Mortgage Discussion for the Panhandle area

You you are aware our United States Government has decided to take over the two mortgage giants Fannie Mae and Freddie Mac. What does that mean for you? Here are my thoughts on the subject as of today.

Short term I do not think you will see or notice and difference in how loans are approved or closed. Rates should remain stable or get a little better. You will not see huge drops in rates or any looser underwriting guidelines. You will not see higher rates or guidelines tighten either. Just more of the same for now.

On a longer term it will be a guess. I am requesting the papers the Federal Reserve used to form the take over and see if they have any clues to the future. Remember with all things government there is the "why" that they tell you and always the "why" they do not. I need to do a good bit of research before I try and answer this question.

Stay tuned as I will try my best to break down this issue in my blog this week with facts.