Fannie Mae and Freddie Mac may or may not need a government bailout, but the turmoil surrounding the mortgage finance companies’ decline has already meant four things for borrowers: higher interest rates, more fees and closing costs, bigger down payments and fewer loan choices.

Lenders who must satisfy the requirements of Fannie Mae and Freddie Mac — the dominant buyers of U.S. mortgage debt — are now demanding bank statements, big cash reserves and second appraisals before they approve a loan to refinance a home.

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