Federal Reserve Extends Cash for Crap Program to Fannie and Freddie

So, the GSE's have now been told that they may avail themselves of the Fed's discount window, the same thing that has been done for the investment banks.

Additionally, we have the Treasury Department saying that it would increase its line of credit to them, and that they will try to get permission to buy shares in the GSE's in an emergency from Congress.

Government support has always been implied with the GSEs, it's why they are government chartered institutions, though this is unfolding sooner, and more quickly than I would have anticipated.

FWIW, it appears to have calmed things on the Asian markets...for now.