In the same breath, you say that “most people didn’t use these loans” (true) and that it’s a “mess.”
If most people aren’t in a situation where this policy will affect them, then it’s not a “mess” at all and is a small part of the entire market.
It’ll help a few people and smooth things out, nothing more. For that matter, I would say just leaving it be would be better, but the pragmatic side of me knows that politically, something had to be done, and I’d rather it be this than a taxpayer-funded bailout.
I believe there will be a synergy between the existing problem and the proposed solution. Not talking out of both sides of my mouth.