That email has to be a hoax. Paying off everyone’s mortgages would be impossible.
I have trouble blaming the gov’t in this, since from what I understand, most of this stems from people defaulting on mortgages and home loans. Sorry, but if you make $40,000 a year, you shouldn’t be accepting a $400,000 loan just because the banks offer it to you. People need to take responsibility of their own actions; not take the loan, default, then blame the government.