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The Government is offering $800 billion to help consumers get consumer loans, auto loans, and also to help buy up assets coming from Fannie Mae and Freddie Mac with the hope that it will make mortgages easier to get and to help rise housing prices finally.
Who Is Eligible For the $800 Consumer Bailout?
The Federal Reserved announced it would purchase as much as $500 billion in mortgage-backed securities backed by the three government-chartered lenders: Fannie Mae (FNM), Freddie Mac (FRE) and Ginnie Mae. It will also buy another $100 billion in direct debt issued by those firms.
Under the plan, announced this morning, it will purchase up to $100 billion in debt from Fannie Mae of Washington and Freddie Mac of McLean, Va., and the Federal Home Loan Banks.
So if you have a mortgage that is owned by Fannie Mae or Freddie Mac, you may be eligible for some of this relief effort. Homeowners are not actually having their homes bought from them, rather the owner of the mortgage is changing hands.
What Does This Bailout Mean For Me?
What this bailout means is that homeowners will have an easier time refinancing their home, getting a loan modification or selling their home because mortgage interest rates will fall and the credit market will start becoming less strict.
Right now credit is extremely tight because all of these banks own these mortgages that have lost an incredible amount of value, and with this bailout, the mortgages will be passed onto the Government enabling banks to lend money more easily and freely.
