Economist Pearl Kamer says the government?s plan to step in and rescue two of the country?s biggest mortgage lenders won't pose a problem for Long Island homeowners. However, she says the situation doesn?t bode well for the economy.

The federal government started outlining a plan last week to help mortgage giants Freddie Mac and Fannie Mae if they need it. The two companies hold or back half of the outstanding mortgages in the U.S. and have incurred big losses.

Mortgage holders will not be in danger if Freddie Mac and Fannie Mae fail or if the government steps in, Kamer, who works for the Long Island Association, says. Stockholders, she says, may be in danger though.

"It?s a deep crisis - a global crisis - and won't be over tomorrow,? Kamer says.

Also last week, the federal government took over California-based bank IndyMac after it collapsed. The bank is now protected by the Federal Deposit Insurance Corporation.

The FDIC says it is now watching 90 financial institutions that are on its problem list, but policy dictates it can?t identify them.

Watch: Click for more about the FDIC

For an extended interview with Kamer, go to Channel 612 on your iO digital cable box and select iO Extra.

FDIC