According to Mr Jeanne, debt, including mortgage debt, is like pollution. It imposes costs on others that the borrower fails to take into account.

他认为，债务，包括抵押债务，就像污染一样，债务人考虑不周造成的损失，却是由其他人被迫承担了。

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On average, their monthly debt payments, including mortgage, credit cards, auto loan and paying back friends come to 64% of pretax income.

FORBES: Punched Out At The Plate, Real Estate Is Slumping Again

Many analysts, including the rating agencies that gave the mortgage debt high ratings, also badly miscalculated the impact of the mortgage crisis.

NPR: Transcripts Show Fed Underestimated Crisis In 2007

The Fed will exchange the Treasury notes for other securities, including federal agency debt, federal agency residential mortgage-backed securities and nonagency AAA-rated private-label residential mortgage-backed securities.

FORBES: Fed To The Rescue!