Fannie, Freddie, Citi Cutting Mortgage Payments; Where's My Take?

It looks like a lot of homeowners are getting an early Christmas present. Here's what Bloomberg is reporting:

"Mortgage companies Fannie Mae and Freddie Mac and Citigroup Inc. plan to cut home-loan payments for hundreds of thousands of borrowers facing foreclosures, following similar moves by the nation's biggest banks.

Fannie Mae and Freddie Mac will reduce principal or interest rates on some loans and extend the terms of others, according to the Federal Housing Finance Agency, which seized control of Fannie and Freddie in September."

Now that the government has bailed out the banking system, it can concentrate on housing, the auto industry, the airline industry, the coffe industry, etc., etc., etc.