Now you may ask... What will the mortgage companies and banks think?
They will be very grateful and supportive given the obvious alternative of looming massive delinquencies, bankruptcies and foreclosures.
All of the banks and mortgage companies will receive a guaranteed interest stream from the Federal Government on the applicable interest portion of their deferred real estate loan and credit card debt portfolios, for example, at a flat fixed 4% interest rate.
This makes more sense for the banks and other lenders than the losses they will experience from the mortgage workouts and foreclosures.
After one year the economy will rebound because of this bold and logical economic stimulus plan. By then we will be getting our country back to a normal social and business condition.
People with no debt obligations will also benefit from simply living in a stronger economic environment that is not in a prolonged, deep recession, causing large deficits that imperil Medicare, Social Security and other social benefits.