In a Money Morning commentary back in April, I suggested that while we’d hit a new market bottom, we almost certainly hadn’t hit the market bottom. So have we now?

Standing on the steps of the U.S. Treasury building across the street from the White House, Treasury Secretary Henry Paulson asked Congress for the power to prop up Fannie Mae (FNM) and Freddie Mac (FRE), the two failing mortgage giants involved with nearly half of the $12 trillion U.S. mortgage market.