I would love to hear the long term effects from an economist and how all this will affect all of us in the end.
Banks, returning mtge payments, banks and finance companies not getting car payments, credit card companies not collecting payments, health insurance companies extending coverage for 30 days and not receiving premiums. AND the govt giving all these people money and supporting their every need for years to come.
WHERE is all this money going to come from?
Who will really pay for all this in the end??
"Who will really pay for all this in the end??"
Who do you suspect is going to pay for it in the end?
Those of us who get up, suit up, go to work every day, pay our taxes on time, keep up our house payments, car payments, and keep putting one foot in front of the next.
Given the mongo donations to the Katrina victims already, it would seem reasonable to use part of those to meet the mortgages, assuming the owner wants to rebuild on the same spot once reclaimed. At $500K a head and still growing that should be a no brainer, shoot most people with that could buy out their mortgage and have plenty left over.
However, I don't think most banks there are going to exactly lose their shirts if they forgive the mortgages, because there is going to be a land office business in financing rebuilding.