The article is correct, that most who bought at the peak of the housing bubble probably already have low interest rates. If you limit the program to those with high interest rates, where a refinance could really help, they probably have poor credit (thus, a high interest rate). This sounds like a plan that has just one purpose - to garner votes from not so thoughtful voters.
“My EPA and Bammycare trashed the job market you lost your job and your credit rating sank...here’s a carrot- be sure to pull the lever marked ‘0’ in November and vote early and often, sucker”