Too big to fail.  That’s the message I get about CFC in this crisis.  As the nation’s largest mortgage lender, it isn’t so unexpected that they would get bailed out in this new economy that has become (at best), a hybrid of free market capitalism.  CEO Mozilo did all the right things by tapping himself out with that $11.5 billion credit line draw and all the other stuff that obviously went on behind the scenes.   How involved was the Fed in directly dealing with CFC?  To be honest, I am so overwhelmed by all the government intervention and their sentiment management that I am almost past caring.  Bank of America did a great thing for their investors.  Their investment is a sweeeeeeeeet deal.  As for CFC shareholders, I think many of them are speculators now and the long term holders that you can still call investors - well I suspect they are just happy to have been bailed out.