CLARKONOMICS: The federal takeover of Fannie Mae and Freddie Mac is the kind of thing that makes most people's eyes glaze over. But it does have some direct consequences for your wallet.

In short, mortgage rates are going down, down, down. If you are in the market to buy a home and you have a good credit standing, you can take out mortgage in the 5% range. If you are in an existing mortgage somewhere in the 6% range and you have some good equity, you should be able to refinance in the 5s.

The nationalization of Fannie and Freddie has both positive and negative aspects. On the plus side, it brings some relief and stability to the housing market (even though there's still too much oversupply). But on the other hand, we taxpayers are on the hook for literally trillions of dollars.