millions for just a few seconds? wait until you hear this one. it is tomorrow at 5:00 p.m. the latest on everything "money." we will see you back here tomorrow. "the willis report" is next. ♪ gerri: hello, everybody. i'm gerri willis. tonight on "the willis report" a where a warning of danger from the national weather service has a good deep freeze cribs the nation. >> adelle number five ever seen it this cold. gerri: well will it take to get the federal government out of the mortgage business? and the price war is on. mobile phone companies offering consumers hundreds of dollars to switch. bear watching out for you tonight on "the willis report." ♪ gerri: welcome to "the willis

report." tonight we have our eyes focused on just one thing, and that, my friend, is that the modern. an air mass covering most of the country, 200 million subjected to a wind chill advisories from montana alabama. heavy winds, temperatures plummeting ten, 20, 30 degrees. coming up, how you can keep your home safend the pipes and yourself from freezing. first, fox news meteorologist janice dean kicks of our coverage. >> this is quite historic and a lot of places. from the upper midwest all the way south toward the south florida. and the temperature change and we're dealing with. 44-degree temperature this time yesterday in cleveland. a 28-degree drop in atlanta, 36-degree drop in new orleans. the good news is we have warmer air on the way. we have all of this arctic air coming from the north pole.

pushing southward which is why we have wind chills in this-30, minus 40-degree range. it feels like-10 in kansas city. this is moving eastward and 40 degrees. it will drop like a rock. wind chill advisory, incredible. over two dozen states, 200 million people involved from the northern planes down to florida. and then up toward the northeast , the temperatures continued to drop. a forecast wind chills. it will not change much. -27-thirties', dangerous if you are outside. we are expecting a little and zero warm up as we go her time, but all of this air is moving eastward and southward. you watch that wind chill moving into the great lakes by 4:00 p.m. on tuesday and it will still feel like-1 in new york, 70 temperatures in philadelphia and up toward boston and new

england. have to get through the next couple of days, but very dangerous. people are used to stay indoors. school cancellations in and around atlanta, georgia. certainly the upper midwest. your lows tonight, realll dangerous. you get the picture. now, as i mentioned, we are going to see a warm-up tuesday. things start to moderate. even though it is-1, it does get better. wednesday, of little bit more warm. thursday into the 20's. it will feel like florida from what you have seen the last couple of weeks. by friday everything is somewhat back to normal. i mean, this is a once-in-a-lifetime event for a lot of people. a lot of people have not felt this cold if you're under the age of 40 years. so it is quite an historic event, but it will be short lived relatively speaking. gerri: i have to tell you, this is one of those events that i would be happy to miss.

>> never see again. gerri: think you so much. thank you for coming on. and listen to this. jeff flock on the ground live in chicago. so cold. temperatures well below zero. as a huge swing in temperatures. from what i see it has been something like 23 degrees on january 1st to-13. are you still live out there? >> yes, that's a good question. we got down to-16 this morning, but tell you, i feel even colder now standing on the michigan avenue bridge. you look at the land. you put that wind chill map but then see how cold it has gotten. this is what it really looks like when that happens. take a look at the chicago river. it is a phenomenal -- phenomenon called arctic sea smoke when you get the freezing temperatures above -- below freezing, well

below freezing above and water that has yet to freeze, and evaporation of the surface of the water the you would never see in downtown chicago like this. the light is the same way. you see the wind slapping through those, you know, through those flags of there. it is just incredible. the other thing that this has done, of course, is reached have a gun and travel. mainly in chicago, the epicenter of the real problem. if you look at the numbers, the last numbers i saw, and i updated once, but 5,000 plus delays country and a half, pushing for thousand cancellations, and the worst of it all is in chicago. i want to deal look down the magnificent mile. not so much magnificent as magnificently cold. this is what it looks like down here is people, and from work,

head on, although a lot of people did not even go to work today. schools were closed. we just got word that they will be closed again tomorrow because we have a severe winter chill advisory through noon in chicago tomorrow. it is going to be is with for a while. gerri: thank you for that. thank you for coming on the show, and i have that we are your last live shot tonight. [laughter] >> thank you. you are. i appreciate that. gerri: get warm. thank you so much. >> will do it. thanks. gerri: i learned a new phrase, arctic sea smoke. we are trying to stay we're always looking out for your bottom line. crucial information on whether proofing your home, how to keep your pipes and yourself warm says old man winter is apparently just getting started. here with important advice and author of the book my home, my money pit.

great to have you back on the show. >> happy to be here. gerri: here is my fear because i am living through this is like everyone else. i am afraid that my pipes are going to freeze. >> insulate. it is a fairly simple home improvement project. it is the phone to let this slip on the site. that is something that you can do, but let's say you can't get to the store to do that. tricks of the trade, let the water run. it slows down the process for freezing. gerri: how long can you leave it on? >> as long as you want. a small stream, not just a drip. a small stream is the best way to go. gerri: that way it does not freeze because if your pipes freeze they can burst, and then you're talking about a flood in your house. gerri: and leave your kitchen cabinet doors open. gerri: one thing that people don't think about, there's often a key part of your house that you don't heat or don't keep a lot. should you think about that?

>> if it is a back area of the house, i would not worry too much. you can close that off. try to stay to the central area of the house. gerri: if he did not turn of euros files. >> go down to the basement, the crawlspace, turn that off. by the way, if your leaving your house, turn off your main weather valve. there is no reason to leave it on. she did get a pipe break the amount of water that leaks out would be minimal. gerri: you had a couple of interesting points. never occurred to me that there would be dangerous, but you say, yes, there are starting with carbon monoxide. >> absolutely. power failures. people drive up the portable generators -- generators with the door open. when the power fails to bring out the candles. and then, of course, increased space heater use.

gerri: keep it away from anything? >> follow the directions, but generally 24-36 inches. gerri: this is home fire season. the. >> whenever we take on the heating system as we seem to get more fires. and about the fireplaces, not necessarily a great idea. they suck a lot of heat out of your house. gerri: it makes the rest of the house so-called. we never use it when it is this : gun and i love a fireplace. you have a lot of other good tips. problem with that doors under carl icahn. >> wd40. it will lose that up. gerri: slippery sidewalks. we had the rank unless the rain, just a disaster. is there anything less toxic to

put out? >> the type of stock is important. sodium chloride or rock salt. potassium chloride or magnesium chloride. those are safer for sidewalks and vegetation and pest -- pets. gerri: al west, midwest coming here on these coast, even the south they will spend a ton more go. this has just been eight stinky winter. what do you make of it? is going to be tough for people to make ends meet. >> not only are we burning more fuel, but a lot more electricity to run the systems. electric space heater. gerri: seeing it already. thank you for coming on. great to have you here. thank you so much. and when that thermometer plummets you want to make sure you take all the right steps, just as dawn just explained, to keep you and your family at home safe.

there is another reason. if your pipes burst and yet not taken reasonable care to keep them from freezing, you could be on the hook for the bill. that's right. most, the policies will plate -- pay to clean up the mess caused by a bursting pipes, but only if you take reasonable care to prevent it, and that means keeping your home warm, even how -- runs the you don't use all the time. an infrared gun can track where the water flows and pools and makes it easier to clean up. watch out. snow and ice to instead cling to the last 5 feet of theerooftop, and it can tearaway getters in damage rooftops. get a roof rack to prevent damage. taking those steps now can prevent expensive problems in the future. more to come this hour, including a look at housing in 2014. will last year's big recovery continue? in washington finally get out of the way or get more involved?

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16. gerri: moments ago, janet yellen confirmed by the senate. the next leader of the federal reserve taking up the reins from ben bernanke, the first woman to lead the bank. she starts february 1st. a vote by the full senate. this comes as no surprise. that is her with the white here right there. she will take his spot. pretty interesting to see how it affects the markets. joining me now, talking about housing and dug from lending tree, ceo. i want to your reaction. the as a make a big difference. he did a good job navigating all the issues.

gerri: and we have not seen a lot of that. a lot of people very worried about what will happen. four and a half percent right now. the rates are going to be probably north of 5%. >> but not substantially north. housing costs strives affordability. start-up a big effect. interest rates call the shots. we have not seen that for years. >> i think we're going to get back to that for a long time.

homes are still affordable. government regulations are, for the most part, coming down and fairly certain. at the paris embassy kind of a -- the industry is zealand things are moving forward. gerri: a lot of expectations for the housing market. some people say have 5% gain. 7 percent over three years. what is in your crystal ball? >> i would say probably more on the lower end. and the economy starting says surged faster, you will see faster of price inflation. we are at the point -- we're coming out of a bottom, and a feature of price gains will be based on the economy. if it surges and incomes to go up in housing overtime moves to the affordability and comparison to rent. gerri: inflation being a big issue. >> i don't think yet.

the fed as an anchor job. i remember the ads. you still have the ads carry in making appointments using your lender, picking a lender. was an excavation? so many big banks. a list of the most popular the innovated 70 years ago. and at the first of that will continue. people comparison shop. for most people it is akin to chemotherapy are going to the dennis. uses want to get approved. there is a lot of variability. this innovation. -- gerri: it pays to shop. >> and an isolation is around credit and helping people repair

credit and managing all their loans under one basket so that it is not just about mortgages. we're working on things now that help you not only improve your credit and beat you transparency , but also, for example, pan you if you're on alone is too high. your honor loan, your credit card, you should take an additional one. gerri: there are all kinds of tricks to the trade that no one knows about and does not get down to the consumer side. people need to know. are you going to fill the spot? >> we are. >> we are your guide for everything related to credit bringing transparency to the market in you the best deal regardless of loan, regardless of whether financial product it is. thank you for coming on.

an interesting company. >> think you're driving me. gerri: he did have genes on. i noticed. now, our question, the vote on the right hand side of the screen. i will share their results at the end of the show. some areas of the country are policed to be hotter than others . tonight's top five. raleigh, north carolina, the southern capital seeing steady population growth and in expanding job market. number four, seattle, washington the ongoing growth in the aerospace sector will make the city attracted from buyers in the coming years. construction activity has more than double the lasted 25 years. home sales are about double digits. number two, nashville, tennessee

with construction booming. more than doubled since 1990. at 3% from last year. the hottest number one housing market in the country, oklahoma city. this city is a good investment for those sellers and buyers. other markets on the list, denver, bethesda, md. more obstacles for a obamacare in the new year, and more of our look at housing in 2014 with the new role that government is set to take and then the man. it we will talk about that. you want to hear it. ♪ [ male announcer ] this is the story of the little room

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fifty-seven. gerri: 50 may freddie mac have a new boss. sorted today as a director of the fha the chief regulator for fannie and freddie. this is leading many to wonder if the government's role of housing will get bigger. with more from the walls street journal, nick, welcome back. you say no? the conservatives have little romp? >> petraeus says we don't know. , the testimony before the senate confirmation hearing was very guarded. there has been a rush to

indict he will screw everything up and go back to the era of bigger mortgages. look at his record 2004, 2005 sponsoring anti-predatory lending bills that went after the toxic mortgage products. on the of their hand he has been less critical a fannie mae and freddie mac. gerri: i am reading from one of your own stories up the "wall street journal." he told to miss the geithner former treasury secretary two years ago that too much emphasis on lending there should be more on home ownership for minorities also the executive salaries were curtailed. these are two of the things that have conservatives worried. not scaling back but making them bigger. >> like i said, it is too soon to know what he will do

but i do think one of the issues that people are focusing is access to credit we have seen ben bernanke bernanke, president of a balmy -- president obama in a romney saying it is too much red tape obviously it was too easy during the bubble but people say the pendulum has swung too far. gerri: do you agree with that? >> i think it is more nuanced. some borrowers if you can document easily you work at mcdonald's and can cobble together 5% you can get the fha relatively easily if you are self-employed but it is harder to document then you may have great credit but it may be harder to get a loan. what do you do? if you agree it is too hard what can they do about it?

at the same time people in washington wants the rule reduced. gerri: i look what has happened with dodd/frank adding rules and regulations to get the banks to back off to not open the spigot but it has worked like magic. now too much were they don't lend at all or it is very difficult or for those that can document. now they're fighting yesterday's battles not looking to the future. >> a number of folks on the close side of the aisle would agree. it is true that dodd/frank has not gone into effect yet so the biggest mortgage regulations are next week to january 10. right now it has ben fannie and freddie putting back mortgages that defaulted during the of bust so now

they have to buy back mortgages now lenders are much more conservative than what fannie and freddie require. so now will someone come in decided to make more clarity or more certainty over what triggers the put back? on top of that is dodd/frank so that could block in the target -- tight lending standards. gerri: talking about your story rolling back additional fees put in place to cool the market for fannie and freddie to get the private sector bore in fault. is that the right way to go? >> i n a news guy not opinion you're doing a good job to make me take an opinion. but what he does with the fee increase to give fannie and freddie to reduce the foot print if you want to

get private capital but make it easier it could be hard to do at the same time. you may have to prioritize. the outgoing head of the fhf s.a. said real ii shrink the foot print although he may take a different passover would be interesting to see the reverse is of that. gerri: you will be there to cover that. always great to see you. coming of the offer too good to pass up. we will have the latest on a new plan at&t has 40 mobile customers. the administration tries to tie down exhortations on obamacare. now they don't care how many people sign up. that wothat's correct.a rate.

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gerri: it will get very cold out there very soon on sixth avenue. talking about a obamacare backlash against the health care law of the unprecedented number of changes and delays causing a firestorm among politicians. remember the tweet to obamacare excepting members of congress and staff one file suit calling this special treatment to legal we have a research associate from the heritage foundation , a welcome to the show. we're talking about senator johnson and he says that what congress is doing is ignoring the elector of the law. filing suit to make congress live by the letter it imposed on the rest of america many members of congress feel -- feel entitled to these exemption

and that they jam down the throat in 2010. >> capsulate a. i commend him for filing its and what the admiiistration has done is flatly illegal said his chances of winning might be good. there is simply no legal authority to offer a the subsidies to congressmen and staff in the exchange's. gerri: they are doing it and ignoring sell-off. that is what ron johnson is saying. his critics say this is just posturing more republican posturing over obamacare and his way to say i don't like this loss. >> absolutely not. if you read the law itself ned of the federal employees second health care coverage just get the voucher to buy health care coverage anywhere they want to they have to buy it through the program so. gerri: i don't know what

that stands for federal employee health benefits program. they cannot buy it wherever they want but through the fehbp where office of personnel and management opm so that to say they can just have eight belcher that it doesn't make sense. gerri: i have to get you to the highly entertaining quotation on the sunday show gene sperling talking about how many people do you think they actually want to sign up? >> there is no magic number. the key is to enroll as many people. gerri: no magic number? i thought there was. i thought it was 7 million. they have no goal now? >> right. it was clearly stated the

goal was 7 million by the end of open enrollment but like many other pieces its is falling short and it may not get to where it needs to go so they take away the expectations so it cannot fall short so it does not comfort americans who are experiencing premium increases are paying taxes. that will not come for the people who feel the heat of the law. gerri: meanwhile those changes without congressional approval continue to pile up. thanks for coming on the show. we appreciate your time. coming up tomorrow state attorneys general are fed up with the changes to obamacare the president makes on his own. we with the reaction tomorrow. and coming up the smart phone wars are heating up with at&t taking drastic

measures to pay you for your business. we will talk about that. welcome back. how is everything?

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gerri: t mobil presents a simple joys. >> what you say is with at&t it is the same old network? why are you talking to me like that? t-mobile will not get slow down because you have more bandwidth. we choose t-mobile. the one that i pointed to. [laughter] gerri: i have never seen that before. at&t gets back by laurie t-mobile with cold hard cash

that usually works co-founder and chief operating officer of dineley link. thank you for coming on the stormy night. as a consumer what should i know? first of all, $200 credit to the t-mobile customers end of credit to the upgrade? >> to $0 per line and $250 credit for a phone. his ounce 200 -- too good to be true because at&t never does do this but it is a great move for the consumer and i think it will happen across the networks at the consumer electronics show coming up t-mobile is about to make an announcement we think they will waive the etf see if you leave and go to them so now they say we

will get ahead of this into something better.ad blood becaue at&t to try to buy out t-mobile the federal government said it is the antitrust and had to pay t-mobile ince $3 billion of breakup fees so now they've of the customers on their network they're looking to, but for the biggest show of the year. gerri: i love that when companies fight over our business. give us more details. this is like at&t saying says. >> it is called at&t next to the whole idea is there is no contract for the cerebus but the phone is separate. if you want to buy the phone you pay o% interest because you just pay it out over 20 months normally a slow contract you pay a $199 for

the iphones and it is a $2 for the phone. the carrier takes a the subsidy but they are telling you we does want to get you on the network if you want to do something extra we don't have a problem with it. looking at the 4g network and now this is heating up and good for the consumer. gerri: a lot of questions. do you think it will work? a lot of people don't like at&t's network. didn't think it is very good. will that win over consumers a special lead t-mobile? >> you i think it will because with that network ic that more than at&t. gerri: the ceo is having fun and he said this is a desperate move on the heels

of what must have been a terrible fourth quarter holiday. i am flattered we made them so uncomfortable consumers will not be fooled. competition will be toast. he has too much fun as. >> he has done a good job. he came in with 1 million new subscribers and he is doing well but this will be back and forth. gerri: what is your advice? >> it is up to the consumer. it is a great deal but if you want to wait there will be more in it will get lower and lower with great for the consumer with the mobile sec -- technology ecosystem. still to come we are looking out for you and your money what to expect 2014 and advice where to invest. ♪

2014 off to a weakkstart will there be another run?

gerri: president obama nominee to run the federal reserve to janet yellen confirmed by the senate 30 minutes ago. joining me now is our financial panel. from capitalist pig.com and steve crowley and the chairman of cumberland did risers. what to expect?

now running the fed only to be sworn in by the president what is happening as a result? >> she was part of the architect of the policy that we have had and will preside over tapering doing it gradually and part of bernanke and doubly so i expect a seamless transition , predictability i am the unabashed fan of janet yellen. gerri: jonathan are you as well? when does the tapering start and will rates turnaround? >> david makes a good point the dubos is the same as the old boss bernanke, greenspan , all other officials. they specialize in intervention, manipulation and a boom and bust cycle i happen to think not only

bernanke but has created now gerri@foxbusiness.com as well who will have to deal with that. but there'll be substantially higher interest rates even the most optimistic are predicting that that will be the downfall. gerri: do you agree? paul lot of people are worried about inflation will ripple up. >> i think they will go up slowly. i think janet yellen will bring the fed from 75 billion down at 65 or $55 billion but coming up on elections. she made a statement she is behind the economic recovery. she will be conservative but she has to have that 2.5 billion dollars per day. gerri: that the fed is never

influenced by politics. david. come on. [laughter] >> i think that they may be. >> the fed is a political animal then why did reconfirmed the chair in the senate? that said we have many characteristics of a central bank that independent and more predictable policy when we have stanley fischer, we will combine clarity out of yellen, experience, lots of it and the international view that requires international coordination. i believe the central bank is off the radar screen and we will be a positive force. gerri: jonathan, just to answer one idea which is really? it will be perfect?

this and if you brought up bubble's what you think is a bubble right now? >> i think it is in bonds. 2013 great for stocks but terrible for bonds even without actual paper. investors lost more than 10 percent look what is happening now. reit, partnerships, preferredd3 stocks, interest-rate sensitive instruments are among the weakest that is a harbinger of the bond proxy's that people have been forced through the fed intervention. gerri: a great year the dow is up the nasdaq is up and get the first days of 2014 nothing to write home about negative across the board. david, where are we going? >> single-digit return 2014 includes dividends from the

s&p. i see it as a single-digit number if we don't get a shock. it is a good chance because washington will be david self nobody wants to be blamed for another mass. no shock, a single-digit return. gerri: stock picker's market? >> i think we will get a shock is years even a 10% correction. it will be brought on by higher interest rates. looking at stocks not in the major indices like africa africa, names that will do well with rising interest rates even in platinum and palladium off the radar screen does well from longer-term rates. gerri: by platinum? >> i am. it is a hedge for future weddings.

gerri: david what is your pick? >> you used in earlier phrase called the mobile technology ecosystem. i have never heard that before that is new for me but the evolution of technology, internet, the names of stocks in the massive growth area of google or facebook, they are going to hire. they are going to earn more with the driving force in our economy. gerri: i agree. we have to leave it there. absolute pleasure. steve crowley and unfortunately we lost his shot because of weather. we appreciate your time. we will be right back.

...and the little room above the strip mall f roble avenue. ♪ this magic momt it is the story of where every great idea begins. and of those o believed they had the power to do more. dell is honored be part of some of the world'great stories. that began much the same w ours did. in a little dorm room -- 2713. ♪ this magic moment ♪ open to novation. open to ambition. open to boldids. that's why n york has a new plan -- dozens of tax free zones all acrosshe state. move here, expand here, or start a new business here and pay no taxes for ten years... we're new york. if there's something that creates more jobs, and ows more businesses... we're open to it. start a tax-free business at startup-ny.com.

gerri: earlier we spoke with the ceo of the industry with what he sees happening for the housing market. also discussing the importance of knowing your credits for. do you? we ask gerriwillis.com. 30 percent said no. people keep asking me why consumers are in such a mood to promote economic growth? besides the fact it is not our job reality is we're already paying more for many things. consider this simple weather story the midwest and the south will pay more to heat their homes because of the sustained arctic blast. gas prices have been weak but other categories are rising fast like food and housing that we saw a climb by double-digit percentages did i mention interest rates? the cost of debt issues rising also the only thing that seems to be going down is the temperature.

that is it for the willis report. have a good night. stay warm. >> the obama doctrine resulting in inconsistent and confounding decisions of foreign policy particularly in the middle east. president obama first work day of this new year has brought us more of the same same, controversial statements on iraq, afghanistan, iran, and syria clouding the nation's foreign policy even further. i.m. lou dobbs. lou: good evening the president famously said throughout the 2012 election that al qaeda was on the run. a statement that we now know