Did I do a bad thing for the economy or a good one?

Question

My mortgage was through Countrywide. They played a major part in the so-called mortgage melt-down. They have been taken over by Bank of America, with whom I refuse to do business, they're out and out crooks. So having about 5 years left to go on the mortgage I decided I didn't want the deal with those companies any more, and paid the balance off at one shot. Didn't refinance or anything, just paid it off. Will that be good for the economy or bad? Assuming everybody did it, would it have a good impact or a bad one on the economy?

Answer 1

Paid my mtg off last July.  I refused to deal with the company that bought my mtg.   Doubt we had any effect on the economy but it sure made me feel great.

Answer 2

great impact but many people are not so fortunate as you.

congrats the grass feels different under your feet now doesn't it

Answer 3

It would have a very good impact on the economy if everybody could do that. It would put the lending companies in a bad place, true, but look at the increase in spending that would take place. Of course, with wages always taking the hits, the economy will just have to stay in a depressed state. Congratulations.