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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.

Reuters - Stocks of Fannie Mae and Freddie Mac, the largest U.S. housing finance companies, rallied for a third straight day on Wednesday as investors grew more confident their shareholdings would not be wiped out by a government intervention.

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.

Reuters - A federal judge has dismissed a lawsuit accusing the now-bankrupt mortgage lender IndyMac Bancorp Inc of inflating the appraised values of homes and misleading borrowers into paying higher closing and financing costs.

Reuters - Stocks advanced moderately on Wednesday on an unexpectedly strong rise in orders for durable manufactured goods and resilience in the financial sector.

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.

Reuters - New orders for long-lasting U.S. manufactured goods jumped a surprising 1.3 percent in July as businesses ramped up spending plans and demand for a wide array of items rose, a government report showed on Wednesday.

Southwest Airlines Co., which had resisted the kinds of capacity cuts being made by other carriers, will eliminate nearly 200 flights early next year as it struggles with high fuel costs and a weakening economy.

The move raised doubts about the company's publicly stated goal of growing modestly in 2009 despite the airline industry's troubles.

Wednesday, August 27, 2008; D02

LEGAL

Mattel Wins $100 Million Award

A federal jury awarded Mattel Inc. $100 million in damages in a copyright lawsuit that pitted the house of Barbie against MGA Entertainment, the maker of the popular Bratz dolls.

Reuters - U.S. computer group International Business Machines widened its market share lead over rival Hewlett-Packard Co in worldwide server shipments in the second quarter, researcher IDC said on Wednesday.