It’s all absurdly shortsighted and instead of throwing helicopter cash around the Fed should have sat all major banks and asset managers around and said “we’ll support your principal but you agree to a moratorium on coupon payments on MBS” and then force these to be passed on to landlords and then on to tenants. Everyone gets (mostly) what they want.
What you’re missing is that this chain represents a social hierarchy that has to be preserved above and beyond any material arrangement. Bankers > borrowers > tenants.
You can bailout the upper echelons of the first two, but anything further calls into question the whole validity of the arrangement. That is forbidden.
