Reuters - A "credit recession" sparked by the U.S. housing market downturn and excesses in structured finance may last more than two years, and the financial sector will undergo "massive consolidation," leading Wall Street strategists said on Wednesday.

Reuters - Massachusetts authorities sued H&R Block Inc on Tuesday, charging that its mortgage unit discriminated against black and Latino borrowers and escalated a crisis over property foreclosures in the state.

Reuters - Massachusetts authorities sued H&R Block Inc on Tuesday, charging that its mortgage unit discriminated against black and Latino borrowers and escalated a crisis over property foreclosures in the state.

Reuters - Wachovia Corp ousted its chief executive, sending the bank's shares lower on speculation that loan losses tied to the purchase of a big mortgage lender could widen.

Reuters - Downgrades of three U.S. investment banks, an ouster of Wachovia's chief executive, and a bleak U.K. housing market outlook from a British mortgage lender shook markets on Monday, reigniting fears that the global credit crunch will continue to hurt the world economy.

Reuters - U.S. stocks slid on Monday on renewed fears the credit crunch has yet to run its course after Standard & Poor's downgraded debt ratings of three big securities companies and Wachovia , the fourth-largest U.S. bank, ousted its chief executive.

AFP - Wachovia, one of America's biggest banks, said Monday that its chief executive Ken Thompson is leaving the bank as its board of directors seeks to stem hefty losses tied to troubled mortgage loans.

AP - Less than a month after losing his chairman post, and more than two years after an ill-timed acquisition of California mortgage lender Golden West Financial Corp., Wachovia Corp. said Monday that board members have forced CEO Ken Thompson to retire from the nation's fourth-largest bank.

AP - Washington Mutual Corp., hard-hit by the mortgage and credit crises, said Monday it will replace Chief Executive Kerry Killinger as chairman of the board and take other steps to improve corporate governance.

Reuters - Bradford & Bingley issued a stark warning on the state of the UK mortgage market on Monday and slashed the price of its emergency fundraising to secure a private equity lifeline, hitting bank shares across Europe.

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.