This guy Lockhart is not having any of this idea to raise the ceiling of Fannie Mae and Freddy Mac assets.  The $30 billion of possible additional support is frankly a drop in the bucket, so that will do little good.  If Bush backs him up on this decision, which I would think is likely (they are buddies..see article), it will be at least a year before anything can change here. 

So if I was to make a call here, we can expect no support from these GSE big boys in smoothing out the mortgage refinance challenges. 

Also, he gives a very succinct recap of how we got into this mess. 

Good for him!  This is certainly not his problem to fix.  But where is all the money going to come from, to handle all the re-fi's coming down the line?  Maybe this credit crunch is not as short-term as some would hope.