Reuters - The U.S. government was crafting a sweeping bailout to mop up toxic mortgage debt that will likely cost hundreds of billions of dollars, curbed short-selling and guaranteed money-market mutual funds, sending global stock markets soaring on Friday.

AFP - Reports that the US government is preparing the creation of a new entity to rescue troubled financial firms lifted Wall Street Thursday and raised hopes for an end to the credit crisis.

Reuters - Presidential candidate Barack Obama urged the Federal Reserve and the Treasury on Thursday to take emergency steps to keep credit flowing to the troubled housing market, saying it would help stem the crisis sweeping financial markets.

Reuters - Washington Mutual Inc , the large U.S. savings and loan beleaguered by mortgage losses, continues to explore all options, such as talking to potential buyers or raising capital, sources familiar with the situation said on Thursday.

AP - Asian stock markets soared Friday after a punishing week as news of a possible U.S. government plan to rescue banks from toxic mortgage debt brought hope of a letup in the world's worst financial crisis in decades.

Reuters - A radical U.S. taxpayer-funded plan to restore confidence in battered financial markets by mopping up toxic mortgage-related debt triggered a rally in stocks, but raised questions over how long it would take and how it would work.

AFP - US President George W. Bush promised more action to help stricken markets Thursday as central banks staked billions of dollars to douse a firestorm of credit woes threatening to claim more victims.

Reuters - Lloyds TSB rescued Britain's biggest mortgage lender HBOS Plc on Thursday in a $22 billion takeover as the government swept aside competition rules to ease the deal through.

Reuters - Wall Street's manic dealmaking reached a new pitch on Wednesday as U.S. share prices plummeted to three-year lows and forced increasingly desperate major banks to scramble for merger partners.

AFP - Lloyds TSB has reached a deal to merge with HBOS, Britain's biggest mortgage lender, after the latter's shares plummeted for a third day running, British media reported Wednesday.

AFP - HBOS, Britain's biggest mortgage lender, has reached a deal to merge with its rival Lloyds TSB, media reports said Wednesday, after the lender's shares plummeted for a third day running.

Reuters - British bank Lloyds TSB has agreed to buy rival HBOS Plc to create a 28 billion pound ($50 billion) mortgage company, a person familiar with the matter said on Wednesday, making it the latest troubled bank to be forced into the arms of a better-funded rival.

Reuters - Washington Mutual Inc , the giant U.S. savings and loan beleaguered by mortgage losses, has put itself up for sale, sources familiar with the matter said on Wednesday.