Forum Post: Is there an economist out there ...
Posted 13 years ago on Nov. 10, 2011, 10 p.m. EST by asmj
(1)
from Perth, ON
This content is user submitted and not an official statement
... who might know how much would have it cost, if government had paid off everybody's mortgage in 2008. and made every American happy, instead of giving over a trillion of dollars to banks and still managing in making everybody in the world miserable.
No one knows. All we know is that 3 trillion dollars to banks did not settle the crisis.
I doubt this would have made "every American happy."
How about renters? They'd be big losers.
The folks who worked hard and paid off their mortgages within the past year or so? Kind of sucks for them too.
The winners? Those who bought the biggest, most expensive houses they never had a good chance of affording in the first place. Now they would be some damn happy Americans right there.
Thanks Sinaminn. It would be interesting if there was data about total amount of mortgages on principal residences only.
The total mortgage debt in the United States hovers around 14 trillion dollars annually...
http://problembanklist.com/total-mortgage-debt-near-all-time-highs-0280/
The banks repaid all the money.