AP - Congress is moving quickly to pass a housing package that aims to help 400,000 strapped homeowners avoid foreclosures and prevent Fannie Mae and Freddie Mac from collapsing.

Reuters - Stocks rose on Wednesday as financial shares climbed on hopes lawmakers will approve the rescue plan for mortgage finance companies Fannie Mae and Freddie Mac and the price of oil fell.

AFP - Banking giant Wachovia took a hit from the US housing slump with a quarterly loss announced Tuesday of 8.662 billion dollars but its shares surged as it unveiled job cut and other steps to shore up its finances.

AP - Treasury Secretary Henry Paulson spent another day stumping for the U.S. banking system, declaring Tuesday that his top priority was ensuring "stability and confidence in our markets and financial institutions."

AP - A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday, as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to help save homeowners from foreclosure.

Reuters - A Bush administration plan to bolster Fannie Mae and Freddie Mac could cost U.S. taxpayers $25 billion, congressional analysts said on Tuesday in a report that triggered debate as Congress moved toward approving a major housing market rescue package.

AP - Washington Mutual, the Seattle-based bank known for its buoyant advertising slogan, "Whoo hoo!," had little to cheer about as it reported a staggering $3 billion loss — the biggest quarterly loss in its history.

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.