:: Business News ::

• 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.

  
  

• 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.

  
  

• U.S. seeks delay of civil case vs. Bear managers (Reuters)

  Reuters - U.S. federal prosecutors asked securities regulators to delay a civil case against two former Bear Stearns hedge fund managers while they hold grand jury hearings in building a criminal case against the pair.

• 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.