Reuters - Wachovia Corp ousted its chief executive, following growing legal troubles and loan losses tied to the purchase of a big mortgage lender just before the housing market imploded.

Reuters - Stocks slid on Monday on renewed fears the credit crunch has yet to run its course after Standard & Poor's cut its ratings on three big securities firms, Wachovia ousted its chief executive, and a British mortgage lender said the UK home market was in dire straits.

Reuters - U.S. private equity firm Texas Pacific Group has agreed to take a 20 percent stake in Bradford & Bingley in a much-needed boost for the embattled UK mortgage lender, a source familiar with the matter said on Monday.

Reuters - JPMorgan Chase & Co said on Saturday it completed its $1.4 billion Bear Stearns Cos takeover, capping the demise of a Wall Street firm that survived the Depression and numerous slumps in its 85 years but could not navigate the mortgage crisis.

AP - The European Central Bank celebrates its 10th birthday Monday with its reputation burnished by a steadfast stance on interest rates and quick action to supply banks with cash during the credit crisis over mortgage-backed securities.

AFP - The dollar strengthened Thursday after US growth figures were revised higher, suggesting underlying strength in the economy despite the ravages of the subprime mortgage crisis.

Reuters - Defaults on privately insured mortgages rose sharply in April, showing homeowners continue to struggle to keep up with loan payments.

AP - Rates on 30-year mortgages jumped this week to the highest level since mid-March as investors began to worry about what the Federal Reserve will do to combat growing inflation pressures.