Squeezing the quantum fluctuations of the two-mode light due to the nonstationary coupling between the quadrature components q_1 and q_2 is examined. The delta-function and step-function mode couplings are considered. The conditions of weak and strong step-function coupling are distinguished, the latter being the condition of the instability for the classical counterpart of the quantum system under study. Under the conditions of weak coupling the quadrature squeezing is established in both a two-mode electromagnetic noise in thermal equilibrium (the thermal state) and a two- mode correlated coherent state (CCS). Squeezing in the thermal state is suppressed at a high temperature. The photon distribution function (PDF) in the thermal state reveals oscillatory behavior for both high and low temperature, the oscillations decrease while the temperature increases. The PDF in the CCS can be either oscillatory or smooth, whereas the photon statistics is essentially non- Poissonian. The nonclassical intermode photon-number correlations in the CCS are briefly studied.