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Financier says downturn could last 2 years
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Calculate the median home price in the US. Anyone whose mortgage is below that figure, their home is paid off and they own it free and clear. Anyone whose home value is above the median, gets their mortgage paid down by the median price, thus creating instant equity.
Those who no longer have a mortgage payment will suddenly have more disposable income to spend on goods and services, thus helping the economy. Those who have their mortgage paid down will have the ability to borrow again if they desire. If someone has their mortgage paid down by the median home price and still can't make their mortagage payments, needs to wake up and realize they are living way beyond their means and probably should be foreclosed on.
This program would help those struggling americans the politicians are always claiming they are interested in helping, and would likely cost a lot less than the billions we are putting in the financiers pockets right now.
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