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The mortgage market: how many challenges to attain the golden fleece?

February 15, 2011 12:47PM

It’s difficult to make grand predictions for the mortgage market, following the volatile activity during the throes of the recession, but Ron Gitter, a real estate attorney and blogger at coopandcondo.com, thinks there’s one movie that could unravel the mystery: “Jason and the Argonauts.” Like Jason’s quest for the golden fleece, Gitter said in a Huffington Post opinion piece, the mortgage market faces several challenges on its quest for stability, notably Fannie Mae and Freddie Mac’s changing roles in the secondary market and an interest rate that has nowhere to go but up. “The one-two punch of higher interest rates and the inevitability of changes coming to Fannie and Freddie only further slow the process of the elusive real estate recovery,” Gitter said. “For those of us on the ground, getting deals done seems to get more difficult every day.” [Huffington Post]