There's been a lot of criticism of the Obama administration's handling of the housing finance issue, but this blogger at least is proud to announce that he just this morning closed on a mortgage refinancing courtesy of the Home Affordable Refinance Program. The terms of this initiative are too stringent to assist anyone in really dire straights. You need a loan-to-value ratio of over 80% and you need to be current on your mortgage payments. But if you fit the terms, as I did, a little refinancing can put some extra money in your pocket each month.
Since the point of all this isn't just to do me a personal favor but to boost the overall American economy, I hereby solemnly swear to use the extra money exclusively on things that will increase the marginal product of capital thus boosting the natural rate of interest.