The Federal Government announced today that Freddie Mac and Fannie Mae will be taken over by the Federal Government. The Fed will take charge of $5 Trillion in loans. The Federal Housing Finance Agency will oversee the day to day workings of the two loan giants until they are better able to run themselves.
Click Henry Paulson to see the announcement by Treasury Secretary Henry Paulson
Also, the director of the Federal Housing Finance Agency, James Lockhart, anounces the “conservatorship (click)” between the two companies. Both companies will be open for business on Monday according to CNN, but be aware that major restructuring will have taken place and rules and regulation have changed.
How will this affect the College Station home sales? What do buyers have to look forward to with the changes? Will this affect my current mortgage if I have a loan with Fannie or Freddie?
Contact me with any questions or comments and I will respond to any questions you might have.