Industry takes wait-and-see position

As the financial industry continues to roil with increasing credit and asset issues, the consequences from one of the first government actions – the conservatorships of government-sponsored entities Fannie Mae and Freddie Mac – are largely yet to be seen.

Local mortgage and banking industry veterans are taking a “wait-and-see” position, as each new failure and bailout continues to shape the future of the sector. On Sept. 7, the ongoing string of government actions to stabilize the financial markets began with the Federal Housing Finance Agency placing both Fannie Mae and Freddie Mac into convservatorship.

The agency detailed a four-step plan…