AP - Fannie Mae is making bold cutbacks that will send shock waves through the mortgage market, after posting a quarterly loss Friday that was three times larger than Wall Street expected.

AFP - Struggling home finance giant Fannie Mae Friday reported a massive second quarter loss of 2.3 billion dollars, more than three times analysts' estimates.

Reuters - Stocks jumped on Friday as the U.S. dollar's rally helped push oil prices down to nearly $116 a barrel, reducing inflation fears and improving prospects for stronger business and consumer spending.

AP - Fannie Mae swung to a second-quarter loss that was more than triple what Wall Street expected as conditions in the housing market continued to deteriorate, forcing the mortgage finance giant to make bold cutbacks that will send shock waves through the mortgage market.

AFP - Struggling mortgage finance giant Fannie Mae unveiled Friday a steeper-than-expected quarterly loss and announced dramatic measures to weather the worst US housing slump in decades.

Reuters - Fannie Mae on Friday posted a much larger-than-expected second-quarter loss and slashed its dividend more than 85 percent to preserve capital as home loan defaults accelerated in the bleakest U.S. housing market since the Great Depression.

AP - Wall Street rebounded sharply Friday as another drop in oil prices eased worries over losses at mortgage finance company Fannie Mae. The Dow Jones industrials rose about 300 points, more than wiping out their losses from the previous session.

AP - Wall Street tumbled Thursday as further troubles in the financial sector, higher unemployment and lackluster retail sales touched off fresh concerns about the economy. The Dow Jones industrials skidded nearly 225 points, while bond prices shot higher as investors once again sought the safety of government debt.

Reuters - U.S. consumer credit expanded at the fastest rate in seven months in June as Americans turned to credit cards and consumer loans to maintain spending in the face of rising food and energy costs, a government report on Thursday showed.

AP - Wall Street retreated Thursday after weekly unemployment claims jumped to a six-year high and Wal-Mart Stores Inc. and other retailers reported disappointing sales, touching off renewed fears that a pullback in consumer spending will damage the economy. The Dow Jones industrials fell about 120 points.

Reuters - American International Group Inc said on Thursday potential cash losses on its portfolio of credit default swaps tied to risky mortgage debt could be as high as $8.5 billion, much more than previously disclosed.

AP - Freddie Mac on Wednesday posted a second-quarter loss that was more than three-times larger than Wall Street expected as a huge number of borrowers with good credit fell behind on their exotic and risky mortgages.