One of the results of the current credit crisis has been the extreme tightening of the mortgage market. Plus, rates are higher than they should be. That is until today! Yesterday Treasury Secretary Paulson announced the U.S. government bailout of Fannie Mae & Freddie Mac. Fannie & Freddie own approximately 7 TRILLION in mortgages. Yes, it will cost the taxpayer, but alternative of doing nothing could end up costing us significantly more.
Look at article in The New York Times for more info.
