Reuters - The chairman of the U.S. Senate Banking Committee asked banking regulators on Tuesday to explain their handling of the subprime mortgage lending crisis and warned that problems may be spilling into another sector of the mortgage market.

Reuters - New Century Financial Corp., once the largest independent provider of subprime mortgages, was dealt a fresh setback on Tuesday when Fannie Mae said it would no longer buy its loans made to borrowers with poor credit, while another big subprime lender filed for bankruptcy.

Reuters - Software maker Adobe Systems Inc. posted on Tuesday a rise in quarterly net profit despite declining sales ahead of an upgrade to its Creative Suite software bundle for Web, video and mobile device content.

Reuters - Federal Reserve policy-makers opened a two-day meeting on Tuesday likely to feature discussions about rising mortgage defaults and softer economic growth, but no change in U.S. interest rates.

Reuters - New Century Financial Corp. , a struggling mortgage lender to people with poor credit histories, said on Tuesday it can no longer sell mortgage loans to Fannie Mae or act as the mortgage financier's primary servicer of mortgage loans.