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• 30-year fixed-rate mortgages could become more difficult to obtain
• Interest rates would rise for most borrowers, but urban and rural homebuyers would see higher mortgage rates
• Fees would be charged for features like an advance “lock in” for an interest rate weeks or months before funding
• Fannie Mae and FreddieMac increased the availability of mortgage loans lowered rates and fees
• But they misused the government’s support to enrich shareholders and executives by backing millions of shoddy loans
• Taxpayers have spent more than $135 billion on the cleanup

For more:  http://www.nytimes.com/2011/03/04/business/04housing.html