[Kube]

That grease fitting at each rear - outer bearing was eliminated very late in 1939. Some early '40 Fords were equipped with them. They were eliminated as all too often they were over utilized and as such, the brakes would get "soaked".
It appears that the seals within the axle housings have failed. A very typical dilemma. New, good quality seals are readily available. The axle housings must be removed to install new seals. New seals, $6. Labor, about $500. Easy task but time consuming.