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National news clear with Oklahoma-colored glasses

 
By Richard Mize | Published: July 19, 2008    Comment on this article Leave a comment

Medical treatment can be traumatic, and the housing market in this country, as a whole, is sick. Whether the cure will be worse than the disease is a good question.

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Meanwhile, don't let the housing news this week out of Washington, D.C., and Pasadena, Calif., worry you too much. In Washington, they're talking about the government taking over or at least shoring up Fannie Mae and Freddie Mac. In Padadena, mortgage-loaded IndyMac Bank failed — at the epicenter of the housing and credit crash.

It should be clear by now that Oklahoma is going its own way in the housing crisis of 2007-2008-2whenever.

At my request, David Feisal, senior vice president of Tulsa-based SpiritBank and past president of the Oklahoma Mortgage Bankers Association, looked at the news through an Oklahoma lens.

•Fannie and Freddie:

The government circling is "welcome news,” he said. "Fannie Mae and Freddie Mac are, by far, the largest holders of prime mortgage debt in this country. Home owners with mortgages that are part of a Fannie- or Freddie-backed mortgage can be assured their mortgage terms will not be changed at all by any of the proposed actions.

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Related Topics: Business, Economic Issues, Real Estate, Economic Crisis



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