What effect will the government's involvement in the mortgage crisis have on exisiting homeowners?

I just bought my very first condo. WIll the government's assistance help make the poor real estate market get better, faster?

It surely won't hurt, since part of the problem with falling real estate values is the glut of properties on the market for sale. Keeping properties in the hands of the current owners will slow down the rate at which such properties are entering the 'for sale inventories'.

Don't expect a cure overnight, but it's a step in the proper direction.

No, the bailout is for people who already own securitized mortgages - that includes yours, probably.

The majorly positive effect the bailout will have on the housing market is keeping the market liquid, which has only a minor effect on you or your condo values (the effect is much less than the local job market, the general location desirability, quality of schools, and cost of homeowner's insurance).

If you can afford your mortgage and are happy with where you live versus comparable rentals, you should feel OK about the situation.

What government assistance? There isn't any yet.