Standard and Poor's said after the close Monday that it has cut the ratings on Greek debt
Tuesday brings more economic data including the S&P Case-Shiller Home Price Index. Also, Fed Reserve Governor Elizabeth Duke will testify before the Senate Banking Committee on the State of the Housing Market: Removing Barriers to Economic Recovery, Part II." Also testifying will be Shaun Donovan, Housing and Urban Development secretary, and Edward DeMarco, acting director, Federal Housing Finance Agency. "The failure of the housing market to respond to lower interest rates as vigorously as it has in the past indicates that factors other than financial conditions may be restraining improvement in mortgage credit and housing market conditions and thus impeding the economic recovery," Duke said in her prepared testimony, adding that housing issues are among the important factors that the Fed considers in formulating housing policy. --Written by Shanthi Bharatwaj in New York >To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: email@example.com.