QE 'printed' roughly 3 Trillion dollars out of nothing, including at least 1.7T that went to buying Mortgage Backed Securities from banks whose original mortgag

QE 'printed' roughly 3 Trillion dollars out of nothing, including at least 1.7T that went to buying Mortgage Backed Securities from banks whose original mortgage borrowers were never going to be able to pay off those mortgages. That had the effect of raising house prices for everyone, while turning debts of many that were never going to be repaid into the profits for the banks who aggregated these bad loans. Yves Smith over at the Naked Capitalism blog has called it 'the greatest upward transfer of wealth in history.'