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Assuming there's a gov't, bailout, what do you think will happen to folks trying to get mortgages now or in the near future?
We're supposed to close in 30 days. Fortunately, broker switched us from Indymac to Amtrust. Are we safer going back to the credit union in case Fannie/Freddie fail in the next month?
NEW YORK (Fortune) -- They own or guarantee $5 trillion worth of mortgages* - nearly half of all the country's outstanding home loan debt - and they're crashing. But not everybody is convinced they should be.
Fannie Mae and Freddie Mac are struggling with an investor loss of confidence so great that, while they're unlikely to go under, they could conceivably see their ability to function impaired. That would wreak yet more havoc on an already wrecked housing market - making loans tougher to come by and possibly pushing hundreds of billions of dollars in cost onto U.S. taxpayers.
Technically not a bailout but nevertheless..the Fed rescues yet more institutions.
Although they have indicated this is their last one..anyone after this goes belly up like IndyMac did Friday.
Treasury, Fed take bold steps to back Freddie and Fannie - Yahoo! News (broken link)
Technically not a bailout but nevertheless..the Fed rescues yet more institutions.
Although they have indicated this is their last one..anyone after this goes belly up like IndyMac did Friday.
Treasury, Fed take bold steps to back Freddie and Fannie - Yahoo! News (broken link)
OK... my current mortgage is through IndyMac and has been for over a year..should I be worried and trying to refinance with someone else?
you should only refinance to lower your rate or to lower the term.
You will receive a notice indicating the new lender that has purchased your loan. Until then continue making payments
OH this just sucks! I did my refi through Quicken and about a month after signing my mortgage was sold to IndyMac, and it has been smooth sailing since...and now I am going to have to deal with yet another mortgage company?? I would love to get a lower rate, but with this market is that possible? I would also like to be with a company that is not going to sell my account everytime I turn around. Does anyone have any suggestions and good reliable companies, or are there any left?
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That sounds scary...you mean the govt will bail them out and everything continues on? Will this impact the housing market in some form?
News, The $5 trillion mess.
