AFP - The US Senate on Saturday approved an elaborate housing rescue plan designed to help thousands of homeowners avert foreclosure and bolster mortgage finance giants that have struggled amid a volatile housing market.

Reuters - The U.S. Congress approved a massive housing market rescue bill on Saturday, offering emergency financing to Fannie Mae and Freddie Mac , creating a new regulator for the mortgage titans and setting up a $300 billion fund to help troubled homeowners.

AFP - The US Senate on Saturday approved an elaborate housing rescue plan designed to help thousands of homeowners avert foreclosure and bolster mortgage finance giants that have struggled amid a volatile housing market.

Reuters - The U.S. Congress approved a massive housing market rescue bill on Saturday, offering emergency financing to mortgage titans Fannie Mae and Freddie Mac, and setting up a $300-billion fund to help hundreds of thousands of troubled homeowners.

Reuters - Stocks rose on Friday as a drop in oil prices, and stronger-than-expected data on consumer sentiment and housing blunted the latest concerns about the health of U.S banks.

Reuters - Housing market rescue legislation cleared a procedural test vote in the U.S. Senate on Friday ahead of final passage expected on Saturday, and lawmakers asked banks to suspend further foreclosures until a new mortgage refinancing program gets going on October 1.

AP - With many banks still reporting massive writedowns and even quarterly losses from bad mortgage investments, it certainly seems like an odd time for financial stocks to rally.

Reuters - U.S. investment bank JP Morgan has held talks with potential partners about forming a consortium to break up British mortgage lender HBOS , The Daily Telegraph newspaper reported.

Reuters - The U.S. Senate voted on Friday to limit debate on a bill aimed at shoring up both the housing market and mortgage finance companies Fannie Mae and Freddie Mac, paving the way for a final vote expected on Saturday.

Reuters - The Dow and S&P 500 moved into negative territory on Friday, erasing earlier gains after Standard & Poor's said it may cut the subordinated debt and preferred stock ratings of Fannie Mae and Freddie Mac .

Reuters - A sweeping bill to aid the battered U.S. housing market and provide an emergency backstop for the mortgage finance system cleared a procedural hurdle in the Senate on Friday, setting it up for a Saturday vote.

AP - Regional bank National City Corp. on Thursday reported a $1.76 billion loss for the second quarter, as mortgage loans soured and it took a big charge related to previous acquisitions.

Reuters - The Senate was on course for a Saturday vote to approve a major housing market rescue bill with a lifeline for Fannie Mae and Freddie Mac and bond market action on Thursday indicated investors in the two mortgage finance giants were encouraged.