[Brian Griffin]

As I understand it, Federal Reserve interest rate manipulation is normally a money-losing proposition.

To help the Fed, the federal government might make mortgage interest at less than 3.5% not deductible.

The Fed might then offer to refinance below 3.5% mortgages at higher rates.

Since this type of process might be repeated, the federal government might have to guarantee deductibility of the refinanced mortgages.

[Toddsterpatriot]

As I understand it, Federal Reserve interest rate manipulation is normally a money-losing proposition.

For who?

To help the Fed, the federal government might make mortgage interest at less than 3.5% not deductible.

Which politicians are going to vote to screw people with low-rate mortgages?

The Fed might then offer to refinance below 3.5% mortgages at higher rates.

The Fed has no retail banking operations.