Americans are missing the biggest opportunity to create long-term economic stimulus. Consider this: creating a program that could guarantee universal access to low-cost home mortgage refinancing at the current rate of 4.5 percent. Many now trying to refinance at this historically low rate face major roadblocks — either they don’t have not enough equity in their home or they confront stringent income verifiability standards. But neither should matter if they have a mortgage — a lending institution already took the financial risk by issuing the original loan.

For borrowers current on their mortgages, it’s clear that they could afford a lower mortgage payment rate. For those on the brink of foreclosure, a reduced monthly payment offers a fighting chance to stay in their home.