Rigs, do you know how many mortgages are issued each year? There were 79 million home equity loans extant in 2006. Who will pay for the thousands of new Federal government workers to check applications, and to verify the credit status of each applicant, all of which is done locally by the lending institutions and the credit check companies licensed in the State?
Would you move all of this to a federal venue far from where the mortgage is applied? Would federal employees take over enforcing local inspection rules which must be satisfied as part of the mortgage application? Would Federal employees know local situations?
A slow down in the home equity market would put construction workers, building component factory and sales personnel, developers, etc. ot of work- probably cutting a million workers or more in many fields.