According to The New Bottom Line (NBL), a new national campaign that recently released data indicating that the United States could pump billions into the economy by making mortgage write-downs mandatory, Hawaii stands to gain some serious economic momentum if the state will write down every underwater mortgage within its borders. In fact, NBL says that the Hawaiian economy alone could gain “nearly 3,300 jobs” and get an annual stimulus of $223 million” from the move. Currently, about 10 percent of all Hawaiian homes are underwater.
The Hawaii report is just one of many that NBL has released promoting underwater mortgage write-downs. The report is part of a new campaign detailing a “win-win solution” in which mortgages are written down and that money is funneled back into the economy as homeowners begin spending more and building up the jobs market in the process.
It is starting to look like a lot of people think that mortgage write-downs are the way to go even if they are not an entirely fair solution. Do you think that the country could benefit from a plan like NBL’s?
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