Iceland Forgives Population's Mortgage Debts

The crazy thing is, as I was driving this morning I was thinking how forgiving people who are in upside down mortgages or high interest mortgages their debt might very well boost the economy. I'm no economist but I know so many people who are really struggling. I don't currently have a mortgage but a lot of my friends and family are in a tight spot. This might well be one way to stimulate the economy. It's something to think about.