AP - While the Bush administration shifts course on its $700 billion rescue plan, Congress is examining whether even bigger changes should be made in the program in light of the deteriorating economy and soaring mortgage foreclosures.

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AFP - The US government abandoned plans to buy up the toxic mortgage assets at the heart of the global financial crisis, a reversal that helped send ailing world markets spiralling even lower.

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Reuters - Federal criminal probes into mortgage lending will likely produce many indictments under Barack Obama's presidency, legal experts said on Wednesday.

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Reuters - Stocks sank on Wednesday for the third day after the United States backed away from using its $700 billion bailout to mop up sour mortgages and added to uncertainty about how the government plans to revive bank lending.

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Reuters - The Bush administration on Wednesday largely abandoned its plan to buy up toxic mortgage assets and said it will focus its $700 billion financial bailout fund on making direct investments in financial institutions and shoring up consumer credit markets.

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Reuters - Stocks tumbled on Wednesday after the country's top electronics retailer warned the current business climate was the worst in 40 years, adding to recent economic gloom.

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