Fannie Mae announces management shakeup (Reuters)
Reuters - Mortgage-finance company Fannie Mae on Wednesday announced a management shake-up in an effort to come to grips with mounting credit losses and a shrinking capital base.
Fed's Lockhart urges patience amid strained mkts (Reuters)
Reuters - The Federal Reserve must be "very vigilant"amid strained financial markets while exercising patience over interest rates as it waits for inflation to ease, a top Fed policy-maker said on Wednesday.
Man accused in extortion scheme blames Blackstone (Reuters)
Reuters - A man accused of trying to extort millions of dollars from his son-in-law, an executive of the Blackstone Group LP , on Wednesday blamed the private equity firm for his "malicious"arrest and charges.
Strong data, financials drive stocks higher (Reuters)
Reuters - Stocks rose on Wednesday as surprisingly strong data on durable goods orders soothed some concern about the sluggish economy while Fannie Mae and Freddie Mac led a rally in financial shares.
Three Fannie Mae execs out, shares rally earlier (Reuters)
Reuters - Fannie Mae , the biggest U.S. mortgage finance company, on Wednesday announced a shake-up of top executives, including the exit of its chief financial officer, in an effort to better implement a plan to preserve capital and cut losses.
Thornburg survival in doubt, sees completing tender (Reuters)
Reuters - Thornburg Mortgage Inc , a specialist in jumbo home loans, said its survival remained in doubt following additional margin calls, but it is on track to complete a restructuring and avoid collapse.
Chico's profit beats; J Crew cuts view (Reuters)
Reuters - Apparel retailers Chico's FAS Inc and American Eagle Outfitters Inc posted better-than-expected profits on Tuesday despite taking deep markdowns to lure shoppers of all ages, sending their shares higher.