If mortgage rates don't come down, we won't be able to refi those stuck in the crappy loans/high rates that they got put into and people will stop looking at buying homes. 

The result will be worse than this past recession. 

How do we make it work? 

Start with the full consolidation of Fannie, Freddie, FHA and VA into 1 agency and then have the U S government guarantee every loan. 

The Fed can now buy the loans. They will get a return by getting the payments. It is NOT an inflationary result. 

Also, bring the clock back to non-risk priced mortgages. 

We have to make sure the mortgage market functions properly with a few tweaks. 

Lower rates and practical underwriting makes the most sense!