CAMBRIA COUNTY, Pa. -- The feds are coming to the rescue for nationwide mortgage lenders like Fannie May and Freddie Mac. Now, some local homeowners and investors may be wondering: What now?The word from financial experts is don't panic.
While there may be serious problems with the national lenders like Fannie May, Freddie Mac and Indy Mac, experts say your mortgage is safe.According to an investor with Asset Planning Group in Johnstown, if you have a home mortgage with these national organizations, you are likely going to be fine.
The problem is, if you solely invest in them. If you have a 401k or an IRA with a lot of shares in Fannie and Freddie, you are most likely going to see your investment plummet. Shares in both companies are down by 45 percent. However there is a saving grace and it's called "spreading the wealth."
"Anybody that has invested, if you are diversifying properly, a situation like this is never going to be a problem," said financial planner Franklin Banfer.According to Banfer, banks and credit unions across the Alleghenies are in little or no danger of needing to be rescued by the FDIC.
That's mainly because the mortgage crisis hasn't hit the region nearly as bad as other states.The bottom line he said is that these things happen and eventually the lenders will rebound, so a knee jerk reaction would likely be a bad financial move.
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While there may be serious problems with the national lenders like Fannie May, Freddie Mac and Indy Mac, experts say your mortgage is safe.According to an investor with Asset Planning Group in Johnstown, if you have a home mortgage with these national organizations, you are likely going to be fine.
The problem is, if you solely invest in them. If you have a 401k or an IRA with a lot of shares in Fannie and Freddie, you are most likely going to see your investment plummet. Shares in both companies are down by 45 percent. However there is a saving grace and it's called "spreading the wealth."
"Anybody that has invested, if you are diversifying properly, a situation like this is never going to be a problem," said financial planner Franklin Banfer.According to Banfer, banks and credit unions across the Alleghenies are in little or no danger of needing to be rescued by the FDIC.
That's mainly because the mortgage crisis hasn't hit the region nearly as bad as other states.The bottom line he said is that these things happen and eventually the lenders will rebound, so a knee jerk reaction would likely be a bad financial move.
Recommended Stuff:
Home Refinancing Industry Exposed!
Do-It-Yourself Mortgage Marketing Made Easy
Guide To Preventing Foreclosure
Mortgage Secrets For Investors.
Mortgage Loan Tips.
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