AP - The federal government on Friday stepped in to bolster the teetering $3 trillion money-market mutual fund industry and stem a wave of withdrawals that resembled a Depression-era run on the banks — sparked largely by panicked institutional clients rather than individual investors in what are normally considered to be the safest of investments.

Reuters - The U.S. Treasury would have authority to buy whole loans, collateralized debt obligations and mortgage-backed securities under an evolving financial market rescue plan, CNBC reported on Friday, citing an unnamed Treasury official.

Reuters - The U.S. Treasury will propose a $500 billion to $800 billion government program to take toxic mortgage-related assets off the books of U.S. financial firms, banking industry sources said on Friday.

Reuters - The United States surged into action on Friday to launch an all-out attack against the worst financial crisis since the Great Depression, readying a plan to tap hundreds of billions of dollars in taxpayer funds to buy up toxic mortgage-related debt.

Reuters - The U.S. government curbed short-selling and guaranteed money-market mutual funds on Friday as it worked on a sweeping bailout to mop up hundreds of billions of dollars in toxic mortgage debt, sending global stock markets soaring.

AP - Global stock markets roared higher on Friday after news of a possible U.S. government plan to rescue banks from toxic mortgage debt raised a collective sense of hope amid the world's worst financial crisis in decades.

AP - Treasury Secretary Henry Paulson announced Friday that mortgage giants Fannie Mae and Freddie Mac will step up their purchases of mortgage-backed securities to help provide support to the crippled housing market.

Reuters - U.S. Treasury Secretary Henry Paulson, leading a push for a taxpayer-funded plan to contain the credit market crisis, said on Friday he would ask Congress to take action on this next week and that the Treasury was taking immediate steps in the meantime.

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.