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

August 16, 2010 |  7:55 am

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