Have questions about the financial rescue plan? Email us at feedback@foxbusiness.com and our team will answer them live on air tonight from 9-11 p.m. EDT

European governments scrambled late Sunday and early Monday to save the continent’s financial system after four financial firms were either seized by regulators or needed massive infusions of cash to keep them afloat.

Within hours of each other, the U.K. nationalized mortgage lender Bradford & Bingley (BDBYF), the governments of the Netherlands, Belgium and Luxembourg took massive stakes in the Dutch bank Fortis to save it from collapse, the Icelandic government nationalized its third-largest bank Glitnir and the German government orchestrated a EUR435 billion bailout of commercial lender Hypo Real Estate (HRGX).

European shares plummeted on the news. The U.K.’s benchmark index FTSE 100 dropped more than 5%, while France’s CAC was down 4.6% and Germany’s Dax was down 4% during Monday’s trading.

Bradford & Bringley Nationalized

The U.K. Treasury Ministry took control of mortgage lender Bradford & Bingley, commonly known as B&B, on Sunday night.

The Ministry said B&B’s loan book, mortgage assets, and other operations will now be under public ownership and will be slowly wound down as the market allows.

As part of the transaction, B&B’s savings accounts and 197 branches were sold to Spanish firm Banco Santander (STD) for 612 million pounds, or $1.1 billion. Shares of B&B were suspended on the news.

“Following recent turbulence in global financial markets, Bradford & Bingley has found itself under increasing pressure as investors and lenders lost confidence in its ability to carry on as an independent institution,” the Treasury Ministry said in a press release.

Britain's Treasury said that the bank’s management team would continue to administer the mortgages for the short term.

B&B, which lends money to landlords to build rental properties, found itself in a cash crunch this year like many global financial firms.

The nationalization of B&B marks the second time U.K. regulators have directly intervened in the country’s financial system in the past year. The U.K. nationalized mortgage lender Northern Rock in February of this year after the bank could not find a buyer.

Fortis Rescued, Partially Nationalized

The governments of Luxembourg, The Netherlands and Belgium injected a total of $11.2 billion euros ($16.4 billion) into the suffering bank Fortis early Monday after the bank’s stock plummet last week.

As part of the move, the three governments will take a 49% stake in each of Fortis’ operations in the Benelux region.

Investors fled from Fortis late last week after the bank was unable to reassure investors that the bank was solvent. The Dutch bank has gone through three chief executives in the past three months.

Also as part of the deal, Fortis will have to sell its interest in ABN Amro -- a purchase that has impaired the firm since Fortis bought it less than a year ago.

“These actions ensure the financial strength and stability of our company going forward,” said Fortis's newly-elected CEO Filip Dierckx.

Iceland Nationalizes Its Third-Largest Bank

The government of Iceland nationalized one of the country’s largest banks on Monday.

Iceland’s central bank injected EUR600 million, or $860 million, in exchange for a 75% stake in Glitnir bank -- to add yet another chapter to that country’s credit crisis.

The deal was sealed between the government and Glitnir on Sunday night and was approved by the bank’s Board of Directors shortly thereafter, the bank said.

The bank’s branches, accounts and business will continue to operate as normal, Glitnir and Icelandic regulators said. The bank’s CEO Larus Welding will remain in that position.

In a news conference, Icelandic Central Bank Governor David Oddsson told the BBC that “without this interruption, Glitnir would have ceased to exist within a few weeks. It’s as simple as that.”

Welding added that the bank “diligently worked at securing the bank’s funding in the past months’ turbulent markets but unfortunately the bank saw adverse developments in the past few days.”

German Banks, Government, Coordinate Rescue for Hypo Real Estate

The German government and a banking consortium have provided a “multi-billion euro” rescue package to the commercial real estate firm Hypo Real Estate to help save it from collapse.

The amount of the rescue package was not disclosed directly by Hypo, but The Wall Street Journal reported the amount of the package will be as much as EUR34 billion, or $50 billion.

The rescue package will consist of two emergency credit lines to Hypo, the Journal reported. The private banks will pay 60% of the first emergency line and the German government will provide the second amount.

Hypo said the credit line is “designed to shield the company from the impact of the current malfunctioning of the international money markets.”

As part of the deal, Hypo said it will suspend its current company dividend. German regulators said they are not interested in nationalizing Hypo.

Hypo is one of the world’s largest commercial real estate lenders. Recently, Hypo helped secure funding for the Abu Dhabi group to purchase the Chrysler Building earlier this year and is currently working to help mortgage the nearly-completed Bank of America Tower in midtown Manhattan.