Government Bail out for Freddie Mac and Fannie Mae

NEW YORK – Sept. 8, 2008 – Few outside Washington and Wall Street may understand what Fannie Mae and Freddie Mac do, but the government’s bailout of the two will likely be felt in cities and suburbs across the country.The takeover will be good news for those looking to buy a home or hoping to refinance their mortgages if it leads to lower interest rates, as experts expect.But for homeowners already behind on their mortgage payments, or who owe more than their homes are now worth, the plan unveiled Sunday by Treasury Secretary Henry Paulson offers little in the way of extra relief.

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