Yesterday was a big a news day in terms of financial and real estate markets. Alphonso Jackson resigned as Housing secretary, and a financial system overhaul was announced by the Treasury department secretary, Henry Paulson.

The Treasury department news is by far the biggest. It is important to note, though, that most of the proposals need Congressional approval. And, practically, many of the rules, if adopted, won’t actually change the way business is done on Wall Street.

Here are some of the highlights from the financial system overhaul:

*Streamlining by combining some of the federal watchdog organizations.

*Some national oversight of mortgage loan origination. Mostly, this would be done by evaluating States’ policies.

*Increased coordination between federal organizations.

*Fed’s ability to enforce federal mortgage loan regulations would be "enhanced."

*Phase out the federal thrift charter.

*Fed receives authority to stabilize markets.

What do you think of the financial system overhaul proposals?