There seems to be so much political ranting from the left and from the right these days it seems that "truth" gets lost in the arguements. I am not a Democrat or a Republican but a card carrying conservative Independent. That being said we as Americans need to quit taking what opinions talking heads on cable TV give to us and start doing our own research. In this particular instance I agree with Obama and his administration. The facts are that these loans that would be available for rate reduction are already on the books of FNMA and FHLMC (thus the taxpayers) and are current. Allowing them to refinance to today's rates without an appraisal is the right thing to do. This helps the borrowers out there who have done the RIGHT thing in this housing mess and would pump billions of additional disposable income into the economy. Also note that GNMA (FHA and VA loans) have had a similar program in place for decades, it is called a streamline. Taking that knowledge into account with the fact that banks and bankers WOULD NOT be required to hold on to the loans (they would just revert back to FNMA and FHLMC at lower monthly payments)and knowing how successful similar programs are and have been for a long time I can't for the life of me figure out why those who truly want to protect the taxpayer's investments and spur the economy on would be against such a program... Unless it's for purely political purposes.