The responses suggest that the Dodd-Frank Act failed to convince American voters of its utility on both aspects.
Only 34 percent of respondents think that the CFPB is a “useful agency to protect consumers.” Twenty-seven percent feel it’s “useless bureaucracy,” and 25 percent say it represents “overreaching of government power.”
Two-thirds of respondents believe the legislation doesn’t do enough to protect taxpayers against future bailouts.
Sentiment about real estate pricing and strategic defaults were also examined in the quarterly study, which found that positive housing trends dating from December 2008 have come to a screeching halt.
The public’s expectations for housing prices in the next 12 months worsened, and according to the research, the proportion of respondents who foresee a decline in housing prices has risen from 20 to 30 percent.
Although 79 percent of respondents think it is morally wrong to walk away from their mortgages when they can afford to pay them, 44 percent feel less morally obligated to honor them if the mortgage is held by a bank accused of predatory lending.