In an announcement made today by Treasury Secretary Henry Paulson the Federal Government has taken over mortgage giants Fannie Mae and Freddie Mac. Both companies have been placed into a government conservatorship under the recently created Federal Housing Finance Agency, under a plan announced by the Treasury Secretary and FHFA Director Jim Lockhart. So what does this mean to me and you, that's yet to be seen. Some people think mortgage rates will rise dramatically and others think 5% again. I for one hope lower rates are the order of the day. I feel if rates drop further many buyers will get off the sidelines and get some of the best housing deals in the last 5 years. With high inventory and the peak purchase season over sellers are between a rock and a hard place!! Keep your eye on the news and feel free to contact me with any questions I'm always here to help!!
Aaron Gallagher
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