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#2: Outlaw Home Equity Loans

I know this one isn’t going to be very popular, but people have simply got to stop looking to their homes as piggy banks that can be drained for vacations, cars and other nonsense. It’s time to get back to basics here... meaning that you put money down on your house, and you get only one mortgage – which you actually pay off!

Mr. President, make home equity lines of credit (HELOCs) illegal so that Americans could once again know what it feels like to actually have equity in their homes.

While you’re at it, take away the ability to tap into your 401(k) for a loan.  Don’t miss 401(k) Loan Pitfalls to find out the many reasons why.

Next: #3: Put Teachers to the Test