Fannie_mae_freddie_mac_2I’m sure you saw this but just in case, last Sunday, the federal government stepped in to take over Fannie Mae and Freddie Mac. With sharp declines in home prices and high foreclosure rates in many parts of the country, this is much needed help.  Hopefully, this can help shore up the mortgage infrastructure so that buyers can continue to access the capital they need to purchases.

The stated aim of the takeover is to make mortgages readily available, easier to obtain, and more affordable.  Nevertheless, home buyers shouldn’t expect the lending standards to loosen up; fees to home buyers with weak credit will still remain.

Overall, I think this is encouraging news.  Mortgage rates have come down this week as a result.  It’s not the answer to all our ailments but a move that seems to be supported by most experts.  Read more here.