Wall Street Roundup: China passes Japan. Banks take pay cut on GM.

Home builder pessimism. The confidence of home builders unexpectedly fell to its lowest level since March 2009, when the economic recovery began.

China passes Japan. A Japanese statistic released on Monday confirmed what everyone has been expecting: China's economy has surpassed Japan's to become the world's second-largest. 

This week: Fannie and Freddie. The Treasury Department begins hearings Tuesday to consider how to reform the government-sponsored mortgage giants. 

Banks take pay cut on GM. The investment banks leading the General Motors initial public offering have taken a cut on the usual fee rate, though not happily. 

-- Nathaniel Popper in New York