Latinos and African-Americans in California have experienced significantly higher foreclosure rates than non-Hispanic borrowers in the state, according to the Center for Responsible Lending (CRL). 

The first-of-its-kind report shows Latino and African-American borrowers in the Golden State have foreclosure rates that are 2.3 and 1.9 times that of non-Hispanics, respectively.

House Republican Conference Chairman Mike Pence (Ind.) renewed his call to end bailouts for mortgage giants Fannie Mae and Freddie Mac after a Treasury conference on Tuesday took a look at housing finance. 

Forty-seven percent favor ending the moratorium now, while 46 percent say the ban should remain in place, according to Gallup.

A revamp of federal housing policy should "stop this assumption" that every U.S. citizen should own a home, Rep. Barney Frank (D-Mass.) said Tuesday.

"Not everybody can or should be a homeowner," Frank said on Fox Business Network. "I think we should particularly stop this assumption that you put everybody into home ownership ... we have public policy [that] has been too much to try and push people into home ownership."

Frank is a longtime supporter of affordable housing initiatives and rental housing programs.

Frank's comments came after a conference on the future of the nation's housing finance system and potential ways to reform Fannie Mae and Freddie Mac, the mortgage giants bailed out by taxpayers in 2008 with nearly $150 billion. Homeownership rates rose significantly from 1985 until 2004, but have been declining steadily since to a current level of 66.9 percent, according to the Commerce Department.

The Obama administration and Congress is beginning to turn its attention to how to change the system as the housing market continues to struggle with mounting foreclosures.

Oil Change International on Tuesday launched a six-figure advertising campaign and extensive social media push that shows the cozy relationship some senators have with Big Oil. 

Senate Small Business Chairwoman Mary Landrieu (D-La.) on Tuesday sharply criticized President Obama's reaction to the oil spill in the Gulf of Mexico by halting nearly all drilling activity in the area.

Bankruptcy filings rose 20 percent in the 12-month period ending in June, according to the Administrative Office of the U.S. Courts.

Republicans reminded Vice President Biden of the prediction he made that the stimulus would fix the economy in 18 months.

The U.S. Chamber of Commerce on Tuesday sent a letter to Congress urging them to repeal the requirement that companies file to the IRS a 1099 form for purchases above $600.