The loan is already secured by a property worth less than the loan amount and it would be the gubment’s doing to refi them into lower rates. If the payment is close to rent they arent trapped because they could rent it out. It is not an end all be all plan but something that would help alot. It would also apply to those with equity who are current on their loans but cant qualify for a refi at lower rates. It should be a no brainer as they “qualify” in reality because they already are making higher payments which is the true test not some arbitrary loan guidelines. Putting money in consumers pockets will stimulate the economy and create demand for goods and services that will create jobs. I think its the best plan out there.