Putting the Mortgage Industry in Perspective
Texas is now the only state in the nation where real estate values are holding steady and in some areas appreciating. The national perspective is significantly different and when families relocate here they need to lose the national assumptions on the real estate market. With that being said what are Fannie and Freddie saying?
Government-backed Freddie Mac and Fannie Mae have voiced real concerns about the future of the real estate markets in certain areas of the country. With record high national unemployment rates and home foreclosure rates, the country will need time to get back on its feet. These 2 companies have borne a large amount of the brunt from the real estate crash and have had the most help from the federal government.
As of December 2009, the federal government has given the 2 companies a combined total of over $110 billion dollars and are committed to continuing to support the 2 lending giants. The reason for this is simple, if these 2 organizations were to fail the state of the real estate industry, in fact, the whole US economy, would be in far worse condition than it is now for years to come.
The influence of these organizations on the housing market has always been significant but now, with banks and lenders closing their doors for good, they were able to pick up many of the existing mortgages.
Fannie, Freddie and the FHA handle approximately 90% of the mortgages in the country so it is easy to see why it is so important to keep them running strong. Since the funds that support these agencies comes from tax dollars, many citizens want to make sure there is a real plan in place to prevent the government support from being a permanent payout. Please go to www.tombrewerjr.com for more information.
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