In addition to the job losses in the financial sector and the lower spending that will come with lower bonuses, plenty of homeowners are losing their homes to foreclosure because they got stuck in mortgages they couldn't handle--the subprime mortgage meltdown, in fact, sparked the crisis in the first place.

FORBES: What's Ahead For Financials?

First, for people looking to get a traditional 30-year fixed rate mortgage, those rates aren't likely to move much in response to the Fed.

NPR: Rate Cut Benefits Consumers Some, Investors More