Last week we told you about an Obama Administration plan to offer a streamlined process that would allow homeowners to refinance at today’s lower interest rates.

Today (per Housing Wire), analysts at Keefe, Bruyette & Woods investment bank said that remarks made by Fed Chairman Ben Bernanke on August 26 indicate that the Fed would support such a refinance program.

“If a streamlined refi program were announced by President Obama in his economic speech after Labor Day, we would expect the Fed to follow up with support after their meeting on September 20 and 21,” KBW analyst Mark Pawlak said.

The plan has already gotten the thumbs-up from economists, such as Christopher Mayer, from the Columbia Business School, who called it “the best stimulus out there because it doesn’t increase the deficit, it accomplishes monetary policy, and it reduces defaults in housing.”