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Freddie Mac and Fannie Mae Q & A

Hi Mike,
I see that you guys are in the lending business or have had experience. All of these banks going under are a big concern to me. I have been working on my credit report for the last 12 months. I have actually used some of your great free credit repair articles to assist me with improving my credit report. I have been doing this to achieve a goal, and that goal is to buy a house. It looks like Freddie and Fannie will be helped by the government. What does this mean for someone like me who does not have perfect credit?

Chris Tuttle

Hi Chris,
More people are concerned about the liquidity problem than you can imagine. It is scary when big banks go out of business. This happened in the 80’s as well. What is going to happen, is the banks will continue to tighten up on there guidelines to issue loans. I am sure there will be a lot more banks going out of business. What does this mean for you? This is a great time to save money and work on your credit report, just like you are doing. Not sure what is going on with your credit, but if you have read my articles they will tell you exactly what to do. Remember there is FHA loans still, and it has not changed much since all of this has been going on. FHA works with bad credit to help you get into a house. Good luck.

Mike Clover

This entry was posted on Monday, July 14th, 2008 at 10:56 pm and is filed under free credit score reports. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.



One Response to “Freddie Mac and Fannie Mae Q & A”

  1. Anonymous says:
    July 15, 2008 at 12:49 pm

    This bailout of Freddie and Fannie is counterproductive. Another congressional initiative, the Mortgage Bailout, will tax Freddie and Fannie to the tune of $530 million/ YEAR. So Congress wants to bail out an institution and tax it as well? What’s going on? Call your senators/representatives and tell them: Back off the Mortgage Bailout Bill and Back off Bailing out Fannie and Freddie Mac!
    http://www.freedomworks.org/newsroom/press_template.php?press_id=2585
    Blue Dog House Contact info:
    1-866-887-5841
    http://www.freedomworks.org/newsroom/press_template.php?press_id=2580

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