Jul 15, 2008

Bad Week for Banks

This doesn't help the real estate market.

Analysts are expecting more writedowns from Citi and Merrill on the heals of the IndyMac failure. CNNMoney.com gives a good explanation of the problems at mortgage giants Fannie Mae and Freddie Mac. What the average American doesn't realize is that Fannie and Freddie are not government run entities. They are mortgage companies.

Thankfully, I know some great mortgage bankers and brokers who are helping my clients still get fantastic terms on the harder-to-get mortgages. [where: 75230]

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