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U.S. mortgage giants Fannie Mae and Freddie Mac will be put into conservatorship and their top executives will be removed, Treasury Secretary Henry Paulson said. The intervention comes after the companies lost billions in the housing market turmoil, with no sign things are getting better.

Iceland has felt the full impact of the global financial crisis.The country is in such a mess that the prime minster has announced it could go bankrupt. The government has taken over three major banks. And now Icelandic officials are in Moscow asking the Russians for a loan. To top it all off, Reuters reports the country went up for sale on eBay, at least momentarily. The listing boasted a habitable environment, Icelandic horses and a somewhat sketchy financial situation. Bidding started at a bargain $1.75, but bidders had many questions, including, "Will my payment be frozen?"

Former Secretary of State Colin Powell endorsed Sen. Barack Obama (D-Ill.) for the presidency yesterday. His announcement, two weeks out from the general election, comes at a critical time for both campaigns and parties. Powell is a Republican and was top adviser to three Republican presidents.

Detroit Mayor Kwame Kilpatrick was charged Monday with perjury, obstruction of justice and misconduct in office after prosecutors said he sent sexually explicit text messages that appear to contradict his sworn denials of an affair with a top aide, who also faces perjury and obstruction of justice charges.

The group that governs Internet names is allowing for more "top-level domain names" — that's the technical term for endings like dot-com and dot-net. Nearly 2,000 applications poured in from companies hoping to grab domain name endings like dot-app, dot-eat and dot-baby. Google spent more than $18 million to apply for the rights to obvious endings like dot-google and dot-goog. It's also among seven companies that applied to own dot-love.

Mo Donegal won the 154th Belmont Stakes, the third and final race of the Triple Crown series, at Belmont Park in Elmont, N.Y., on Saturday. The horse was a top contender coming into the race.

The unforgettable "Go See Cal" jingle turned Cal Worthington into one of the nation's top car dealers. At 88, he's still appearing in ads with his "dog" Spot and strategizing about how to give the foundering industry a boost.

Chrysler's journey through bankruptcy is going more smoothly than some expected. A top Chrysler executive says a slimmed down, healthier version of the company could emerge from bankruptcy as early as next month.

The U.S. top commander in Iraq is due to update Congress this week. He is expected to recommend a pause in troop reductions. But there are continuing concerns about the impact the war is having on the overstretched Army, and military leaders say they're worried about the future.

Adm. William Fallon has been named as the new head of U.S. Central Command, the post that oversees U.S. operations in Iraq and Afghanistan. U.S. ground operations in Iraq also have a new commander: Lt. Gen. David Petraeus. The replacement of two top officers comes one week before President Bush is expected to unveil his new Iraq strategy.