In the latest move to defend the nation from a dangerous threat--poorly regulated financial institutions dragging the economy into the toilet--the government yesterday announced a Federal takeover of mortgage-finance companies Fannie Mae and Freddie Mac. The Big Picture observes it's the sixth Sunday night or Monday morning announcement of a bailout (remember Bear Stearns?) in the past 14 months. What went wrong? Robert Reich says the administration allowed accounting tricks at Fannie and Freddie for too long. The move means the "feds will put up a bunch of money to allow Fannie and Freddie to lend more, which should be good for some borrowers," says $ Out of 15 Cents. Blogging Stocks says big winners will include heavy holders of Fannie and Freddie's mortgage-backed securities--including China--and Wall Street firms that can keep getting fees, while losers will be U.S. taxpayers (footing the bill) and U.S. homeowners (who already have mortgages but whose homes values remain diminished).