When I was buying a home, our lender said that I qualified for a really expensive house. I bought one for much less knowing that things could change and a smaller mortgage payment would be easier to deal with. I know plenty of people who bought way more house than they needed. It makes them look and feel important. Now, because I was diligent and rational, I’m supposed to pay for arrogant, greedy stupid shits who overbought? Rewarding people who don’t play by the rules and punishing the people who do play by the rules always works out so well.
Forgive every mortgage. Every bank and mortgage lender take the hit. No taxpayer bailout, wipe it all off the books.
Now people can buy second homes. New market opens up.