>> a bit of a reality check on all of this tonight from diana olick, cnbc. thanks. >>> now we have to turn overseas to the unfolding disaster in eastern turkey after a powerful 7.2 earthquake centered near the border with iran but rippling across a wide area. tonight, more than 270 people are officially known dead but there are so many people trapped and missing across the countryside. that number is expected sadly to climb sharply higher in the coming days. nbc's michelle franzen has the latest on the search for survivors there. good evening. >> reporter: well, brian, rescue crews have been working throughout the night here looking for signs of life. a short time ago that work stopped. sadly, they found someone that had died beneath the rubble there, this flattened apartment building here. but the work continues, not only at this spot in urgis but throughout the hard-hit region. no one is ready to give up hope that they can reach other survivors before it's too late. a young man pulled from the rubble, more than 30 hours after being buried alive. a toddler,

diana olick joins me now from cnbc. what do you hear about the housing plan? >> this was a refinance plan announced this morning by the fannie mae and freddie mac's regulator. it tweaks to an existing program that wasn't working and it's for underwater borrowers, that is people who owe more on their mortgages than their homes are actually worth. this plan was in place for people who owed up to 125% more of their home's value. now it goes to no cap at all. so no matter how far underwater you are on your mortgage, if and only if you're current on your payments right now, you are eligible for a refinance program through fannie mae and freddie mac so again you have to have a fannie or freddie loan and current on your payments. whether or not this will jump-start the housing market, i don't think that's the correct assumption because it's not about helping people buy or sell homes. it has nothing to do with people behind on their mortgages. it has nothing to do with people facing foreclosures. again it could be an economic stimulus because you're lowering monthly p

diana olick, great to see you this morning.e's a look at other headlines topping the news right now. starting with this, it was a second night behind bars for a group of occupy chicago protesters arrested over the weekend, the anti wall street protesters stood their ground, defying police orders to leave the area. 130 people were rounded up, chicago police confirming some of these people made it a two-night stay after violating the conditions of their bail bond. despite the arrests, a representative from occupy chicago vowed the demonstrators are going to be back. >>> 12,000 police officers will have lost their jobs by the end of this year, and that's thanks to the stagnant economy that has forced local governments to make the significant cutbacks they have. the numbers are significant, leading vice president biden to suggest that without president obama's jobs proposal, which includes money for police jobs, crime will most likely surely rise, throughout the country. >>> a new study finds that girls whose moms were exposed to h

diana olick is here with the new details. we just saw the president heading out west there.to go to las vegas. let's talk about the sheer numbers here. how many people are in this situation? >> well, chris, about 11 million borrowers are currently under water on their mortgages. as you said, that means they owe more than their homes are worth. now, what this program is, it tweaks to an existing government program and it's true fannie mae and freddie mac. so your home has to be owned or guaranteed by fannie or freddie. the original program said you could owe up to 25% more on your loan than your home is worth and be eligible for the government refinance. now what they're doing is taking off the limits. they know home prices have fallen so far that people are far more under water. that is, they may have up to negative 50% equity in their homes in some places like california, arizona and florida. so that's the big move, is they're taking off that cap, and allowing those borrowers to refinance. however, this is not for people in trouble on their loans. this is not if you're behi