To amend the Internal Revenue Code of 1986 to restore a partial deduction for personal interest and thereby to encourage economic recovery and to avoid the need to borrow against home equity.

Home Equity Loss Prevention and Economic Recovery Act of 2001 - Amends the Internal Revenue Code of 1986 to allow a personal interest deduction (up to $10,000, adjustable for inflation) for individuals. Repeals restrictions on the deduction for education loans.