Today's Focus: Aid for Homeowners; Fed Projections

After an ugly day on Wall Street and for markets around the globe yesterday, investors, economists and struggling Americans will await two important developments today for signs about how far we have to climb to get out of the recession. First, the Obama administration formally releases its plan to help struggling homeowners who face foreclosure and to help the real estate industry out of its downward spiral. The proposal is widely anticipated, especially from people who felt that the federal government didn't move quickly enough to address the heart of the problem.

This afternoon, we'll watch a big speech planned here in Washington by Federal Reserve Chairman Ben Bernanke scheduled for 1 p.m. Soon after that, the Fed presents its economic projections, which are expected to bring big news. With the unemployment rate now at 7.6 percent, how much worse does the Fed expect the economy to be in the coming months? We'll find out, shortly after 2 p.m.

Check back here for live updates on the markets, housing, the Fed and more throughout the day.

--Sara Goo