Reuters - Bank of America expects to complete its acquisition of mortgage lender Countrywide Financial Corp by July 1, a source familiar with the matter told Reuters on Thursday.

Reuters - A Congressional ethics panel is examining allegations that two Senate Democrats, including the sponsor of a major housing bill, received preferential loans by troubled mortgage lender Countrywide Financial Corp, a member of Congress said on Thursday.

Reuters - The U.S. housing crisis produced its first high-profile Wall Street arrests on Thursday, while the Bush administration called for broadening the Federal Reserve's powers over investment banks and said it has charged hundreds of people in a mortgage fraud probe.

AFP - Two ex-Bear Stearns executives were indicted Thursday as officials unveiled charges against 406 people in a huge probe into fraud, which helped fuel the housing crisis and infect the global economy.

AP - Two former Bear Stearns hedge fund managers were hauled into jail Thursday and charged with lying to investors about the collapse of the subprime mortgage market, perhaps signaling the start of a wave of prosecutions arising from the housing meltdown.

Reuters - Switzerland's central bank is demanding UBS and Credit Suisse build a bigger financial cushion to save a repeat of the subprime mortgage disaster that spoilt the country's reputation as an unshakeable powerhouse.

AP - Two former Bear Stearns managers were arrested Thursday on securities fraud and other charges linked to the collapse of a hedge fund that bet heavily on subprime mortgages before the market collapsed, federal authorities said.

Reuters - The Nasdaq rose on Thursday as top technology companies and other exporters benefited from tumbling oil prices, seen as easing strains on global economic growth.

Reuters - Congress should examine preferential loans to two Senate Democrats, including the sponsor of a major housing bill, by mortgage lender Countrywide Financial Corp, a senior Democratic lawmaker said on Thursday.

AP - Rates on 30-year mortgages kept surging this week, rising to the highest level in nearly nine months, reflecting more concerns about what the Federal Reserve will do to combat a growing inflation threat.

AP - More than 400 real estate industry players have been indicted since March — including dozens over the last two days — in a Justice Department crackdown on incidents of mortgage fraud nationwide that have contributed to the country's housing crisis.

AFP - Two former Bear Stearns hedge fund managers were indicted Thursday, officials said as they unveiled charges against more than 400 people in a wide-ranging probe of mortgage abuses during the US housing boom.

Reuters - The Senate will begin debate on a major housing market rescue bill on Thursday, Senate Majority Leader Harry Reid said on Wednesday, spurning calls for delay by Republicans who cited concerns about a controversy involving two Democrats and a mortgage lender.