Fannie and Freddie to go into Conservatorship?

The WSJ is reporting that Fannie and Freddie will be put into a conservatorship, with the Federal Housing Finance Authority as conservator. So the plan is to put two gigantic and vital companies into a conservatorship that's unprecedented in both nature and size, and to appoint as conservator an agency that's been in existence for just over 5 weeks? And this is supposed to calm the markets?

If we're going to nationalize the GSEs, just come out and nationalize them already.