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Economics and the neutrals watched and waited to hear the announcement, of the greatest financial bailed out offered by the US treasury, in taking over the crippling debts of Fannie Mae and Freddie Mac, two of the biggest names in the mortgage housing sector, but the dilemma for one corporate business association, presents another opportunity for government seizure.

Spare a thought, for the way the housing market is going, conditions are favorably to savers rather than for home buyers, making the prospect not particular good for those facing a bleak winter of financial uncertainties, to buy a house now requires a large deposit to sure up the loan application, but years gone by Fannie Mae and Freddie Mac would have made the accquisition possible.

However, today if after purchase completion, buyers are unable to make regular loan repayment, it won't be long when the doors are closed in foreclosure for those unable to meet their mortgage obligation, and the keys of the vacant kingdom are handed to another occupier at reduce rates.

Hence, the government is the new proprietor, becoming the financial underwriters of the mighty fallen housing entrepreneurs, Fannie Mae and Freddie Mac, the surprising of course, was unprecedented, never in history was a company bailed out of the darkest hole, it was a move that characterize the importance of the housing market.

This was no ordinary speculative bombshell, hearing about the dismal news about the mortgage pioneers that are known worldwide, Fannie Mae and Freddie Mac, is the twin engine of mortgages, consortium giants woven into the fabric of American society.

For years they have been the bed rock of stability, and it is great news to hear that the treasury has intervene to rescue the giants that were in financial disarray, home owners have stroke the pains of displeasure over the past ten years paying for houses that are well over valued, some people have not yet reap the fruits of their reward, while others perched nervously on the pinnacle of trade winds.

Having mortgaged themselves to the hilt, and as a result, home owners are having negative equity, which simply means, the value of the house price has fallen from what it was originally valued at, leaving loan payers with very large sums of money to fork out each month on properties that are now well under what they initially were.

With the housing slump continuing, mortgages are not worth a great deal today as they were back in 2006, when the slump started to take affect

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