Home mortgages or commercial paper?

On Coast to Coast AM, hour 1, monetary historian, Andrew Guase stated that it would only take $100 billion dollars to completely pay off every mortgage in default in the United States.  He emphasized that this would not just pay off the back payments, this would zero the balance.  How much is the Fed asking for because of all of these poor decision making home owners:  $700 billion.  Who's being bailed out?

From his website:  Who owns the Federal Reserve? 

The Federal Reserve Banks are a privately owned consortium controlled by the eight major stock-holding families: The Rothschilds of England and Germany, Moses Seif of Italy, Lazard Freres of France, the Warburgs of Germany, Kuhn-Loeb of Germany, Goldman-Sachs of the United States, Lehman Brothers of the United States, and the Rockefellers of the United States. Only three of these families are American.This small group decides the fates of hundreds of millions of people by their financial policies and maneuvers. It was Baron Meyer Amschel Bauer Rothschild, (born in 1744 and died in 1812), who said, "Give me control over a nation's currency and I care not who makes it's laws."