What would killing Fannie and Freddie mean for you?

President Barack Obama outlined his plan to shutter mortgage giants Fannie Mae and Freddie Mac Tuesday. The governoment bailed out the companies on the taxpayer's dime in 2008, after the market crash.

"For too long, these companies were allowed to make big profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag. It was "heads we win, tails you lose." And it was wrong," Obama said Tuesday.

The White House is trying to insulate taxpayers from another housing meltdown, if one were to hit again.

Many homeowners are asking what the move could mean for them, and their mortgages.

"It depends on what legislation comes out of Congress," said CNN global economic analyst Rana Foroohar.

"What the president wants to do is ensure whatever legislation is passed gets the government out of the housing market, while still making enough provisions that people can get those 30-year mortgages that they need," said Foroohar.

Most of the housing recovery thus far has been investor-led, by people who have cash on hand. People who actually need a 30-year mortgage have had a tough time getting one, said Foroohar.

Getting the government out of the housing market may not entirely insulate taxpayers, however.

"It leaves a lot of liability for the government if there's an enormous housing crash like the one we saw last time," said Jim Tankersley, with The Washington Post.

Basically what the government would do is "insure that your mortgage is going to be okay," said Tankersley.

For more analysis, check out the video above.