Consequences of the Fannie and Freddie Bailout?

[Clifton Jones]

Today, on Yahoo, it was announced that the Gov't would bail out both Freddie and Fanny, as well as insure the loans that they currently have opened. What will be the consequences for us as REI's?

It appears to me that this will cause the banks to limit the losses they are taking on short sales, so that it will be much harder to get good deals on them. I'm sure that there are other issues this will affect, too. But I am unsure what they are.

Does this sound correct to those of you with more experience and have been following the news about the bailout?