The housing crisis continues to hit the buckeye state hard. The Mortgage Bankers Association says Ohio is one of eight states where new foreclosures are most common. The group says Ohio's large population does play a part in the problem. The troubles in the mortgage market are worst in California and Florida. This comes as a record nine percent of American homeowners with a mortgage, were either behind on payments, or in foreclosure at the end of June.

Meanwhile, a bombshell may drop at Fannie Mae and Freddie Mac. A number of sources and reports say the federal government will seize the mortgage giants. A rescue could happen as early as tomorrow. Fannie and Freddie are crucial players in the market. Together, they hold, or back, almost half the nation's mortgages, worth more than 5 Trillion dollars. Any rescue is expected to cost taxpayers untold billions. Fannie and Freddie shareholders would lose everything. Just five weeks ago, President Bush signed a law giving the feds authority to bail out the companies.