut down because they are corrupt.

Federal investigators found executives committed fraud and manipulated records to maximize their bonuses, while taxpayers were forced to spend nearly $200 billion dollars to

bail them out.

Be Shut Down Should Not End Both Neither DK/R0

20

40

60

80

100

5130

4 4 12

Other people say Congress should not end Fannie Mae and Freddie Mac because the

companies can be reformed and without them homes will be more expensive because middle class families could have trouble getting a 30-

year fixed mortgage.

20

Be Shut Down vs. Should Not EndArea

Conservative District Rep In Dem Seat Swing Districts0

10

20

30

40

50

60

70

80

90

100

50 51 52

32 30 27

5 3 33 5 411 11 14

Be Shut Down Should Not End BothNeither DK/R

21

Now I’d like to read to you a few opposing arguments people are making about homeownership in America. For each one please tell me which argument comes closest to your opinion.

Some people say homeowners already have access to 30 year fixed rate mortgages without

Fannie Mae and Freddie Mac. They say Fannie Mae and Freddie Mac should be phased out because all they do is use their government

monopoly to buy and resell mortgages in order to subsidize banks, Wall Street, and foreign

investors.

Phase Out No 30yr Fixed Rate Both Neither DK/R0

20

40

60

80

100

4928

4 5 14

Other people say eliminating Fannie Mae and Freddie Mac will mean middle and low income

borrowers will no longer have the ability to take out a 30 year fixed rate mortgage.

22

Now I’d like to read to you a few opposing arguments people are making about homeownership in America. For each one please tell me which argument comes

closest to your opinion.

Some people say that Washington has too much control over housing and that mortgages should function without taxpayer funded support. They

say too much Washington control gave us the Dodd-Frank act, which may cause mortgage rates to double, and that getting the government out of housing finance will allow for loan variety instead

of a government one-size-fits-all mortgage.

Too Much Control Promote Ownership Both Neither DK/R0

20

40

60

80

100

5027

4 5 15

Other people say it is the role of government to promote homeownership, and Fannie Mae and Freddie Mac are needed to keep the American

dream of owning a home within reach.

23

Now I’d like to read to you a few opposing arguments people are making about homeownership in America. For each one please tell me which argument comes

closest to your opinion.

Some people say Fannie Mae and Freddie Mac should be phased out over time to ensure that taxpayers are never on the hook for another

bailout. They say irresponsible mortgage lending led to the financial crisis and without addressing

the role that Fannie Mae and Freddie Mac played, we are again making taxpayers and our economy

vulnerable to another housing crisis.

Phase Out Cannot Eliminate Both Neither DK/R0

20

40

60

80

100

48 314 4 12

Other people say we cannot eliminate Fannie Mae and Freddie Mac because the housing

market is too fragile and we are still recovering from the housing collapse.

Wall St. & Banking Industry

25

Thinking about Wall Street and the banking industry, which of the following would you say is your greatest concern?

020406080

100

12 30 22 20 4 7 6

26

Greatest ConcernArea

Conservative District Rep In Dem Seat Swing Districts0

102030405060708090

100

13 14 10

2433 32

23 20 222419 18

It is too difficult to get a loan or credit.There is no accountability of banks and Wall Street.Wall Street banks are so big that if they fail the taxpayers would bail them out again.The banking industry could collapse again and devastate the economy.

27

Agree Disagree DK/R0

10

20

30

40

50

60

70

80

90

100

2710 15

33

15

SomewhatStrongly

Please tell me if you agree or disagree with the following statement? Even though the economy has improved, it is still difficult to obtain a mortgage,

small business or auto loan.

60

25

28

As you may know, in the wake of the last recession, Congress passed a number of reforms regulating the banking industry. Knowing this, please

tell me which argument comes closest to your opinion?

Some people say that these reforms have done more harm than good because they favored big national banks while making things more difficult for smaller local banks.

More Harm Than Good

Been Helpful Both Neither DK/R0

20

40

60

80

100

38 415 4 12

Other people say that these reforms have been helpful because they

forced banks of every size to make better loan decisions and avoid

taking unnecessary risks.