With millions of stimulus checks going out to taxpayers, Wall Street wants to know where that money will be spent — and this week's data could help investors gauge the mind-set of the average consumer.

As American homeowners fall behind on their mortgages in growing numbers, bankers and policy makers worry that while many of these people cannot pay, some simply will not.

Major business events and economic events scheduled for the coming week (some dates are tentative):

Fannie Mae priced $4.5 billion of securities on Thursday to shore up the balance sheet of the biggest provider of financing for U.S. home loans as it grapples with the worst housing slump in decades.

Two former owners of a defunct mortgage firm were charged on Thursday with stealing $44 million from Fannie Mae and forging paperwork in loan sales to Credit Suisse.

The worst of the nation's credit crisis may have passed, Treasury Secretary Henry Paulson said Wednesday, though he acknowledged rising gas prices will blunt the effect of 130 million economic stimulus checks.

Treasury Secretary Henry Paulson on Wednesday endorsed moves by Fannie Mae and Freddie Mac to expand their roles in the stricken mortgage market while pressing for greater oversight of the struggling government-sponsored companies.

Major business events and economic events scheduled for Thursday:

U.S. Treasury Secretary Henry Paulson said U.S. financial markets are emerging from the credit crunch that many economists believe has pushed the country to the brink of recession, according to The Wall Street Journal.

NEW YORK (Reuters) - U.S. Treasury Secretary Henry Paulson said U.S. financial markets are emerging from the credit crunch that many economists believe has pushed the country to the brink of recession, according to The Wall Street Journal.

Standard & Poor's Ratings Services may downgrade Freddie Mac ratings on concerns the government-backed mortgage lender's losses will continue to mount amid a worsening housing crisis.

The steeper slide in home prices is accelerating the pace of foreclosures, Fannie Mae said Tuesday as it outlined plans for shoring up its finances following a $2.2 billion first quarter loss.

Fannie Mae <FNM.N> on Tuesday posted a massive quarterly loss, its third straight, on the protracted U.S. housing market slump, prompting it to slash its dividend and set plans to raise $6 billion of fresh funds.

By Lynn Adler

Shares of mortgage lenders sank Tuesday after Fannie Mae reported a loss of $2.2 billion in the first quarter.