This may be bigger news that you might think.  This really puts the us government and the tax payers on the hook if Fannie and Freddie have increased defaults on the $5 trillion in mortgages that are outstanding.  This bail out won’t help those that are in trouble but should bring rates down a bit in the coming weeks which is intended to bring more buyers into the market.  This should allow some home owners that are struggling to sale their home.  See the articles at CNN Money, Broker Agent News and Yahoo for more information.

As a side note:  I find it interesting that news such as this is released on a Sunday.  I guess the idea is the markets are closed and the world economy as a whole isn’t very active that day of the week.