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IndyMac depositors pull cash as mortgage woe soars (Reuters)

Reuters - IndyMac Bancorp Inc said on Tuesday depositors were withdrawing cash at an "elevated" pace after a key U.S. senator questioned the big mortgage lender's ability to survive the U.S. housing crisis.

Ka-ching! Consumers borrow mostly on credit cards (AP)
AP - Consumers boosted their borrowing in May, mostly reflecting heavy credit card use to finance their purchases.
ALL BUSINESS: Wall Street CEOs should return pay (AP)
AP - If Wall Street CEOs really want to revive their credibility, they should return the bloated bonuses they got when they made what eventually turned into wrongheaded bets on the mortgage market.
Fannie, Freddie rise after dive a day earlier (AP)
AP - Shares of mortgage financiers Fannie Mae and Freddie Mac bounced back Tuesday, a day after plunging over worries the pair might need billions of dollars in new capital if a new accounting rule is put into effect.
SEC finds shortcomings in credit raters (Reuters)
Reuters - Credit rating agencies did not properly manage their conflicts of interests when assigning ratings to structured products such as mortgage-backed securities, a report by the U.S. Securities and Exchange Commission said on Tuesday.
Fed plans new rules to protect future homebuyers (AP)

AP - The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs.

Fannie, Freddie shares gain after OFHEO comments (Reuters)

Reuters - Shares of Fannie Mae and Freddie Mac , the two largest providers of U.S. mortgage finance, rose after their regulator said on Tuesday that they should have adequate returns to raise capital.

Stocks rise on decline in oil, Bernanke talk (AP)

AP - Wall Street finished sharply higher Tuesday as oil prices dropped sharply for the second straight day and investors were encouraged by the possibility of more help for the ailing financial system. The Dow Jones industrials gained more than 150 points, and all the major indexes were up more than 1 percent.

IndyMac stops new loans, to cut work force by half (AP)

AP - Mortgage lender IndyMac Bancorp Inc., struggling to raise capital to stay in business, said Monday it has stopped accepting new loan submissions in its main mortgage lending divisions and plans to slash 3,800 jobs, or more than half of its work force.

Financial worries weigh on Wall Street (Reuters)

Reuters - Stocks fell on Monday on concerns that the top two mortgage providers would have to raise even more capital, severely devaluing existing shareholders' stakes, while big energy companies fell along with oil prices.

Treasuries move higher on concerns about economy (AP)
AP - Treasury bonds rose Monday as investors fled the stock market amid growing concerns about the financial sector. A Federal Reserve official warned that financial companies' problems might worsen, and a Wall Street analyst raised questions about government lenders Freddie Mac and Fannie Mae.
Employers use federal law to deny benefits (AP)

AP - Dying of cancer, Thomas Amschwand did everything he was told to make sure his wife would collect on the life insurance policy he had through his employer.

TPG pulls out of Bradford & Bingley plan (AP)
AP - Bradford & Bingley PLC said Friday it is revising its plans to raise new capital after U.S. private equity fund Texas Pacific Group pulled out of its agreement to invest more than $350 million in the mortgage banker.
Rates on 30-year mortgages drop to 6.35 percent (AP)

AP - Rates on 30-year mortgages, which had been rising for five straight weeks, posted a decline this week as signals from the Federal Reserve eased worries about imminent rate increases.

Housing market seen getting worse (Reuters)

Reuters - An even gloomier scenario may be in store for an already ailing U.S. housing market if the overall economy slips into a recession, according to UBS Securities analysts.

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