WASHINGTON, DC—Following the popular move to “forgive” student debt and transfer it to people who never went to college, President* Joe Biden promised to forgive all home mortgage debt and transfer it to renters and homeless people.
According to the White House, this action could wipe out debt entirely for nearly 100 million people who have large mortgages.
“It’s not right that some people have such high mortgage payments and others don’t,” Biden said at a press conference announcing the plan. “Transferring mortgage debt to the people who don’t own a home is just the right thing to do.”
Biden announced this plan alongside progressive lawmakers, including Speaker of the House Nancy Pelosi and Senator Bernie Sanders, both of whom have several homes.
“It’s important to note that the homeless people and renters will not be getting the homes, they’ll just be paying for them. This is the beauty of socialism,” Biden added.
“This is a great way to buy support with other people’s money ostensibly for the common good of more home ownership. Sure, we’re not really getting rid of the debt, but it’s not fair that some people have so much debt and others,” political analyst Jim Acosted said.
Many homeowners with crazy high mortgages are ecstatic. “I didn’t realize I had to actually pay for the loan in the first place,” Mindy Lowque said.
Everyone who owes a mortgage loan would be eligible, regardless of their income or the insanely high mortgage they have.
The process is fairly straightforward: the outstanding mortgage loans on the books would be transferred to people who have no mortgage loans (renters and homeless people).
“Yeah it’s a burden for the people who will be taking on others’ home-buying mistakes, but hey, that’s socialism!” Acosted added.