Your picture pretty much says it all. The Dems must be pretty slow if they don’t think this will backfire on them. Just a few numbers:
Homes paid off: 34%
Homes with morts above water: 50%
Homes with morts under water: 16%
The 25% number thrown around for under water homes only takes into account homes with mortgages. When you take into account the huge number of homes that are paid off (which be definiton can’t be under water) then it drops to 16% of homes.
Does Obama not understand that 84% of home owners are going to be hopping mad that they are expected to pay down the mortgages of 16% of Americans?
He also doesn’t consider that not all 16% of under water mortgage households want this bailout? A significant number are still able to make their payments each month (nothing has really changed except the value of their home on paper), and they may consider not selling the country down the road into economic bankruptcy more important than getting their piece of the Obama pie.
Overall, I think this has the potential to turn way more people against the Dems than they might pick up.
It's more than even what you present here: Only a portion of the 16% are mortgages held by fannie and freddie - most are conventional mortgages held by banks or other financers. And those are not eligible for the principal buy-down. He will advertising it as "helping millions of homeowners" but it will not - it will only help the same "affirmative action" slice of the pie that he's targeted all his government-help programs at. He's going to piss off far more homeowners than even what you present here.
There are also a certain number who know that this kind of thing is evil, and wrong, and bad for the country, but who will take advantage of it if it’s available, yet still vote against the regime.