Who owns US and UK mortgage spent money?

I heard that US people mortgages are taken for 45bn and additionally 12bn from US government. UK in last years has borrowed lots of money. In banking they need only keep 10% of this money lo lend other 90%. So people have taken this money, bought houses, cars, food etc. people who sold cars and houses have bought also houses, cars, food, gas etc. but seems that now people cannot get that money back from people who have their spent money and replay mortgages. So where is this money now - I know that millioners have something, China has something, OPEC has something, but not 45bn.Who owns US and UK mortgage spent money?
The problem is that a lot of that money never actually existed in the first place. Banks don't hand you a wad of cash when you take out a loan. They extend you credit, which is really nothing more than an agreement.





The trouble happens when banks extend more credit than they could possibly cover to people who don't have the means of repaying the amount.

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