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No one is defaulting because, as stated, everyone is on the dole. In addition one can simply advise your mortgagee that Covid has effected you and you aren’t going to be paying your mortgage. Just add the principal to my loan.
Moreover, what about all the vacant office space; No rent no mortgage payment. Just give it back to the lender. ( remember 1990 pretty much every nonowner occupied building here and across the country went back to the lender). The difference today is the theory we are all better off working from home. This will insure the building will stay dark. Work from home. Do all Shopping on line. We only need our autos to go on vacation. Just relax the government will take care of everything. Just look at the booming economies in Cuba, Venezuela, etc
It is good news until you realize that the debt of every taxpayer is about $230,000 with zero hopes that will be repaid. Robbing Peter to pay Paul as Paul A. says, everyone is on the dole. It will get worse very soon and in fact is already here as inflation is the regressive tax that destroys lives and futures.