Fannnie May and Freddie Mac nationalized

http://money.cnn.com/2008/09/07/news/companies/fannie_freddie/?postversion=2008090716

I'll let the article speak for itself but in short

1) Don't Panic
2) Watch your 401k and investments tomorrow and throughout the week. Read your terms and conditions because many of them will sell at the closing price the NEXT DAY when you enact a trade. In that case it is better to hold
3) Money markets are typically stable places that you can usually move money into
4) This is typically a good time to sell short.

If you had fannie/freddie stock, both the common stock and the preferred stock has been eliminated (it's now just paper).

Please review your finances with care if you can, and do things with wisdom and order.