As predicted, following the government take-over of Fannie Mae and Freddie Mac nationwide survey reports released recently show that rates for a 30-year fixed mortgage have dropped to 5.93%.  That is the first dip below 6% since late May. 

The newly created Federal Housing Finance Agency (FHFA), now in control of the two mortgage giants, announced new leadership for each organization.  Philip A. Laskawy will be the new Chairman at Fannie Mae and John A. Koskinen will become Chairman at Freddie Mac.  Mr. Laskawy spent over 40 years at Ernst & Young serving as CEO from 1994-2001.  Mr. Koskinen served as CEO of the consulting firm Palmieri Co. from 1979-1993.  He has held numerous government and corporate posts since then.  Both men are highly qualified financial experts and will function as corporate board chairmen and report directly to the administrator of the FHFA.

The FHFA also announced this week hat they have taken steps to ensure that the ousted leaders of the two mortgage giants will not receive multi-million dollar severance packages --- at the expense of the American taxpayer.