Every US taxpayer is a homeowner now. (NakedShorts)

Fannie & Freddie and the three-pronged rescue plan: more credit from the Treasury; discount window at the Fed; Treasury to buy equity, “if needed”. (The Economist)

40 years ago, F&F’s original credit line with the Treasury was 15% of outstanding debt: “to go back to that ratio requires $231 billion for Fannie and Freddie.” (Alea)

F&F bailout for the good of us all: “GSE debt is held by financial institutions around the world. Its continued strength is important to maintaining confidence and stability in our financial system and our financial markets.” (Financial Times)

America’s biggest bank failure for 15 years: customers withdrew $100m a day from IndyMac. (New York Times)

More than 300 banks could fail in the next three years. (Reuters)

But it’s all uphill from here, proclaims Lehman. (Financial News)

BNP Paribas fancies Dresdner. (Bloomberg)

Santander swoops on Alliance & Leicester. (Telegraph)

Citigroup and Merrill reporting this week – more writedowns expected. (Wall Street Journal)

Citigroup’s $1.1 trillion of mysterious assets. (Bloomberg)

Credit Suisse won’t pull out of investment banking. (Reuters)

Boutiques hiring corp financiers. (Financial News)

Ireland’s stock market crash worse than Wall Street circa 1929. (Sunday Times)

Banking bloggers quit banking. (mergers&inquisitions) and hedge funds (FiNTAG)

Solicitor battles ‘ageist’ law firm, made him retire at 65. (The Times)

Middle classes hit the charity shops. (Guardian)

Americans turn off the air con. (Wall Street Journal)