With mortgage writedown and debt forgiveness will come a certain amount of repossessions because there are cases where people have no ability to pay and the bank can't just give them the house. This is where politics with a big P comes in, because there is no political party that will preside over repossessions given our history. The parties would be much happier for the banks to gradually become zombies than entertain the sudden political flashpoint of banks chucking people out on the street.
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