The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- Today, President Obama will revamp, yet again, his program to help middle- and working-class homeowners, who already owe more than their homes are worth or have less-than-perfect credit ratings, refinance their mortgages. This is all about getting past 2012 -- not jump starting the economy -- and could create yet another credit crisis for Obama or future president to address. Since early 2009, through QE1, QE2 and now Operation Twist, the Federal Reserve has suppressed mortgage rates -- to jump start housing sales and raise prices, and to assist homeowners with good credit and some equity left in their homes to refinance. All this was intended to increase purchasing power and help lift the economy. And to some limited extent, it has worked. It stopped the slide in housing values, though it has not raised them much, and it has freed up some purchasing power. However, smart homeowners did use much of the money saved on monthly payments to pay down other debt -- auto loans, credit cards and the like.