You lost me at hello
R. Glenn Hubbard and Chris Mayer, via WSJ (emphasis mine):
We propose that the Bush administration and Congress allow all residential mortgages on primary residences to be refinanced into 30-year fixed-rate mortgages at 5.25% (matching the lowest mortgage rate in the past 30 years), and place those mortgages with Fannie Mae and Freddie Mac.
What a novel approach (notwithstanding the fact that Fannie and Freddie were recently nationalized because they were spiraling down the rabbit hole).
(h/t Calculated Risk)