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What the Credit Crisis Means to Your Mortgage
If there was any doubt left that the troubled US financial and credit markets are in full crisis mode, the historic events of the past few months easily erased it. You've seen the headlines. You've heard the stories, but what does it all mean to you and your mortgage? Let us take a closer look at a September to remember and what it means to you - no jargon, no politics, just the facts.
What a Difference a Month MakesSeptember was a historic month in the financial markets. What started a year earlier as the subprime mortgage collapse had morphed into the perfect financial storm that wiped out some of the biggest financial firms on Wall Street. There was a general and genuine concern that the financial system was coming apart and could virtually shut down.
First, the Feds took over Fannie Mae and Freddie Mac, two government-sponsored mortgage giants that own or guarantee about five trillion dollars in home loans, or nearly half of the total US mortgage market.
Then Lehman Brothers, a prominent securities firm founded in 1850, filed for bankruptcy.
Bank of America, which earlier this year acquired Countrywide, acquired Merrill Lynch, another prominent financial firm.
The Feds were then forced ... more

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