Change in the Air
Change is in the air with government run Fannie Mae and Freddie Mac. Congress is having a house financial subcommittee start with hearings on how to restructure Fannie and Freddie in the future.
What does this mean to you? Since these two have failed and been taken over and run by the Feds the entire process is in for an overhaul.
Fannie and Freddie have written the book and dominated the real estate market for decades on down payments, credit score requirements, loan amounts and underwriting standards. New rules will literally change these requirements and dictate what interest rates you will be eligible for.
Some theories suggest they morf into one unit. It's possible they could also help the jumbo and commercial markets with loans since these areas currently have no where to go to get money causing many problems in these areas.
If I hear any additional rumblings about where this is headed I'll include them in this blog.