The federal government has taken control of mortgage giants Fannie Mae and Freddie Mac. Top executives at both companies have been relieved of their duties, and the recently formed Federal Housing Finance Agency has been appointed conservator of the two government-sponsored enterprises (GSEs), charged with reorganizing and rehabilitating their business affairs.

The Federal Housing Finance Agency (FHFA) announced yesterday that it has filed an official notice of Establishment of a New Independent Agency with the Federal Register’s office. FHFA said this record provides formal public notice of the existence of the agency, its purpose, and the chapter of the Code of Federal Regulations (CFR) that it will employ for public dissemination of regulations, guidances, and other publications.

Merrill Lynch & Co., Inc. announced that Michael Nierenberg from JPMorgan Chase will be joining the firm to head global mortgages and securitized products businesses, and that James De Mare from Citigroup will also be joining to run the company’s mortgage trading operations.

Sacramento, California-based TheHomeBuyingCenter.com matches REO and foreclosure properties with investors and potential home buyers. According to the online real estate investor company, buying a foreclosed home is a goal of many prospective home buyers including first-time home buyers, but the process is not always simple.

The Mortgage Bankers Association released the results of its national delinquency survey for the second quarter today. Delinquency and foreclosure rates increased in the April-June time period, with both stats setting new records in the 39-year history of the survey.

MDA Lending Solutions, a subsidiary of MacDonald Dettwiler and Associates, has named John Walsh as the new president of its MDA DataQuick division. Walsh is tasked with managing the day-to-day operations of the company, which monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies, and industry analysts.

Wells Fargo & Co. and Century Bancshares, Inc., have signed a definitive agreement for Wells Fargo to acquire Century Bancshares and its banking operations in Dallas-Fort Worth, and Texarkana, Texas and Arkansas, in a stock-for-stock merger.

Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, has named Scott Mort as its Southwest regional manager. According to the cooperative, Mort’s responsibilities will focus primarily on servicing existing members within the region, as well as recruiting qualified mortgage bankers to join the organization.

JPMorgan Chase & Co. (JPM) has completed internal restructuring transactions related to the acquisition of The Bear Stearns Companies LLC (formerly known as The Bear Stearns Companies, Inc.), the $1.

In a press statement yesterday, Freddie Mac reminded its servicers of the disaster relief options available to borrowers with Freddie Mac-owned mortgages, who were affected by Hurricane Gustav earlier this week.