Reuters - Bank examiners from the U.S. Federal Reserve and the Comptroller of the Currency are inspecting the books of mortgage finance companies, Fannie Mae and Freddie Mac , The New York Times reported on Tuesday.

Reuters - Wachovia Corp , the fourth-largest U.S. bank, on Tuesday posted an $8.86 billion second-quarter loss, slashed its dividend and announced the elimination of more than 10,700 jobs after losses tied to mortgages soared.

AP - Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The bank said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.

AP - Treasury Secretary Henry Paulson said Congress needs to quickly approve a support package for Fannie Mae and Freddie Mac to make sure the two mortgage giants maintain their critically important role in housing finance.

Reuters - A Bush administration plan to rescue Fannie Mae and Freddie Mac could cost U.S. taxpayers $25 billion, congressional budget analysts said on Tuesday as Congress worked to complete sweeping housing market legislation.

AFP - Banking giant Wachovia took a severe hit from the US housing slump with a second-quarter loss of 8.662 billion dollars as it announced plans Tuesday to cut jobs and end wholesale mortgage operations.

AP - A federal rescue of troubled mortgage giants Fannie Mae and Freddie Mac could cost taxpayers as much as $25 billion, Congress' top budget analyst said Tuesday.

Reuters - Bank of America Corp reported quarterly profit on Monday that fell less than expected on record revenue, boosting shares of the largest U.S. retail bank and mortgage lender despite a surge in bad loans.

Reuters - Bank examiners from the U.S. Federal Reserve and the Comptroller of the Currency are inspecting the books of mortgage finance companies, Fannie Mae and Freddie Mac , The New York Times reported on Tuesday.