Calm down - behind the Fannie and Freddie panic

NEW YORK (CNNMoney.com) -- Fannie Mae and Freddie Mac may need to get bailed out, and there's no question there will plenty of pain to follow. The nation's balance sheet would take a sizeable hit and you can count on higher interest rates.

But make no mistake. It won't mean a complete collapse of the housing market.

"A bailout of Fannie and Freddie would not be good news. But I don't feel it would lead to an Armageddon-type scenario," said Don Wordell, manager of the Orlando, Fla.-based RidgeWorth MidCap Value fund, which owns neither stock.