This Thursday morning, the Federal Reserve Bank of New York announced its intentions to conclude arrangements for the financing of JPMorgan's acquisition of Bear Stearns by June 26 and finish valuating the investment bank's portfolio.

"The New York Fed, in coordination with JPMorgan Chase, is working carefully and expeditiously to put in place the operational arrangements necessary for the transfer of the portfolio to take place," read the press release on the Empire Fed's website.

This was one of Wall Street's largest mortgage backed securities players.

Bear fell into trouble in June of last year when two of its hedge funds collapsed. From that point forward, the firm never really recovered from the mortgage mess.

JPMorgan's buyout essentially pegs Bear Stearns' stock at about $10/share; that came after Bear shareholders had balked at an earlier $2/share offer. Of course, even the larger offer is of little consolation for many, given that the stock traded well above $150/share last year. Many will be wiped out after the deal is closed, which is expected to take place on Friday.

One more victim to this whole mortgage meltdown.