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Refinancing for a lower market value?
I was watching the Today show the other day and they had their financial expert on, answering "real life" questions from viewers. One guy/Skype caller came on and asked about refinancing his mortgage to the current market value of the house (he was upside down) and since he had a FreddieMac/FannieMae, the expert said that he could do that if he pestered his lender - that it's a new thing and they're setting it up now, but once it kicks in, he'll be able to refi to his current market value.
Do any of you know anything about this? Also, do you know if you can do it if you're not through FM/FM? We aren't, but our house is currently worth about 2/3 of what H paid for it/got a mortgage for it in 2007 and it'd be nice to have a lower mortgage payment.
Any advice or ideas on this subject would be well appreciated. 
Re: Refinancing for a lower market value?