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BRILLIANT ! ICELAND FORGIVES MORTGAGE DEBT OF ITS POPULATION
Posted By: IZAKOVIC [Send E-Mail]
Date: Saturday, 14-Apr-2012 12:26:27
teleSUR
Fri, 13 Apr 2012 12:16 CDT
The government of Iceland has forgiven the mortgage debt for much of its population. This nation chose a very different way of stopping the crisis from the rest of European countries. It decided to hear the requests of the population and to put politicians and bankers on the bench of the accused three years after their financial excesses would sank one of the most prosperous economies in 2008.
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http://www.sott.net/articles/show/244018-Brilliant-Iceland-forgives-mortgage-debt-of-its-population
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2 comments:
Iceland did not forgive all of its mortgage debt. What it did was forgive any debt over 110% of the home's value AND it marked off losses due to Iceland currency decline (krona). Many of the mortgages there were built on currency exchange rates krona vs foreign currencies. About 13% of all mortgage debt will be wiped out.
nice idea.. thanks for sharing.
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