Freddie Mac loses 2 Billion$ and now may go bust?

There are days when the bad news just keeps on coming , I am sure that there are many of you out there who wish that this subprime mess was taken care right in the beginning itself but hey, everything seems possible in retrospect. And today we get to hear about the Big Freddie losing a cool 2 Billion$ in all his subprime and the housing crisis.
Freddie Mac is the nations second largest buyer and the guarantor of house loans, since they announced this news, I guess that Big Freddie has taken quite a beating on Wall street already. What does this mean for the common man? Well, for one thing, getting a loan is not going to be all that easy from now on and Freddie is definitely not going to be smiling at your loan applications, that's for sure. The housing market is fast heading into a free fall, with the resounding impacts on the real estate and other markets which will become all too apparent soon!