AFP - Wall Street titan Merrill Lynch announced it was dumping billions of dollars of mortgage debt at a steep loss and raising 8.5 billion in new capital, as the US housing crisis continued to devastate the country's banking sector.

Reuters - U.S. Treasury Secretary Henry Paulson said the nation's four biggest banks were ready to kick-start a market for covered bonds that could help significantly expand home mortgage financing.

AFP - The Treasury and four large US banks endorsed plans Monday for "covered bonds," flexible mortgage-backed securities to help pump additional liquidity into the strained housing market.

Reuters - World stocks slipped on Monday as some disappointing earnings in Europe and a survey showing German consumer morale at a 5-year low followed a warning that the United States' major mortgage lenders could lose their top credit rating.

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.

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.