Released on: September 12, 2008, 4:02 am

Press Release Author: Penny Fletcher

Industry: Real Estate

Press Release Summary: The Federal government took over Fannie Mae and Freddie Mac
on September 7, 2008 in an attempt to save the nation from its current housing
crisis.


Press Release Body: Blaine, WA, USA, September 12, 2008 -- The Federal government
took over Fannie Mae and Freddie Mac on September 7, 2008 in an attempt to save the
nation from its current housing crisis. However, skeptics believe this takeover is
unlikely to immediately help the hundreds of thousands of American homeowners facing
foreclosure or about to face foreclosure.

Fannie Mae and Freddie Mac are the largest mortgage finance companies in the United
States. Fannie Mae, short for the Federal National Mortgage Association, was created
during the Great Depression to make mortgages more affordable. Freddie Mac, short
for the Federal Home Loan Mortgage Corporation, was created in 1970 to further the
secondary mortgage market and provide additional funds for new home buyers.

The takeover put Fannie Mae and Freddie Mac under the conservatorship of the Federal
Housing Finance Agency (FHFA). However, this government intervention is not likely
to help homeowners stop foreclosure directly; but rather indirectly by creating more
buyers and potentially allowing some preforeclosure homeowners to refinance out of
foreclosure.

\"This effort will help some homeowners as mortgage interest rates will probably fall
and some fees will be reduced therefore spurring more people to take out loans. An
increase in the ability to take out a loan will hopefully increase interest in the
slumping housing market and spurn more buyers to purchase the glut of real estate
sitting on the market,\" said Dreama Lee, President of SaveMeFromForeclosure.com,
LLC. \"Unfortunately, we won’t see any changes for quite some time because a large
portion of loans are backed by the private sector that has very tight requirements
still on their lending practices. Homeowners who need to stop foreclosure within the
next 90 to 120 days are really not going to get any relief from this takeover,\" she
continued.

However, without this takeover Fannie Mae and Freddie Mac were certain to have too
many foreclosed properties on their books and could have gone under, affecting both
the US and international economies significantly. This bailout is estimated to
potentially cost American taxpayers $25 billion. And for those who are already
behind on their mortgage payments, or owe more than their homes are worth, it is
doubtful that this takeover will offer any relief, at least in the near term.

\"We remain optimistic that this takeover is going to help homeowners facing
foreclosure. It is a first step in rectifying the current real estate crisis,\" said
Justin Lee, CEO of SaveMeFromForeclosure.com, LLC. He continued \"If the takeover
goes as planned, hopefully it will stabilize the housing market and stop the falling
home prices.\"

For additional information, Contact:
Penny Fletcher
SaveMeFromForeclosure.com, LLC
1685 H. ST., #679
Blaine, WA 98230
Ph: 360-306-5933
E-Mail: penny@SaveMeFromForeclosure.com
http://www.SaveMeFromForeclosure.com

SaveMeFromForeclosure.com specializes in helping clients who have fallen behind on
their mortgage payments or are facing foreclosure. The company has local
representatives across North America who can offer comprehensive solutions to
homeowners to stop foreclosure.
Press Release Submission By PressReleasePoint(http://www.pressreleasepoint.com)

Contact:

Penny Fletcher
SaveMeFromForeclosure.com, LLC
Blaine, WA
360-306-5933
penny@SaveMeFromForeclosure.com
http://www.SaveMeFromForeclosure.com

Web Site: http://www.SaveMeFromForeclosure.com

Contact Details: Penny Fletcher
SaveMeFromForeclosure.com, LLC
Blaine, WA
360-306-5933
penny@SaveMeFromForeclosure.com
http://www.SaveMeFromForeclosure.com