Reuters - A California law firm will sue Fannie Mae on Tuesday on behalf of holders of the mortgage finance company's preferred shares, a lawyer with the firm said late on Monday. Read more…

Reuters - Standard & Poor's on Monday cut its ratings on Washington Mutual Inc into junk territory, citing exposures the bank has to bad mortgage debt and volatile markets. Read more…

AP - The federal government will offer a three month moratorium on mortgage foreclosures that are insured by the Federal Housing Authority to residents living in Texas and Louisiana disaster areas. Read more…

Reuters - National City Corp , a U.S. Midwest regional bank battered by mortgage losses, has won stockholder approval to authorize new shares to allow for a $7 billion capital infusion, the bank said on Monday. Read more…

AFP - London shares closed lower on Monday as the FTSE suffered repurcussions from the global crisis caused by the filing of bankruptcy by US banking giant Lehman Brothers and Merrill Lynch's imminent purchase by Bank of America.. Read more…

AFP - London's FTSE 100 index of leading shares plunged 5.25% in midday trade on Monday following the collapse of US investment giant Lehman Brothers. Read more…

AFP - London's FTSE 100 index of leading shares slid 2.28 percent at the start of trading on Monday straight after falling by 0.72 percent at the open, following the collapse of US investment giant Lehman Brothers. Read more…

AFP - US investment giant Lehman Brothers announced its bankruptcy early Monday as the Federal Reserve and major global banks moved to shore up financial market shaken by the housing and mortgage crisis. Read more…

AP - If the mortgage meltdown is like a financial hurricane, then think of Lehman Brothers as a casualty that waited too long to cry for help. Read more…

Reuters - American International Group Inc, left with deep financial scars from losses on guarantees it wrote to cover mortgage-linked securities, is expected to sell off assets, including a profitable aircraft leasing arm, the Wall Street Journal report on Sunday. Read more…

AFP - The crisis roiling the financial sector will probably grind on for some time, but European banks should be able to avert serious trouble, EU finance chiefs said. Read more…

Reuters - Financial regulators have decided how multi-million dollar severance packages for the departing chief executives of mortgage giants Fannie Mae and Freddie Mac could be limited. Read more…

AFP - The rescue of mortgage giants Fannie Mae and Freddie Mac may be a master stroke that averts a global financial calamity, or one of the biggest economic boondoggles in history, analysts say. Read more…

AFP - EU finance ministers backed plans on Saturday to hike public lending to credit-starved small and mid-sized firms, hoping to give the faltering European economy a boost. Read more…

AP - EU governments started talks Saturday on ways to curb soaring prices that have hit their economy hard by holding back consumer spending. Read more…

AFP - EU finance ministers clashed Saturday on whether to shake up European sales tax rules to allow especially reduced rates for targetted services and products. Read more…

Reuters - The director of the White House Budget Office on Friday said that operations of mortgage companies Fannie Mae and Freddie Mac seized by the government last week should not be treated as part of the federal budget. Read more…

Reuters - Stocks fell on Friday as fears about the survival of investment bank Lehman Brothers and the possibility of more mortgage-related losses at American International Group weighed on financial shares. Read more…

AFP - EU finance ministers will propose on Saturday that the European Investment Bank boost lending to small- and mid-sized firms by half in 2008 and 2009 to 15 billion euros (21 billion dollars), according to a document seen Friday. Read more…

Reuters - Shares of American International Group Inc fell almost 30 percent on Friday as investors grew increasingly concerned that its large exposure to mortgages is backing it into a corner. Read more…

AFP - London shares rose strongly Friday on prospects that beleaguered US investment bank Lehman Brothers might soon be saved and a report that it was in rescue talks. Read more…

AP - Germany warned Friday that an economic stimulus package for Europe "would only burn up money" as EU finance ministers started talks on how they could lift economies that are flirting with recession. Read more…

Reuters - Fears that American International Group Inc's large mortgage exposure could trigger another round of losses has rankled investors so much that the insurer has lost its iron grip as the world's industry leader by market value. Read more…

AP - Washington Mutual says it will take another multibillion write-down for bad bets on mortgage securities but insists it has adequate capital to fund its operations amid concern about the thrift's financial stability. Read more…

Reuters - The Treasury will guarantee the mortgage securities and debt issued by Fannie Mae and Freddie Mac that currently exist and those issued at least into 2010, the Treasury said. Read more…