Q: So, will this bailout make it easier for me to get a loan or a mortgage?

A: One of the arguments being made for the bailout is that by moving these bad loans off of banks’ balance sheets, they’ll feel better about making new loans and the credit crunch will ease. Whether or not it will actually work remains to be seen. Either way, lending standards have been tightened for sure. The “no doc” loan is a thing of the past, and it will still be harder for people without good credit to get loans. We’ve even seen stories about retailers struggling to get the loans they need to stock up for the holidays, which could mean trouble for a holiday shopping season that many people already expect to be grim. In short, if you have good credit, you should still be able to find a good mortgage. If not, you need to get to work repairing your credit.

Next: Help for people facing foreclosure?

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