WSJ: Will Refinancing Stimulate the Economy

One policy idea being floated involves the federal government influencing Fannie Mae/Freddie Mac to underwrite a massive program to refinance existing mortgages at current, relatively low interest rates.  An assessment of the problems with this idea is contained within the following link:

http://blogs.wsj.com/developments/2011/08/30/will-refinancing-stimulate-the-economy-2/