The impact will negligible. What concerns me more is what future waves of government meddling are around the corner as the meltdown continues - and particularly when it spills over to the prime market.
It is just going to be another boondoggle. Anything the government does at this point is too little too late. I just ranted and raved about this very point on my Blog.
I do think that we are coming into a period of tremendous opportunity for real estate investors but we will have to be prepared if we are going to take advantage of the opportunities.