fannie and freddie were a partner in that, and as much as fannie and freddie were at odds in many ways with the investment banks in the private market, they also had a partnership with them. and so what you saw was fannie and freddie by 2000 was innovating low down payment programs, was innovating the move from traditional underwriting where you would walk into a wang -- a bank in your community, you'd look that banker in the face, he would look at your credit history, he would look at your employment history, he would look and think about the regional economics of the community in which you were borrowing and where your job was, and he would make a loan decision. and fannie and freddie realized that for efficiency, we're in an instant gratification world, we could move to automated underwriting. we could move to automated appraisal processes. we could really change the structure and the dynamics of the housing and mortgage finance system. and they did, and we're here. and so even now as we're watching the discussion about, under dodd-frank there's a rule on risk retention where any se

mae purchased but fannie mae isn't telling and neither is the regulator f.h. if a and e. there's bank of america that doesn't seem like it's legal all right i mean i've just seen so frustrating as you would our taxpayers add so it's our money essentially a sense that we may is now run by the government. how can they do that they don't have to disclose anything before they just invest that kind of those will if i'm a member of congress could ask if a to force fannie mae to disclose this and maybe by law they could or you could file a freedom of information act request and maybe you could be able to get that filed when i don't have the resources to push a lawsuit for you know for a foyer and so far this has been a month since this deal went down that your we wrote something on our blog on this the like the first day this report as i put this kind of looks interesting but we'll probably get cleared up in the next couple days i'm sure somebody in congress will ask you think that a democrat who is furious at the banks for their view causing all of these problems in

now still to come tonight we have our tuesday edition of failing to tell and then did fannie mae just bail out bank of america when i say fannie mae i really need of course the taxpayers of the united states are surviving that topic in just a moment and the brand as a director of economic research what it was and on the. internet only when it was the mechanisms to deal with the tipping justice or accountability. i have every right to know what my government would you want to know why i think taxes. but i would characterize obama as a charismatic version of american exceptionalism. that you know sometimes you see a story and it seems so sorely sleep you think you understand it and then you glimpse something else here sees some other part of it and realize that everything is ok you don't i'm trying hard look at the big picture. let's not forget that we had an apartheid regime right here. i think the. one well. we have the government says they are keeping safe get ready because if you give them your freedom. fighter. all right guys it's time for show and tell us night's program the last

why don't yes have reform for fannie and freddie.t think a lot of banking executives have played a personal toll beyond the losses they incurred from the financial crash. it's not like people are going after these bank executives. there's almost no personal accountability in the private sector. we can have a long debate. i can't cite chapter and verse to you but that fannie and freddie were a small proportion of the problem. it's overstated. >> it's not overstated. the. >> the best data shows that in the subprime mortgages show they were not the main offenders, not that they were scot-free. >> you can go back to 1999 and read "new york times" articles -- it started a process. it lowered banking standards. guess what? after they started it, the private banks rushed in. everybody rushed? >> i've got to jump in. gretchen morganson wrote this book called "reckless endangerment" about fannie and freddie that supports everything you're saying. they lowered the equity requirements to as little as 3% or 4% of the housing price because everyb

fannie and freddie and who is fannie and freddie? it is the american taxpayer at the end of the day, so would it make sense for fannie and freddie to seek initiatives that mitigate the potential of its losses, and help us move into the mortgage market. so that is a broad come position but i just don't get the sense that is where fannie and freddie are headed at least in this point of time. are their observations about that? in am i wrong on this? >> i think, like everything we have talked about here senator, as you are well aware of and have been actively engage these questions are a lot more complicated than the answer. the answers are more competent than the question. the challenge of fannie and freddie is they still are essentially independent companies and conservatorship. they have cost the taxpayers $150 billion. it is acknowledged at least by their conservator that they were underpriced in a guarantee fees when they originated these loans and so i think the trade-off we have to consider as we utilize these two agencies which a

and freddie shareholders and bondholders and the banks that bought and sold fannie mae braun's and fannie mae loans those people should have borne the losses i mean i think the banking system would have survived in a much more truncated form in a much more a much smaller more manageable for instead all those losses get socialized and absorbed by the u.s. government and now all of the taxpayers are on the hook for those losses and the mortgage industry has pretty much survived intact and they're still making their loans and they're still artificially pumping up the housing market which has still have has a long way to fall and we haven't even recognized those losses we just push them off into the future and in short hasn't done anything and you mentioned though that it has added to government debt and you i've heard you be a fierce critic of countries that you called addicted to debt or at least you say that they're facing a recession as a result now it's not just the u.s. i'm guessing that with their debt at one hundred twenty percent of g.d.p. that you would think that italy falls into t

fannie and freddie. who is fannie and freddie? the american taxpayer at the end of the date. the potential of its losses. help it moving in the mortgage market. that's a broad opposition. that is where fannie and freddie are headed. i am i wrong about this? >> like everything we talk about, you're well aware, these questions are often more complicated than the answer. he sees me, the answer is more complicated than the question. the challenges fannie and freddie i still essentially independent companies in conservatorship that have cost the taxpayers $150 billion. it is a gaullist by their conservative that they were underprice in the guaranty fees when they originated these loans. so i think the trade-off we have to consider is utilizing these two agencies which are critically important considering the size and scope and influence on the housing market. clearly recognizing with eyes wide open that anything they would do to participate more aggressively whether it is lowering loan level price adjusters are changing loan to value requirements for all these things being discuss

are going to bail out fannie and freddie fannie and freddie made a lot of bad business decisions and they bought a lot of loans from a lot of the people and now they're saying the big banks to see what's in those loans so now if you're free on behalf the taxpayers are going to try and soon get that money back so you anywhere that it is true that any of the banks defrauded fannie and freddie with a lawsuit should be brought to them and we should we should get justice in the question here should i do that i will the in this case actually probably does have to be done by the government because the government is now running fannie and freddie. in our part of the government's holistically they're the conservator of it so they need to do that but the question the question is is this going to help matters any is this going to help the housing market it's not going to help the housing market bounce back anytime soon is this going to provide a whole bunch of tax relief to the united states taxpayer because we get a couple billion dollars back you know it's not really going to do that is there

fannie and freddie or hybrids.y had the implicit guarantee of the federal government on the one hand that enable them to borrow money at low rates. on the other hand, they were publicly traded and they had targets and goals to boost earnings. they wanted their earnings to keep growing. in terms of how much executives were paid, part of their pay did rely on whether they can make those goals. i do not think it was a simple as they wanted to make a lot of money personally. i think they wanted to grow the business, satisfy shareholders, satisfy congress, and part of that was to lend more money and buy more of the securities. let's say i'm going to throw out these covers hypothetically, they could borrow at 4% and by the security bills yielding 6%, and that is profit. that process expanded throughout the period between 2004 and 2007. their balance sheet expanded tremendously. that was profitable when the securities were working and people were paying their mortgages. when the music stopped, that stopped. i do not know

number one comest danny and because these would all be home mortgages backed by fannie and freddie, fannie and freddie make money on this. as we look at the cbo analysis, about $100 million because of its stock many people from defaulting right away. secondly, if you're the homeowner you have thousands of dollars in your pocket because you refinanced. i remember the years when bill clinton was president, one of the reasons there was such a prosperity there is the tremendous number of refinance team. if the best way to get money into our economy quickly. so essentially, this is what our bill does and says. if you have a loan that is that by fannie and freddie and if you have a high interest rate on your plate to take advantage at the school were, then you should have a chance to do that, not be disqualified because you are underwater and how those ridiculous fees they have in place now wave so you can take advantage of these rates. we call it the helping responsible homeowners act. we are heartened that the president mentioned something like this in his address to the congress. we are heart

took over the mortgage giants fannie mae and freddie mac. that is what hit this milestone it put taxpayers behind five trillion dollars in loans that those companies backed mortgages but what did this do for the u.s. economy exactly and looking today unemployment is nine point one percent close to twenty seven percent of homeowners with mortgages are underwater that's according to those who track it and politicians are still looking for solutions to help us understand if any of them can work earlier i also spoke with andrew schiff of europe a set of capital and i asked him what those bailouts did for the u.s. economy to start it off here's what he said. it's been a thing for the u.s. economy it certainly saved it saved the holders of fannie mae and freddie mac. bonds what it saved i mean basically you had fannie and freddie being completely bankrupt after having made ridiculously foolish loans into the mortgage market now i don't think there's anything criminal about offering. foolish loans or even buying shares in a company that's making fo

it was three years ago today that fannie mae and freddie mac. were bailed out by the government now we all remember what happened from there on lehman brothers collapse about a week later everything crashed the government had to bail out. tarp came along but not until another huge crash after that didn't pass it first and from there now obviously was much more complicated that out but it was the financial melt out three years later we're still in the great recession unemployment is still hanging on around nine percent the housing market continues to be in a depressed state and now there's a european debt crisis that looks like it's about to crack course let's not leave out the not a single person from wall street isn't prosecuted added fact their profits in bonuses have shot through the roof so all in all say it's a pretty bad state of affairs but could it get even worse let me explain here last friday as we told you on the show the federal housing finance agency filed lawsuits against seventeen big u.s. and european banks for their role in the

gay lovers as a financial analyst at fannie mae. i have no problem with the sexual preferences, but a serious objection to corruption. we're talking about a deeply, deeply corrupt man whose corruption very nearly destroyed the world. another villain alive in well in our world is alan greenspan. what character is he like? anybody remember dr. robert statler? a my -- minor, but key character, a mentor to the young john galt. when galt was still a young man, statler left academia to find the state institute to do physics three of the grubby supporters of capitalists and people who pay tuition and things like that, and john galt disowned him, he damned him. now, at the climax when the world finally goes down the drape, the scene is when the government having expropuated the work to create a weapon of mass destruction, and that almost detonates in the presence, and the description of hit death at the hands of this weapon his science created is one of the moving passages. alan greenspan is the most damned because he knew better. it's one

freddie mac and fannie mae,.overnment sponsored enterprises, even before they got in financial trouble, they were leveraged 1000 to 1. no private company would be able to leverage at that level. when they failed, they owed $5.50 trillion. now you owe it as taxpayers -- congratulations. they absolutely dominated the subprime mortgage market and day the -- they had a huge dominant market share and everybody else was competing. they kept lowering their standards. politics played a giant roll out with freddie mac and fannie mae. i can tell you that from the personal experience. we were running the numbers and it was mathematically certain there were going to fail. anybody can hear said they were going to fail. we met with congress on numerous occasions and they were absolutely not willing to kill us. ar us. dodd-frank -- ready-made and fannie mac were huge political contributors. they were the biggest single contributor to the democratic party. they simply evaded. if you look at the financial crisis, there are a lot

fannie mae. the federal housing finance agency's inspector general out says fannie mae failed to monitor foreclosure proceedings after the housing bubble burst. the report says fannie allowed law firms working for it to sign off on documents they hadn't read, or fake signatures on foreclosures. the so-called robo-signing scandal led to a suspension of foreclosures last fall. the report also said the housing regulator needs more help monitoring fannie mae and that only a third of its inspectors are federally accredited. >> susie: it was a quieter day here at the new york stock exchange, but stocks still see- sawed between red and green. let's take a look in tonight's "market focus." many investors spent today snapping up beaten-down stocks from yesterday's selloff. financials benefited from that bottom fishing. morgan stanley led the move higher. the stock jumped 5%, analysts defending the brokerage firm's ability to manage its risk exposure to french banks. bank of america rose 4%. it was the bes

remember mortgage buyers fanny mae, freddie mac? your tax dollars helped bail them out, and now the government agency overseeing them going on the attack. who plans to sue to try to recoup billions of dollars. you're not going to believe it. gregg: a fox news alert, former major league pitcher, cy young award winner roger clemens in court right now. this is new video into fox news, clemens is hoping that a judge will dismiss charges that he lied about his use of performance-enhancing trucks. prosecutors are pushing for a new trial after they presented inadmissible evidence to jurors triggering a mistrial the first time around. so what can we expect from today's hearing? doug burns, former federal prosecutor. good to see you, doug. defense is yelling double jeopardy, fifth amendment, no person can be tried twice for the same crime. >> yeah, yeah. gregg: but generally speaking, that applies to somebody who has been acquitted and can't be retried on the same charges. >> yeah. i mean, you go through three steps. one, you can't be tried

my name is fannie. [speaking spanish] >> i'm a mother, a single mother of kids and i'm here to ask for your support to develop constructive site because this is important for families like mine. i have a child that's 2 years old and it's difficult for a family like mine. we're low income. we're low income, and it's hard for children to be contained in a small room, four walls but no place to go. this is a big opportunity for our community creating a park. i know as a mother that it will benefit mothers like me, families like mine, especially for children that are in that development age between 0 and 3 years old. open space, parks are very important for their development so they become -- development into the future. you know, just like we heard earlier that parks and open space are tools for kids to develop themselves. therapy, development. also, for adults it's a huge benefit. we have the capacity to be like kids again. kids see this example. kids follow and mimic when they see parents and adults doin

number one, fannie and freddie, because these would all be home mortgages backed by fannie and freddieuse a would stop many people from defaulting right away. second, if you are the homeowner you are going to have thousands of dollars in your pocket because you refinanced. i remember the years when bill clinton was president one of the reasons there was such the prosperity there is because the tremendous number of refinancing. it's the best way to get money into our economy quickly. city essentially this is what the bill does. if you have a loan backed by fannie and freddie, and if you have a high interest rate and you would like to take it is vintage of these low rates then you should have a chance to do that and not be disqualified because you are under water and have the ridiculous fees they have in place now waived so you can to get and digit of these rates. we call it the helping responsible homeowners act. we are heartened that the president mentioned something like this in his address to the congress. we are heartened that you are on our bill. we are thrilled with that. that it

like most republicans willard mitt romney is okay to bash freddie mac and fannie mae.ie and slammed the company's behavior. >> the failures of fannie mae, freddie mac and barney frank and chris dodd are so prevalent we need to see how we're going to support a growing housing industry. >> apparently what he thinks is a failure for america is great for his own personal bank account. the "boston globe" reports romney has up to $500,000 in mutual funds that invest in fannie and freddie. last year alone romney made up to $50,000 in interest from that investment and romney seems to be fully aware of this investment. the "globe" says, quote, unlike most of romney's financial holdings which are held in a blind trust this, particular investment was among those he would have been knowing -- known to him. did romney think we wouldn't notice that he'll publicly attack agency but privately profit from them? nice try, willard, but we got you. [ venus ] what are they doing to stufy? they're making him triple double. why? this! new triple double oreo. ♪ yo stufy, come here! [ shoes sq

freddie mac and fannie mae,. government sponsored enterprises, even before they got in financial trouble, they were leveraged 1000 to 1. no private company would be able to leverage at that level. when they failed, they owed $5.50 trillion. now you owe it as taxpayers -- congratulations. they absolutely dominated the subprime mortgage market and day the -- they had a huge dominant market share and everybody else was competing. they kept lowering their standards. politics played a giant roll out with freddie mac and fannie mae. i can tell you that from the personal experience. we were running the numbers and it was mathematically certain there were going to fail. anybody can hear said they were going to fail. we met with congress on numerous occasions and they were absolutely not willing to kill us. ar us. dodd-frank -- ready-made and fannie mac were huge political contributors. they were the biggest single contributor to the democratic party. they simply evaded. if you look at the financial crisis, there are a lo

also i got you a fanny pack. because hipsters steal.hat's how they afford all those tiny sweaters. now i've been crunching some numbers, and i think we might actually be profitable by q3. according to my regression theory, we got to treat this thing like rock-a-roni, rock-a-roni, rock-a-roni, rock-a-roni, rock-a-roni. so, corinne, i was wondering if you were planning on doing any blogging. 'cause after last night, i have a feeling i am no longer ninth on your list. yeah, i was thinking of moving you up to eight. eight? that's it? you moved up a slot. you should be proud. there's a lot of competition out there. what's a guy got to do to get to number one? me. better. no friggin' way. oh, gosh. i am so lost. hey. business is booming. i've always wanted to say that. mm, gimme. oh, okay. mm. hand me that helmet. mm-hmm. thank you. so i did it with austin. oh? and it was, uh, well, the kindest word would be problematic. couldn't get things off the ground? they got off the ground. oh, speedy gonzales. more like eeyore on antidepressants havin

fannie mae and freddie mac bought them up for $500 million. what a bargain.y, the federal housing agency are keeping quiet and details of this one. but what we do know is bank of america gave a handful of other banks to bid on the mortgages and no one wants to touch them. that is story. here to discuss freedom fighters my friend sondra smith. lynn and charles, the radio talk show host and dollar meltdown. okay, what is this, the government buying these bad mortgages from the bank? >> i think it's important to realize, it's the servicing. in any case its sweetheart deal. it's not fair for the taxpayers to be bailing out private banks like bank of measuring. its strong argument for financial reform. >> why are the taxpayers, charles, out bidding private enterprise for these horrible under performing mortgages and sits the decision of the taxpayers which really means some fannie mae, an economic decision or political decision? >> how long is it going on. all these losses are transferred to the people whether on the balance sheet of fed so it's profits for the ba

of "the business insider" and nyu professor matthew richardson who authored "guaranteed to fail, fannie mae, freddie mac and the debacle of mortgage finance." professor, before we get into the origins of the price distortions that in fact our entire market now, of creating money out of thin air for political benefit or even righteous moral intention, before we get to that, henry, how determinative, how influential is the health or trapped capital in the housing market to everything that happens on our economy? >> i think what you talked about is exactly right, that there are millions of homeowners who are stuck. >> how much money are we talking about? >> trillions of dollars, don't know exactly how much but drill i don't understand. >> that's not being invested or developed. >> that's right, and people can't move to jobs, and they can't get out from under, can't restructure their mortgages because there have been restrictions on the loan-to-value of the house and so forth, so it is trapped. but the answer is what america faces right now is a debt problem. we have too much of it. we have

. >> you are claiming fannie mae and freddy mac was the zenith of free market tears. >> they said the problem is you have those who would parade as free market tears. >> it is the taxpayers. i know you are drunk at home, fannie mae and freddy mac, not free. >> i met fan knee at a mortgage orgy. i met a lot of fanny. >> my job plan just -- i notice you are not checking the internet all day, but it is sweeping the nation right now and i have many, many other parts of the plan, but my one small three-part plan is to eliminate the unemployment insurance and stop immigration legal or illegal bi-lo cage employees. we need the technological employees. you can't have a nuclearen engineer if you can't have a power plant. >> extending the employment insurance is one of the worst uses. as a society you want a safety net to keep you from descending. >> that's why we have the low wage employees. >> there is research to show that the longer you have unemployment insurance the longer people remain unemployed. that's the only thing i know. >> and the higher your raise, the more people will be out of

continue to act like it's had to subject let's talk about what it really means for america and did fannie mae bail out bank of america last month that might be the case and you had nobody's talking about that either anthony rand as i was going to fill us in with all the details or have all of that and more feet and i included because of happy hour but first let's take a look at the mainstream media has decided to miss. so today the mainstream media continued for once to remember that there's a war going on in afghanistan as the u.s. embassy in kabul came under attack and this one they were all over. it workers at the american embassy in kabul are hunkered down three different attacks one day in the heart in the heart of what is to be the most secure area of the taliban launching a series of coordinated attacks against the u.s. embassy and i think the signal in afghanistan is that karzai is weak police so you would need a series of attacks holding the american embassy to headquarters five or six taliban militants went to the roof of this thirteen story building that was still under constru

why the agency finished fannie and freddie is now blaming them for the housing crisis. bill: over the weekend be sure to check out fox news sunday, special guest, dick cheney. wallace and cheney, in a can't miss one on one. >> ♪ >> ♪ >> ♪ >> bill: that's off an 8-track! >>> those crazy crocodiles, look what a lifeguard rescued from a swimming pool in aus rail kwrarbgs the baby croc, about 16 inches long. martha: you make it sound like he's so brave! i have a lizard at home that's that big! bill: the lifeguard said he initially thought the reptile was a rubber toy until it stphrap dollars its jaws. now he looks big and ferocious. they took the little guy away before the adult swim. martha: he's underage, he has to sit on the edge of the pool while the grownups swim! >>> all right, moving along, we're now getting estimates coming in from the damage from hurricane irene. thousands of homes are said to be dealing with some kind of flood damage, you know, some very extreme and not so bad. david lee miller is joining us live in your new york city newsroom. now that we're addi

speaking of housing, expect higher lending fees from mortgage buyers fannie mae and freddie mac. their regulator said today the government-controlled firms are expected to gradually raise the amount they charge lenders in the next year. that would reduce the companies' long-term exposure to risk. fannie and freddie do not make loans, but they buy them from lenders and package them into securities that are sold to investors. they charge a guarantee fee when they buy mortgages. tonight's commentator says that when it comes to economic policy, our nation is at a fork in the road. here's bill rodgers, professor at rutgers university. >> today's debate about how to reignite u.s. economic growth is basically about whether we want a 1980s or 1990s economic expansion. during the 1980s, national income grew, while during the 1990s, national income not only grew, but the growth was broadly shared. policy played a key role in generating these two paths. during the 1980s, policy placed less emphasis on growing the middle class and protecting america's most vulnerable citizens. policy also be

it was fannie mae and freddie mac holding assets that they shouldn't have been holding. i was one of the people who signed a letter back in 2005 and 2006 and said we better reform these two institutions or we'll have a meltdown and that's what happened. part of it was government regulation and government markets that caused the bubble and the loose lending practices that led to the problem. >> lean forward with "the ed show" weeknights at 10:00 eastern on msnbc, the place for pol politics. >>> well, from investors to job-seekers to small business owners, it is easy to see how the troubled economy is impacting all different kinds of americans. what about our nation's students? as part of nbc's week-long education nation coverage, msnbc contributor and correspondent jeff johnson talked to some florida students about how their dreams are holding up. >> reporter: as unemployment hovers at the highest levels in decades and the economy makes a college education harder to reach, students at one florida high school are optimistic. >> i feel great about being an american, for the

fannie and freddie ended up losing about $170 billion and taxpayers footed the bill. in all, 17 financial institutions are being sued, including bank of america, citigroup, goldman sachs, g.e., morgan stanley and j.p. morgan chase. you might recognize that a lot of those names got a taxpayer bailout under tarp. so we, the taxpayers, are now going after banks that we bailed out. the lawsuit claims these banks failed to identify or looked the other way when borrowers' incomes were inflated or even falsified. >> pelley: sharyl, what may come of all of this? >> we talked to experts today and they're predicting the lawsuit will be settled for something less than the $41 billion claim but cost the banks dearly at a bad time in the economy. >> pelley: sharyl, thank you very much. on the gulf coast this evening, it is no hurricane but tropical storm lee may bring dangerous flooding. lee is a slow-moving storm. the weather service tells us it may hold ten to 15 inches of rain. warnings are up from mississippi to texas. a storm surge could raise water levels two to four feet. b

. >>> the government agency that regulates mortgage giants fannie mae and freddie mac is suing 17 of the world's largest banks including bank of america, jpmorganchase, citigroup and goldman-sachs. the suit is aimed at recovering some of the money fannie and freddie lost when the mortgage bonds the bank sold them went bad. the lawsuits claim the banks made false and misleading statements when they sold those mortgage bonds making them seem much safer than they actually were. >>> word that those lawsuits were coming and today's grim jobs report sent wall street numbers tumbling. the dow down 2 53 points, that's more than 2%. the nasdaq and the s&p 500 both were down more than 2.5% as well. >>> police and federal agents in tampa, florida have broken up what they say is a massive fraud scheme to get money from the federal government. the target, the irs, and you will be stunned at how easy it was for the crooks to get their loot. nbc news justice correspondent pete williams has the report. >> reporter: police in tampa, florida are accustomed to seeing drug dealers with fancy cars but th

>> well, i think fannie and freddie -- the government should get out of fannie and freddie, recapitalize government involved, and i think the problem with the housing market was, hey, the government picked winners and losers. we never had a fire sale when it came to housing. i believe if we would have had a fire sale we would have established a market bottom and be ensgached in what would now be a real recovery as opposesed to, you know, gosh, how long's it going to take to get out of where we're at, eight, ten years? i lap to be in the camp that believes we're on a verge of a monetary collapse, and that is because we are printing money. we need to stop printing money. we freed to balance the federal budget. >> go ahead, jimmy. >> governor, you missed an interesting debate with the largest applause coming from rick perry's declaration that everybody in the state from a petty criminal should be murdered in the electric chair. my question for you, though, is, as a serious candidate for president, what do you actually think the role of the -- not state and local. you're a former governor. t

claiming they sold fannie mae and freddie mac more than $200 billion in fraudulent loans, it happenedgo. so why is this government suing now and what effect could it have on our already struggling housing market? we'll be right back. woman: downloading music can be expensive. so to save money, i trained my dog and this cockatoo to play all the hits of the '80's woman: hit it, mr. butters. ♪ ♪ take on me... ♪ ....take on me ♪ take me on... anncr: there's an easier way to save. get online. go to geico.com get a quote. 15 minutes could save you 15% or more on car insurance. >> jamie: great to have you back. federal regulators are now suing 17 banks for selling mortgage giant fannie mae and freddie mac nearly $200 billion with a "b" dollars in mortgage backed securities that later soured. the question is, why are they suing now? it is three years after the mortgage collapse. and, it is a time when we're trying to get more banks to lend money. joining us now, managing partner of chadwick capital management and, ed, it is great to see you. >> great to see you, too, jamie, thanks for having

it is for allegedly selling fannie mae and freddie mac mortage securities. some people accused the alabama going easy on the banks . the government had to file it by september eighth. and some experts are saying that the timing could tank the economy if they have to pay a settlement with money they couldize -- could otherwise be investing. and what we do know it is dollar spent . and sem the decline to create more jobs and create continent. >> and so the government is mad because they got duped. fanny and freddie are not amateur investors and should have known what they are doing and there is evidence that fan yefreddie knew what they were doing and what kind of people they were guaranteeing mortgages for. no documentation or income or no down payment. they are trying to get more money. it is hard to believe they are fooled. some of the banks named and egyptair flight 990 all saw sharing lose valley. they are seeing how it shapes out. >> thank you. >> and the deadline for surrender expires next week. but forces loyal to gaddafi find themselves surrounded by

they are being sued by the fhfa on behalf of freddie mac and fannie mae. 17 banks are named in the lawsuitsthey are accused of misrepresenting the sub mortgage loans. too slow there. never mind. there were big losses. let's move on to currency. as i said, the yen is at a three-week high against the euro with the euro taking a pounding. 1.4135 following the setback from merkel. the yen/dollar is 76.82. andrew. >> absolutely, charles. that was playing into the big selloff in asia. the selloff is just as grim on the back of the disappointing jobs numbers in the u.s. on friday. now overall financial stocks fell across the major markets. it wasn't just finance, but export. take a look at the nikkei, down by 1.8%. exporters being hit on renewed concerns about the strength of the u.s. consumer. the strong yen that you are mentioning only making things worse. energy stocks getting a hit as oil prices fell. one stock i want to point out in hong kong. there is another reason for this falling down. it has been leaking about 3,000 barrels a week. chinese authorities have had to shut that down. hang sen

se les acusa de vender activos respaldados por hipotecas fraudulentas a los gigantes hipotecarios "fannie"freddie mac" y ocasionar perdidas millonarias durante la crisis financiera que estall en 2008. cu --a pocos dias de el certamen miss universo, mariana rodriguez nos ha preparado un reportaje especial sobre la historia y curiosidades del certamen. take pkg miss universo comenzo en el año 1952, en long beach california como una competencia creada por la compañia de trajes de baño catalina para promocionar sus bañadores. los paises latinos que estuvieron en la primera edicion fueron chile, cuba mexico, panama, peru, puerto rico, uruguay y venezuela. en el año 1960 el certamen se mudo a miami beach, florida donde comenzo la tradicion de televisar miss universo y las reinas ya no fueron coronadas en traje de baño, alli se celebraron los concursos anualmente hasta el 1972, en ese entonces gracias a la señal por satellite la competencia comenzo a efectuarse en diferentes paises del mundo. la primera miss universo en no completar su reinado fue tambien la primera miss universo de la historia.