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Fannie and Freddie React-o-Matic: Winners & Losers

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We've learned that nationwide housing market turmoil has little affect on the bullet-proofish NYC market, but the government's takeover of mortgage giants Fannie Mae and Freddy Mac over the weekend has to at least send some ripples our way, doesn't it? Much of the follow-up coverage deals with winners and losers in the meltdown-avoiding deal, and here are some highlights:

1) Winner: Delinquents. Though still at relatively small numbers, foreclosures in the area are on the rise, so this is interesting: "Mortgage rates may fall a bit initially but probably not enough to halt the decline in home prices anytime soon. Some delinquent borrowers may have a better shot at modifying their loans and ending up with lower fixed payments." [NYT]

2) Winner: Buyers. Interest rates should come down, Jim Cramer writes, though it's hard to take him seriously when he's not accompanied by sound effects and shaky camera work: "The government can cut the mortgage payments, and it can extend the terms, say to 45 years. It can take any hit to keep you in your home, and the paper is still insured." [TheStreet]

3) Loser: Taxpayers: "Although this is being played as the Treasury 'seizing' Fannie and Freddie, it may well end up as Fannie and Freddie seizing the Treasury." Meow! [Dealbraker]

4) Winner: Deposed Bosses: Don't they always come out on top? Departing Fannie Mae leader Daniel H. Mudd could collect $9.3 million in severance and benefits, and Fred head Richard F. Syron could get an exit package of at least $14.1 million. Good work if you can get it, eh? [NYT]

Your two cents, as always, welcome in the comments.