Get ready.  A mountain of ink is about to be spilled about this.  The U. S. mortgage world has changed – in ways that will only be first understood in the upcoming weeks. All my energy is now devoted to finding liquidity for newly originated mortagages.  I am very interested in having conversations with those of you that are also concerned about finding liquidity.  Click here to contact me. – BC

Part 1 of Pre-Bailout News                               Part 2 of Pre-Bailout News

Read pages 4, 7- 9 -  STATEMENT OF FHFA DIRECTOR JAMES B. LOCKHART – FHFA OFHEO 

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Fact Sheet on Conservatorship – OFHEO

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From FDIC – …The agencies believe that, while many institutions hold common or preferred shares of these two government-sponsored enterprises, a limited number of smaller institutions have holdings that are significant compared to their capital.   The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision are prepared to work with these institutions to develop capital-restoration plans pursuant to the capital regulations and the prompt corrective action provisions of the Federal Deposit Insurance Corporation Improvement Act.  … FDIC

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Paulson Plans to Take Control of Fannie, Freddie (Update1) – Alison Vekshin and Dawn Kopecki – thanks Tim Anderson – Bloomberg

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Wall Street Journal’s Take: U.S. Outlines Fan-Fred Takeover – JAMES R. HAGERTY and RUTH SIMON

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Statement by Chairman Bernanke on Fannie Mae and Freddie Mac – Released by the Board of Governors of the Federal Reserve System

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Federal banking agencies issue joint release on Fannie Mae and Freddie Mac – Released by the Board of Governors of the Federal Reserve System