Mortgage Jitters: Tell Me Your Stories

Thanks to everyone who has written in so far. Now it's my turn to ask you some questions:

Do the headlines about Fannie Mae & Freddie Mac make you nervous?

Do you hold a mortgage with a bank that has gone under and, if so, what has your experience been?

How responsive is your mortgage lender?

Tell me your story using the form below. I'll also be talking mortgages on the TODAY show tomorrow (Tuesday) morning at 7:40a ET. Too early for you? Don't worry, we'll post the video here on the blog later in the morning.

If the shareholders of Fannie & Freddie get wiped out, that in itself will not prevent mortgage loans from being made. Local banks who keep their own loans can still lend to the extent of their deposits. Owners/builders can still carry their own financing. I can remember the double-digit rates around 1980. But it will take ingenuity and faith. --Tom, FL

Posted on: 15 Jul 2008 11:54 A.M.

Yes, the headlines are making me nervous. I am afraid we are not seeing just a correction, but rather a historic shift of credit/debt reduction. Also, looking at how consumers are spending their stimulus checks, it would appear most consumers are completely oblivious to potential market risk, which I feel cannot be a good sign. --Tim, GA

Posted on: 15 Jul 2008 11:34 A.M.

I agree with the last comment. Mortgages are just one of the issues with many others to follow. I'm a Loan Officer, and it's not the consumer's jitters so much, but the bank's or lender's jutters which have us concerned. No matter how good someone's credit is at this moment - we can almost completely not move homes. This country's monies are built on Real Estate, and that should give all of us the jitters. I am even more worried about short-term band-aids versus long-term adjustments which will prevent such a mess in the future. --Eva, PA

Posted on: 15 Jul 2008 11:30 A.M.

How this affects your mortgage is yesterday's story and only a fraction of the problem/effect. It is how it affects your retirement, kid's college, the local school laying off teachers and cutting programs, your local animal shelter taking in and euthanizing more dogs and cats they can't find homes for, jobs lost and on and on. Mortages are just the first of many falling dominoes. --Trudy, CA

Posted on: 15 Jul 2008 9:21 A.M.

Hey there, the credit crisis is far from over! Why? Because the baby boommers are retiring which means for the next 15-25 years they will be cashing in their collective tokens for living expense coverage, but there will be a gradual leveling off of this effect, and it will take several years, for it to hit its hardest. What will happen is as a few banks are bailed out the other banks will get stronger due to FDIC money flowing into them from failed banks. It will take time to see all the banks to get back on firm ground, say 2-3 years, then the baby boomers will really start cashing in the market drops for the equivalent of a depression, but it could be a shallow depression if handled well. --Keith, NC

Posted on: 14 Jul 2008 8:19 P.M.

I'm VERY nervous! Won't the bailout of Fannie Mae and Freddie Mac prolong the housing correction and credit crunch? --Mitch, TX

Posted on: 14 Jul 2008 6:53 P.M.