What does the government takeover of Fannie Mae and Freddie Mac mean to you?

Yesterday, the federal government took over control of mortgage giants Fannie Mae and Freddie Mac. The takeover was done in order to provide stability to the market that many experts think will be the turning point in the housing crisis. The ramifications for homebuyers and homeowners are unknown as this is an unprecedented move. However, rates today fell to about 6% for a 30-year fixed mortgage. Lending rules may relax for homebuyers, and homeowners in trouble with their loans may be able to renegotiate the rates and/or terms. I will keep you updated as significant changes occur.

Below is a link to a great article from The New York Times concerning the affect on consumers.
http://www.nytimes.com/2008/09/08/business/08consumer.html?bl&ex=1221019200&en=cd55da97a65b8c75&ei=5087%0A