Headlines
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 Reuters - San Diego's city attorney said on
Wednesday he filed a lawsuit against Bank of America Corp
and its Countrywide unit to prevent the mortgage
lenders from foreclosing on homes in the city, which he aims to
make a "foreclosure sanctuary."
Reuters - Sallie Mae , the largest U.S.
student loan company, said on Wednesday second-quarter net
income fell 72 percent, hurt by restructuring expenses, but
results were better than analysts had expected.
 AP - Rescue legislation sailed through the House on Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac.
AP - Student lender SLM Corp., more commonly known as Sallie Mae, said Wednesday its second-quarter profit plunged 72 percent as funding costs remained high amid further weakening in the credit markets and the company took charges related to its restructuring.
 Reuters - Stocks rose on Wednesday as financial
shares climbed on optimism about a rescue plan for mortgage
finance companies Fannie Mae and Freddie Mac and as the price
of oil fell.
 Reuters - The House of Representatives passed
a massive housing rescue bill on Wednesday while the White
House dropped a threat to veto it, paving the way for measures
aimed at shoring up the worst U.S. housing market since the
Great Depression.
AP - Internet conglomerate IAC/InterActiveCorp, preparing to spin off four of its operating units, said late Tuesday it plans to take about $170 million in charges because the housing crisis has diminished the value of its mortgage and real estate businesses.
 AP - Washington Mutual, the Seattle-based bank known for its buoyant advertising slogan, "Whoo hoo!," had little to cheer about as it reported a staggering $3 billion loss — the biggest quarterly loss in its history.
 AP - A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday, as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to help save homeowners from foreclosure.
AP - Behind their down-home names, Fannie Mae and Freddie Mac are so vital to the economy that the government scrambled to offer them a lifeline. But what exactly are they, and what do they do?
 AP - Treasury Secretary Henry Paulson spent another day stumping for the U.S. banking system, declaring Tuesday that his top priority was ensuring "stability and confidence in our markets and financial institutions."
 AFP - Banking giant Wachovia took a hit from the US housing slump with a quarterly loss announced Tuesday of 8.662 billion dollars but its shares surged as it unveiled job cut and other steps to shore up its finances.
 Reuters - Congressional budget analysts on
Tuesday put a $25 billion cost estimate on a Bush
administration plan to bolster mortgage finance giants Fannie
Mae and Freddie Mac , but raised questions about
a key assumption underlying the plan.
Reuters - Treasury Secretary Henry Paulson said
on Tuesday shoring up housing finance giants Fannie Mae and
Freddie Mac was crucial to ending the slide in housing prices
and easing the strains in financial markets.
Reuters - The Federal Reserve has
a limited role in a government plan to provide financial
support for ailing mortgage finance firms Fannie Mae
and Freddie Mac , Philadelphia Federal Reserve President
Charles Plosser said on Tuesday.
 AP - Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The bank said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.
 Reuters - Wachovia Corp , the
fourth-largest U.S. bank, on Tuesday posted an $8.86 billion
second-quarter loss, slashed its dividend and announced the
elimination of more than 10,700 jobs after losses tied to
mortgages soared.
Reuters - Bank examiners from the U.S. Federal Reserve
and the Comptroller of the Currency are inspecting the books of
mortgage finance companies, Fannie Mae and Freddie Mac
, The New York Times reported on Tuesday.
FT.com - When attorney Bernard Krooks met a client who is an investment banker at one of the top New York City brokerage houses, he noticed an estate planning oversight that would have made it difficult for the client's disabled son to receive a lifetime of adequate and affordable medical care.
AP - Wachovia Corporation, the nation's fourth largest-bank, said Monday that it is leaving the wholesale mortgage lending business.
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