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The federal government Sunday took control of Fannie Mae and Freddie Mac in order to stabilize the housing market and end questions about the firms' finances. The Treasury Department is expected to provide billions of dollars to shore up the beleaguered mortgage giants.

Bank of America will buy the ailing brokerage house Merrill Lynch for $50 billion. We examine whether Bank of America is overextending itself.

It was John McCain's night to shine Thursday at the Republican National Convention in St. Paul, Minn. In accepting the party's presidential nomination, McCain promised to work against constant partisan rancor and reach across party lines. McCain and his running mate, Sarah Palin, aren't wasting any time and began the day campaigning in Wisconsin.

President Medvedev signed a decree Tuesday recognizing the independence of two breakaway regions of Georgia. The Bush administration is not happy with Russia's decree. U.S. Secretary of State Condoleezza Rice called the move "regrettable."

Sen. Hillary Clinton speaks tonight at the Democratic National Convention knowing that many of her supporters remain uncommitted to presumptive nominee, Sen. Barack Obama. In a special Beauty Shop, early Clinton supporters Rep. Loretta Sanchez and the Rev. Marcia Dyson explain their thoughts about Obama. Also, Obama supporter and Democratic activist Debbie Dingell talks about achieving party unity.

Russia has formally recognized the breakaway Georgian territories of Abkhazia and South Ossetia, which were at the heart of the recent war with Georgia. President Dmitri Medvedev said Georgia forced Russia's hand by trying to seize control of South Ossetia.

Hurricane Ike is storming toward the Gulf Coast of Texas — home to a quarter of the nation's oil refining capacity. As refineries shut down in anticipation of the storm, wholesale gasoline prices have shot up, despite crude oil prices falling to their lowest level in more than five months.

Following the controversy over shoddy care at Walter Reed Army Medical Center and other hospitals, the Army has changed the way it treats injured soldiers like Sgt. Scott Metcalf. Still, problems such as shortages of trained staff remain.

The truce between Russia and Georgia over the breakaway territory of South Ossetia remains precarious. Russian troops are still inside the former Soviet republic. The United States is standing strong with Georgia.

In the first of a three-part discussion with real-estate agents across the country, John Paul Rosser, a condo specialist in Miami, says the housing market was bad in September, but it has gotten a lot worse since then.