If you’ve heard the latest news in the lending world, the waves keep on splashing more and more institutions, even those two illustrious Fannie Mae and Freddy Mac.

Both Seeking Alpha and Calculated Risk have written about it. Tanta on Calculated Risk has her usual insightful and the to the point dissertation of the situation. Seeking Alpha picked it up and summarized everything pretty well for the Fannie Mae part here.

Basically a lot of wiggling and dodging bullets. The future of Fannie Mae is being discussed right now.

Then there is also Freddy Mac here. This government-sponsored company managed to be short short of $6 Billion.

And there are talks that this recession is getting to the Great Depression levels. Fascinating to see how we let all this happen when some of us Joe Schmoes at our base levels have been saying for years now that the market was extremely unhealthy. And no, this is not one of those hindsight is 20/20 post.