The U.S. Treasury took over Fannie Mae and Freddie Mac this past weekend, putting them under "conservatorship" and making regulators the "go to" people for the foreseeable future.

Did they have to do this? Yes. (Learn why here.) Will it ultimately be good for you? No!

Let's start with the good news: Mortgage rates, which have been creeping up ever since Wall Street started worrying about the two mortgage giants, will more than likely come down now.

But, the fall in housing prices will continue, although, we hope, at a slower pace.

Why didn't the Treasury Department go further? That's the $200 billion question.

Although Fannie and Freddie will now be limited in the amount of risk in which they may engage, that won't begin until 2010. So, in the meantime, you and I are on the hook for a possible $200 billion tax bill in the future.

The biggest potential crime in the past weekend's folly is that these two companies could re-merge from conservatorship with the exact same business plan that landed them in the soup in the first place!

The heartbreak of it all is that Congress could have prevented this mess during the Clinton administration, when I (Daria here) was warning listeners to our show to avoid investing in the stocks of both companies. Unfortunately, Congress loved what the Fannie and Freddie lobbyists could do for them and so our elected "representatives" let the band play on.

Well, the music has stopped now and we taxpayers are the ones left standing.

Isn't it sickeningly funny that, through all this mortgage turmoil, people with good credit still have been able to get mortgages at low rates? Make sure that your credit rating is strong. With this latest government debacle, it will be all you can count on!

For more information:

• What the Fannie and Freddie Flap Means to You
• Bank Failures on the Rise: Is Your Money Safe?
• How to Negotiate the Best Mortgage