Lawmakers are trying to figure out how to scale back the outsize role that mortgage giants Fannie Mae and Freddie Mac play in the housing market. A bipartisan Senate proposal would replace Fannie and Freddie with a scaled-down program, while a Republican House proposal would go even further.
After two years of political bickering, Richard Cordray has been confirmed as head of the Consumer Financial Protection Bureau. He thinks that, in the end, his agency has won bipartisan support for the work it will do.
Despite reports to the contrary, the global quinoa boom has not put the superfood out of reach for the people in Bolivia and Peru who grow it — though it has raised prices. And these farmers want consumers to know that overall, the world's love affair with quinoa is raising their standard of living.
Five years after the start of the financial crisis, the U.S. banking industry continues to earn strong profits. On Tuesday, Goldman Sachs became the latest big bank to report better than expected earnings. But rising interest rates mean a riskier environment for banks.
Greece's two largest unions held a general strike and anti-austerity demonstrations on Tuesday. Now, the country's parliament will debate and vote on deep civil service cuts. Greece must downsize the public sector in order for it to keep getting international bailout loans.
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