Illustration: Chris Gash for Newsweek 

Last week’s banking news—the federal government stepped in to shore up mortgage-buying giants Freddie Mac and Fannie Mae and to take over the bad-loan dependent IndyMac Bank—left many consumers in a panic. But some experts see the intervention as an opportunity for folks to get their finances in order. “This is all good news for consumers,” says Kathleen Day of the Center for Responsible Lending, a Washington policy group. Here’s what the events mean for you.

• Mortgage shoppers: Last week’s actions may ease the supply of mortgage money, but qualifying for those loans remains a challenge. “The traffic has picked up, but only about half the people coming in are qualifying for a loan and having enough money to do the transaction,” says Marc Savitt, a mortgage broker from Martinsburg, W.Va., and president of the mortgage brokers’ trade group. At issue are higher fees and borrowing standards for anyone with credit scores below 680, a level that used to be high enough during the loan-pushing bubble. You’ll need to prove your salary and have enough cash in the bank to make a down payment as high as 20 percent. Start by checking your credit score at myfico.com, and do what you can to raise your score over 700 so you can get lower rates. Paying down some balances in a hurry or even raising your borrowing limits can sometimes bump up your score. Then cast a wide net for a lender that will give you the deal you like. “There are huge disparities on pricing from one side of town to the other,” reports Keith Gumbinger of research firm HSH Associates. “You can find pricing down in the 6 [percent range] and others up in the 8’s in the same city.” Check rates with a couple of local brokers, a national mortgage bank and at online sites like hsh.com. But don’t wait too long; interest rates are likely to rise.

Wall Street’s tumbling stock prices are falling particularly hard on one group of people: folks who were just about to collect their gold watches (or buyouts) and step into retirement. A bear market during the first five years of your retirement can doom the chances of your money lasting until you no longer need it, according to new research from T. Rowe Price. The firm is counselling investors not to retire if that means they have to start drawing down their investments and taking Social Security while the bear continues to grumble.

Every extra year of work and 401(k)-feeding can increase retirement income by 7 percent, according to new research from the firm. Even workers who stay at the job but stop putting away money will increase their retirement income by 4 percent a year. Furthermore, Social Security benefits get roughly 8 percent fatter for every year that you delay starting them. Combining all three: working longer, keeping up those retirement contributions and delaying Social Security can boost the purchasing power of a 62-year-old by as much as 30 percent.

By Christina Gillham 

Does the thought of dropping your child off at camp send you into fits of separation anxiety? If so, you’re not alone. The American Camp Association (aca camps.org) says it’s seen an increase in “kidsickness” from parents, whose intense relationship with their children makes it harder to let go. Here, some tips from Peg Smith, CEO of the ACA, on how to make your weeks alone easier:

• Choose a camp you feel comfortable with—one that meets your needs and matches your own philosophy and values. Confidence in the camp will put you more at ease.

• Know that separation is natural and necessary. Each new experience increases a child’s confidence. “Separation helps children develop independence,” says Smith. “It’s not only natural, it’s developmental.”

By Paul Tolme 

Growing concern about climate change has fueled a boom in sales of carbon offsets, which allow consumers to support clean-energy or reforestation projects that, at least in theory, remove as many greenhouse gases from the atmosphere as the donor contributes. While some cheer this growing market, others question whether consumers get what they pay for. Carbon offsets are unregulated in the United States. “The majority of offset retailers have good intentions, but it’s still a market where you have to do your homework,” says Katherine Hamilton of Ecosystem Marketplace.

Smart shoppers should look for offsets certified and audited by third-party organizations. These include the Gold Standard; Environmental Resources Trust; the Voluntary Carbon Standard, and the Climate, Community and Biodiversity Alliance. Buyers should also consult carbon-offset buyers’ guides published by the Tufts Climate Initiative (tufts.edu/ tie/tci/), Clean Air–Cool Planet (cleanair-coolplanet.org) and the Environmental Defense Fund (edf.org).

Spain has been making wine for centuries, but for most Americans it’s a relatively new source of exciting wines. Many of the country’s wine regions offer diversity for wine drinkers looking to broaden their horizons. Here’s a selection of well-priced reds and whites.

92 - $57
Bodegas Valsacro Rioja Dioro 2004
Rioja is Spain’s most famous red-wine region; this one shows ripe plum and smoky notes.

90 - $22
Viña Mayor Ribera del Duero Reserva 2001
Aromas of black cherry and mocha follow through to the palate of this jammy red.

89 - $15
Bodegas Muga Rioja White Barrel Fermented 2006
A subtle white, made from Viura, with herb, gooseberry and almond flavors.

Hear Buddy Guy, “Skin Deep.” The reigning king of Chicago blues, Guy slashes his way through “Best Damn Fool,” upstages Eric Clapton on “Every Time I Sing the Blues” and plumbs his roots on “Out in the Woods.” A highly personal affair that suggests this is his time after a while.

Rent “The Bank Job.” This thriller stars Jason Statham and femme fatale Saffron Burrows, two ex-lovers involved in a bank heist that’s about much more than money. Very satisfying indeed.

See “Home Delivery: Fabricating the Modern Dwelling” at New York’s Museum of Modern Art. Complete with five contemporary model homes, the exhibition highlights the prefab house’s centrality in the discourse of sustainability and architectural innovation (through Oct. 20; moma.org).