It's not grease, it's rust. It looks like the car has been submerged at least to the axles, but it could be caused by a lot of things.
As per wheee!, I'd pull the rotor and inspect the bearings - it's been a long time since I saw that much rust in that area on a car. Might as well regrease while you're in there. Clean all the ferrous parts well and apply some high-temp paint (or a VERY light coat of grease) to everything that is not close to the rotor. Put it back together.
If you see any problems, especially with the bearing, I'd check the other three, too.
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