YOU now own a second home--actually, thousands of second homes! The US GOVERNMENT just nationalized Fannie Mae and Freddie Mac, meaning that all taxpayers now guarantee all conforming loans, including the bad ones. FIXED INTEREST RATES increased slightly, but ARMs remain in the 5's. Prices are still dropping (at a slimmer pace), but it still looks difficult to predict when, or if, we hit the bottom.
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