World Stocks Plunge on Credit Fears (The Examiner/Associated Press) Stock markets plunged worldwide Friday with turmoil from the U.S. mortgage crisis rippling across the globe.

American Home Mortgage Files for Bankruptcy (BUILDER Online) Filing comes just days after lender announces 6,250 job cuts.

Hillary Clinton Announces Plan to Address Mortgage Lending Abuses (BUILDER Online) The White House hopeful is proposing a plan that would crack down on unscrupulous brokers, curb mortgage lending abuses, assist families facing foreclosure, and expand affordable housing options.

Bush: No Bailout for Pinched Homeowners (The Examiner/Associated Press) The president says concern should be shown those who've lost their homes but it's not the federal government's job to bail them out.

Toll Brothers' Revenue Drops 21 Percent (BUILDER Online) Luxury home builder warns that sales could continue to slow until the market stabilizes.

TOUSA CEO Likens Current Market to late '80s Slump (BUILDER Online) Florida home builder reports a $132 million second-quarter loss.

Avatar Holdings Second-Quarter Earnings Plummet (Houston Chronicle/Associated Press) Florida-based builder's second-quarter earnings fall 81 percent from the year-ago quarter.

BNP Paribus Freezes Funds Over Subprime ( Press) A major French bank, BNP Paribas, is suspending three of its asset-backed securities funds because of problems in the U.S. subprime mortgage market.

AIG Warns Mortgage Defaults Are Spreading ( American International Group says delinquencies are becoming more common among borrowers in the category just above subprime.

SEC Probes Books of Wall Street Firms (The Examiner/Associated Press) The Securities and Exchange Commission is examining major Wall Street banks to determine their vulnerability to home-loan defaults.

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Learn more about markets featured in this article: Houston, TX.