What Would Be the Affect of Mortgage Forgiveness?

mortgage

I’m not an economist (got a C in HS econ). But I’d be curious to know the affects of a wide apply mortgage forgiveness if the bank holding your loan goes under.
Let’s say the only requirement to have your home free and clear is that you remain in it for 5 years. This would be an fascinating debate. I’d reckon it would boost the economy because of the extra income.