Norway writes down 90% of populations mortgage debt. Why not - TopicsExpress

Norway writes down 90% of populations mortgage debt. Why not here? Added by Tom Joad on September 1, 2012. Saved under Economic, Latest Refreshing News - In 1997, Norway instituted Debt Forgiveness and “Wrote Down” 90% of the Countries Mortgage Debt. It’s been done, documented, and completely hidden from the World, through the World Media, until 19 April 2012. Complete and Total Censorship of anything Debt Forgiveness Related, World Wide. IMF SAYS TARGETED DEBT REDUCTION POLICIES CAN WORK The IMF has said that targeted household debt reduction policies can deliver significant economic benefits. Latest IMF report notes link between high levels of household debt and the effect on economic recovery The IMF has said that targeted household debt reduction policies – including mortgage write-downs – can deliver significant economic benefits. The International Monetary Fund made the comments in its latest World Economic Outlook. The IMF said such policies can substantially mitigate the negative effect of household deleveraging on economic activity. The report noted the well established link between high levels of household debt run up during a housing boom, and the effect of a high debt overhang on economic recovery. It found that countries, like Ireland, that saw house prices and household borrowing skyrocket, saw a longer than average period of recession after the bursting of the housing bubble. A large part of this protracted recession it said is due to households trying to reduce their debt levels, which in turn leads to less spending in the economy, driving the recession deeper and further. “Because debt is acting as a brake on economic growth, it is important to unstick the brake” said the report’s author Daniel Leigh. The IMF has studied the response of a number of countries to situations where large parts of the population are burdened with high mortgage debt in a recession, and finds that such programmes can help prevent self-reinforcing cycles of falling house prices and lower aggregate demand. “

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