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This is so dumb. Look how badly the US government already screwed things up in the US Housing market. Housing affordability is approaching all time lows. Allowing the government to be involved in home equity loans will just cause more inflation and inevitably many homeowners will borrow more than they can pay back which would put the taxpayer on the hook when the economy inevitably declines. Which it will due to the commercial real estate sector having some very worrying issues with rising defaults. These defaults will cause banking issues and credit to freeze. Then we also have rising consumer debt in auto loans and credit cards as well as the corporate debt wall to contend with. The Fed said they would lower rates this year right? Well how has that worked so far given inflation refuses to tick town to their 2% target? And you guys want to make things worse? "Higher for longer" is going to butcher the economy and send unemployment sky rocketing. Furthermore, housing is already expensive for our country's youth who are this country's future. Not the boomer class who has benefited from cheap easy monopoly money printed at will from the Fed. A house is not a piggy bank. People should be getting out of debt right now not into further debt. Our government is broke. We have $34,748,000,000,000+ in debt and its rising $1Trillion more every 100 days. Soon the interest on the debt will be the single largest line item on the debt. Can you say "sovereign debt collapse"? This is NOT a good plan! People who don't know any better will take out these government sponsored home equity loans will be the same people who cannot afford to pay them back. This will end up in more defaults like in 2008-2010, and US taxpayers will be forced to bail them out once again. I am tired of paying taxes for other people's bailouts when they take on too much leverage when they can't afford it. Please do not enact this plan. Most people are not financially educated and will do harm to themselves. Stop interfering with the markets. You cannot stop the decline that's ahead. Trying to delay it will only make things worse. China and other central banks in BRICS countries are buying gold and dumping US Treasuries which is signaling some very dark times are ahead. I suggest you drop this idea like bad habit ASAP.
Respectfully,