Reuters - The chairman of a key U.S. congressional committee said on Wednesday that legislation is needed to address mortgage servicing companies' failure to modify more distressed mortgages and reduce foreclosures.

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AP - The government may allow more borrowers to qualify for a $300 billion program designed to let troubled homeowners swap risky loans for more affordable ones.

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AP - Ireland's major mortgage provider, Irish Life & Permanent PLC, slashed its profit forecast Wednesday chiefly because of lost investments in the nationalized banks of Iceland.

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AP - Prospective home buyers would get a simpler way to understand often-confusing mortgage terms under new rules issued Wednesday by the federal government.

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Reuters - Fannie Mae , once a mortgage giant, could post losses totaling $20 billion to $40 billion in the next four quarters, as elevated credit costs continue to hurt the company's capital position, an analyst at FBR Capital Markets said.

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AP - Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough. The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable.

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