U.S. News & World Report - While the financial reform legislation won%27t upend the conventions of buying or selling a home, it will precipitate key changes within the mortgage market. Even after all of the new rules are implemented, most consumers will still encounter the same figures--real estate agents, mortgage brokers, home inspectors--that have long defined the home-buying process. But the legislation includes a number of specific provisions that, while perhaps less visible to house hunters, will have a profound effect on the type of mortgage that buyers end up with. ...

AP - Swiss insurer Zurich Financial Services Group reported a 51 percent drop in the second-quarter net profits to $707 million as earnings were hit by payouts for weather-related losses and the earthquake in Chile.

U.S. News & World Report - Most young people who are just starting out don%27t have a lot of money to save or invest--much less pay a professional to advise them on how to save and invest. But some experts say financial guidance at a young age is worth the cost. Yuval Bar-Or, founder of The Light Brigade, an Ellicott City, Md.-based company that offers financial literacy consulting, says financial planners are a good resource because they can examine your complete financial picture. "A planner can help by using their knowledge ... to come up with a game plan. ...

AP - IN THE BLACK: Ally Financial Inc., the consumer lender 56 percent owned by the federal government, posted net income of $565 million in the second quarter, thanks to improvements in its home mortgage business and demand for auto loans.

AP - Ally Financial Inc. on Tuesday said it expects to hold an initial public offering next year after posting a second-quarter profit of $565 million, driven by improvements in its home mortgage business and more demand for auto loans.