then the lenders sell the loans to fannie and freddie. so when we look at loans coming in today we are seeing they are underwritten to a tighter than fannie and freddie alone would require. i think this is going to just need more time to work through. we have been engaged recently in productive discussions with the lending community about some of these differences. b but it will require a greater sense of stability and confidence in markets generally and in labor markets. if borrowers feel that there is greater job security and we start to see some improvement in unemployment, these things will also help a lot to improve and encourage the country's housing markets. >> a follow-up if you wish, sir. >> to the point of how the is being run, there has been more criticism of fannie and freddie of late that there is -- this week larry summers in an op-ed in the financial times wrote that fannie and freddie have become a case of disastrous pro cyclical policy and criticized the fhfa saying it took a narrow view of the public interest and not act

fannie and freddie do not make loans to borrowers. lenders do, and then the lenders sell those to fannie and freddie, so when we look at the loans that are coming in today, we see that they are underwritten to a tighter standard than fannie and freddie would require. i think this would just need some more time to work through. we have been engaged in some productive discussions about some of these differences, but, you know, at the end, i think it is also going to require a greater sense of stability and confidence in markets generally and in labor markets. borrowers feel that there is greater job security, and we start to see some improvement in unemployment, these things will also help a lot to improve and encourage the country's housing market. >> a followup if you wish, sir. >> yes, i guess to the point of how the concerts are to ship is being run, there has been more criticism of fannie and freddie of late. there was a review this week. larry summers, and in op-ed in the financial section said that fannie and freddie have been a

contributions from fannie mae and freddie mac will cease to exist.th what this means now for nonprofits, mel. >>> fanny and freddie have been the two largest corporate donors, nationally and locally but the implosion of the housing market means their finances and roles are dramatically changed local charities may not be able to rely on them any more. >> reporter: fannie mae money helped build this day care at martha's table. freddie mac money sustains bit but contributions could be going away. >>> succession of shoes that keep dropping. >>> martha's table is one of hundreds of local nonprofits, that have counted on funds from fannie mae and freddie mac. in 2007 the two housing finance titans contributed, $65 million to charities nationwide then the housing market collapsed the companies lost money and their donations dropped 40%. >>> we are still dealing with demand for grocery, that quadrupled over the last two years, 260 kids are on our waiting list for day care. >>> a new report predicts what this political climate, fannie mae and freddie mac will

and every quarter fannie mae and freddie mac. take money from the taxpayers because they lose money so then it's a vicious cycle because i think you know you could say if the government at the same time maybe they're not so worried maybe they just want people to have lower fees so they can then have more disposable income so they can spend it and then you know you get to count that as part of a reinvigorating the economy and consumers are buying again and then we get this impression that things are going just fine but then consumers are. going to take and i mean i i it's overall it's a weak attempt at a huge problem i think that's the biggest thing the takeaway is we need if you're going to take bold actions if you want to make bold proposals to congress you can make you can make bold steps when it comes to dealing with fannie mae freddie mac. this is a weak attempt is but overall if you look at the obama administration's policy and the way they've tried to tackle everything you talk about you look at the stimulus right you can l

fannie and freddie no longer have that as a slogan. we create a bubble and burst. $7.25 chilean of home equity has been lost -- $7.25 trillion of home equity has been lost. >> it is interesting to be in washington in various sectors. there is an infrastructure built around making money and what the government has put in place. we all want to move away from that. everybody wants to see us move away from where we are today. i think that is universal. let's move back to where the gsc's are at this moment. why has it been in the psychology of what we have done here a one-way street? i own commercial buildings or have in the past when you pay the loan off you have to pay a penalty, i'm sorry. if it's not -- if rates are lower than when you financed, you have to pay a penalty. why have we not had that? it seems like it would solve a big part of the problem we had today? >> i was going to put that into my testimony on the commercial side we have arms galore and they have either lockouts, prepayment penalties, yield maintenance, or something s

apartments are owned by fannie mae. as mark matthews reports, this afternoon ease got a look at them they are in terrible shape. >> first take you into the back where the rear stairs are. >>reporter: attorney philip showed me around the apartment complex this afternoon many broken staircase. railing that collapsed last april. bathroom where a water leak is causing the paint to bubble up and crack the wall. the water heater in one of the units can not be turned on. local contractor explains it's a fire hazard. >> should be one current around the entire circumference of the pipe. >>reporter: resident in the apartment complex say when fannie mae took over the property 15 months ago they thought things would get bette better. especially after the city of oakland ordered the mortgage giant to clean the place up. but it seems when the bank doesn't comply with city code, nothing happens. >>reporter: region in addition tells me the sink has been leaking for a year. >> they accepted no one, perio period. no one. >>reporter: whil

fannie and freddie will buy loans on the secondary market. the liquidity created allows them to reinvest those funds into their membership or institutions by making new loans. without these new relationships, credit unions -- we like to stress the importance of maintaining this system. as you consider legislative proposals, we believe that there is a core set of principles that must be considered to make sure credit unions are treated fairly. there should be at least two entities to insure competition. the government should issue guarantees on payment of principal and interest for mortgage-backed securities. credit unions must have on interrupted practice into the secondary market. credit unions is could support a model that is consistent with a cooperative entities model. a board of advisers should be formed. a central is a vital, the gsc should be self funded. it should reflect the quality difference. fannie and freddie should continue to function until such time as they begin to repay the government debts. take into account the consequence

puede averiguar en las pÁginas de internet de fannie o deual.afuera, tal vez otra persona confiable que le puede ayudar y guiarle en el proceso. >>pero no cobrarle. >>exactamente. serÍan las agencias de consejerÍas, que son certificadas por el departamento de vivienda y desarrollo urbano en hud.gov >>hud.gov >>correcto. entonces allÍ puede verificar cuÁl es el estatus de su prÉstamo, si es o no es, llamar a su banco... hay tambiÉn que especificar que aunque el programa ha sido anunciado, las instrucciones a los bancos van a ser dadas el 15 de noviembre. esto no entra en vigencia inmediatamente. yo sÉ que la gente estÁ desesperada y necesita ayuda ya. necesitaba ayuda ayer. >>exacto. exactamente. >>asÍ que las instrucciones las reciben los bancos el 15 de noviembre y se anticipa que las primeras transacciones de refinanciamiento van a empezar el primero de enero del prÓximo aÑo. >>para las personas que sÍ se han atrasado en los pagos ¿no hay algÚn tipo de ayuda federal? >>no. en ese... pues tendrÍan que tratar de continuar sus negociaciones con e

local charities say fannie mae and freddie mac set the bar high for other corporations to follow. >>l and the solutions will have to be as ream as the problem. >> reporter: while some other -- real as the problem. >> reporter: while some other company may step in, charities know they've got many miles to. go a collaboration of nonprofits called eight neighbors commissioned that study. fannie mae did say in response to my question that it has not announced any changes to its corporate giving programs. melanie alnwick, fox 5 news. >> i'll tell you, what it's cool outside. >> we just jumped right over october into late november. >> what in the toward? this isn't normal. >> we're about to redeem, it though. i totally agree and the weekend was shocking with temperatures in the 40s. >> the rain, gray skies. >> it's getting pretty monotonous, isn't it? everybody is ready for a change. big time change coming. tomorrow is the changeover day, though. i don't think tomorrow is nearly as nice as what the rest of the week will be, but it's going to be a huge improvement over what we had earlier t

never touched by fannie and freddie. once we get out of this russian they will start making loans again but now since fha and fannie and freddie have such a dominant presence in the securitization market as pointed out one of the key things of our various bailouts is to build up the 30-year fixed and not the arm, in then to undercut the private sector. and everyone mentions the fact there is interest-rate with the 30-year fixed the more than willing to dump them on to the taxpayer of fannie and freddie. might understand but we should be forced as consumers to bear the risk purses have somebody in keokuk iowa have a higher tax bill because somebody had a fixed-rate mortgage go under water. it will come back. >> >> the prepayment option in your testimony those who have the 30-year fixed-rate mortgage with the prepayment option is paying for that to. explain. >> and other countries unless you move for another termination and stuck with the interest-rate and compare and other countries the non repairable mortgages it could b

i can't speak for fannie and freddie. i have a lot of questions of fannie and freddie.u know, they own the bulk of -- they are the investors. well, they're wholly owned by the taxpayer of this country. we own fannie and freddie. >> we own our own bad mortgages? >> we own our own bad mortgages, so we can do something about that. that's why from our perspective, we've had the wrong parties a t the table. just to deal on this investigation purely with the servicing issue is to so narrowly limit it, it doesn't allow us to do all the whole investigation, that require us to have all of the parties at table. fannie and freddie, with the biggest investment portfolio, other investors, private and third party investors, originators, some of whom aren't even left anymore, or left standing, as well as the attorneys general and the federal government. i have a bunch of questions for fannie and freddie. the reality is we need to look really deep into, and we are looking deep into, whether representations and warranties were breached when these mortgage-backed securities were securiti

. >> why residents of this apartment complex are calling fannie mae a slumlord. >> i'm david louie inx@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x@x fannie mae a slumlord? >> the city of oakland ordered fannie mae to clean up the place. >> the tenants in this apartment house say the owners previous owners tried to keep the place up. but when the land lords dmot make mortgage payments and fannie mae took over the property things got bad. that is too clo lowe. >> this attorney showed us broken stairs the broken railings paint bubbling and cracking. >> water not only comes through here and through a light fixture. >> the roof leaks. the water heater is a fire hazard. >> there should be one inch clearance around the pipe. >> the tenants tell me it's been like this since fannie mae took over 15 months ago. >> why should we live like this in america? >> twi

. >> fannie mae being accused of being a slumlord. the apartments owned by fannie mae. they are in terrible shape. he joins us now with the story. >> the season kn is so bad, the city ordered the lender to clean it up. that was last may. and the looks of it, nothing has been done. >> this we'll take you into the back. >> the attorney showed me around this afternoon. the broken staircase, railing collapsed last april. and a bathroom where the paint is bubbling up. a water heater cannot be turned on. a local contractor explains it's a fire hazard. >> there should be a one inch clearance. >> and residents say when fannie mae took over, they thought things would get better after the city of oakland ordered the giant to clean the place up. and it seems the bank doesn't comply, nothing happens. >> he tells me his sink has been leaking for a year. >> they said no one. period. >> and the tenants were telling me no one responds, a workman from the property management company showed up. >> i have an appointment to check smoke detectors and carbon monoxide detectors he told me he'

this is one that i give fannie and freddie some credit for. some of their best practices they put out over the last couple of months seem to do that mechanically. if you cannot get there, we cannot let this slow decay of foreclosure menger. you happen to hit a decision point. >> what we try to do is to say that some people need to be given some help to transition in some ways. faugh we have mixed approaches across the system. on the security basis it makes it much harder than it needs to be. >> i will load if you have a staffer -- i am a fan -- we are -- we were trying to write for a couple of months a down payment ira. believe it or not, we keep running into regulatory hurdles because we have to do three or four very different things. >> happy to do that. >> fenty, mr. chairman. >> fenty. >> mr. secretary, we appreciate your testimony. i want to end by a positive note. in june of this year, you said there was a strong case for requiring large firms to hold more capital relative to risk than smaller institutions. i agree. he said that by makin

but fees will also be reduced that fannie and freddie have been charging. that could be a game changer also to some degree. >> woodruff: susan, just quickly, assuming some element of this works, what about the larger housing picture? what are we left with as we look at the next year? >> well, obviously this is not going to solve our problem. it can help. the problem is if housing prices start to decline again, then we might be in a vicious cycle. the housing market weakens. and with the overall economy weakening, we need price stability. with interest rates at historic lows, we could get to price stability. the key is job growth. >> woodruff: and, john, the same question. what is the rest of the housing picture look like setting this aside? >> considering we have ten million foreclosures facing us and unless we get the housing... the building of housing industries restarted, we're going to not see the kind of job creation that i think everybody is hoping for. susan is right. we need to create jobs. but we will not have an economic recovery if we don't have

>> what i missed in 2005 was just how bad fannie mae and freddie mac had distorted the housing market. that's why i said what i said in '05 that i further learned later in terms of fannie mae and freddie mac. i honestly did not realize just how bad it was, just how bad the whole bonding and derivatives thing was and we were on the brink of a total financial meltdown. i learned later on by looking into it deeper that the situation was a lot worse than i thought in 2005. >> well, in 2008, this is september 1st, 2008, another column you wrote about the economy, and it reads as follows. you wrote the supposed failure of bush's economic policies has been a constant theme of the zks since the 2006 elections when the democrats regained control by convincing enough of the voters that the economic sky was falling and the war in iraq could not be won. they plan to continue those themes right through election day on november 4. economic sky was falling september 1, 2008. 15 days later, the lehman brothers collapse. we know what happened after that, a total near sky is falling moment. so how -- i

in the meantime, here at home, government watch dog says fannie mae knew about allegations of improper foreclosures back in 2003 but didn't have to stop them. a report due out today reveals an unnamed shareholder warned fannie of the alleged foreclosure in 2003 but the inspector general for fannie's regulator says it responded by hiring a law firm to investigate the claims two years later. >>> we're helping you get hired there. is another job fair to tell you about. national career fair is holding today's event at the holiday inn in rosslyn at 1900 north fort mire drive. dozens of employers will be hiring we're told today. organizations range from the u.s. secret service to mattress discounters. there will be a service available for folks who show up. >> that's a wide range. >> thank you, jess. >>> easing traffic congestion. one of the subjects in a yearly study in the commonwealth. >> the national honor society banned and the surfing team? for some high school students that, will soon become a reality. this morning, 52 with still mostly cloudy skies at 8:00. 62, 66 by 4:00. look at th

fha, using his leverage to affect those services not affected, loans that are not affected by the fannie mae and freddie mac. >> we'll take a quick break here and be back with more press pass conversation with maryland congressman elijah cummings. woe talk politics including why the tea party supports herman cain. now, is the way to create a better tomorrow. that's why we're announcing, that with the planned merger with t-mobile, at&t will begin bringing five thousand jobs to america from overseas. we will invest eight billion dollars more... and deploy the next generation of wireless broadband to nearly everyone in america. this investment will create as many as ninety-six thousand american jobs. here at at&t, we believe in the future. we're not hesitating. we're investing in america now. why? well, we know it's good business. because america has always been... and always will be a smart investment. at&t. >>> and we are back as we continue our weekly "press pass" conversation with congressman elijah cummings. let me ask you, first of all this fast and furious issue that's come before yo

subsidies, subsidies for risk, particularly in the mortgage market, which included hud mandates on fannie and freddie's behavior and many other government policies that encouraged lax underwriting, especially over time, and increased leveraging in the mortgage market. unfortunately, almost nothing has been done to address this key problem and prevent it from happening again. the second problem was easing monetary policy keeping interest rates far below equilibrium levels for years in a row, 2002 through 2005, which resulted in the underpricing of risk, asset price inflation for risky assets, including housing, and fuelled unreasonable expectations that helped inflate the housing but -- house and bubble.

a vice president at fannie mae will join us live to talk more about this plan and who can take advantage of it and how to get started. >>> joe the plumber is ready to announce where he will run for congress the ohio republican became a household name after questioning then candidate barack obama about his economic policies during the 2008 presidential race. he says he will make an official announcement in toledo he already filed paperwork to run and set up a campaign website to raise money. >> european debt crisis, investors on wall street and around the world awaiting a come pro hen sieve plan expect to be unvailed by european leaders tomorrow the 17 nations that use the euro have been working on the plan. it is hoped the fund can stop the debt crisis from spreading across europe. >>> other stories the lulu lemon murder trial which started yesterday, so many people have heard of the case finding an impartial jury is difficult. >> it has to do with the maryland woman accused of killing her co-worker and allegedly covering it up stacy. >> reporter: this is by no means the highest profile

freddie mac and fannie mae have, together, absorbed more than $141 billion of taxpayer money.: a big black hole. >>shepard: $141 billion. >>gerri: $55 billion for freddie mac, a big black hole. the last report for the quarter inned in june they lost $2.1 billion, a nightmare for the country because this company, fannie mae and freddie mac together back or work with the vast majority of motors and they have major, major, financial problems. the guy you mentioned came if to clean up after. >>shepard: in 2009. >>gerri: didn't work we are still fighting the fight. >>shepard: try the "swiffer." helps to clean. a prominent wall street executive on charges of the biggest leaking of corporate secrets to a hedge fund. >>gerri: and proctor and gamble, one of the biggest in the country, called "procter and god," a shocking revelation, you did not expect the board to engage in this. this guy would have been known in boardrooms all over the country, running a global business and gave information to a fellow names rah and he is in big trouble and will serve 11 years in jail, and he has been

fannie and freddie not agreeing to the rules? >> and the banks. that the banks don't report to the administration, nor does fannie and freddie. if they'd been smart about this, the banks themselves more than 2 1/2 years ago before we heard that clip from president obama would are said, let's do everything we can to keep these people in their homes because the alternative is they're out of their homes and we're stuck with this inventory of houses with prices continuing to go down. that's the situation that banks are in. the administration when president obama said 7 to 9 million families, and even back then we weren't certain that was really true, the banks just didn't take up the offer. they didn't say, let's refinance. they were fearful that if they did and homeowners didn't pay back, they'd have to buy those loans back from fannie and freddie. that's the difference with this plan. they don't have to do that. but still the numbers, 11 million people are underwater which means they have a mortgage bigger than the value of their house. 3.5 million

freddie mac and fannie mae,.red 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 of nuances. the

fannie mae is under pressure this morning. jane king has more in the bloomberg business report. >> fannie mae feeling the heat. a watchdog groups said they waited before acting on a tip. a maryland rep elijah cummings requested a report. he is the top democrat on the committee. toys r us sweeting holiday layaway. there will be offered layaway on all playthings in many of its stores beginning october 15. also offer a bill later option for web purchases. debtrn over greece's crisis. the bloomberg maryland index falling hard. how does a disney one week vacation and tickets to a theme park sound? a contest on active and retired u.s. military. submit a link or draft an essay on why your family is proud to be a military family. you have until november 18. i'm jane king for wbal-tv 11 news. >> it has been a year since the last iphone release. that's not stopping apple from releasing the note iphone 5. >> this is an important for steps is the announcement of steve jobs. >> no other smart phone comes close to matching iphone sales. 50

malas noticias para las organizaciones comunitrias que reciben financiamiento de fannie mae y freddieac para su programas... esos gigantes en el campo de la vivienda han manifestado que reduciran aun mas la ayuda que otorgan...las donaciones de fannie mae y freddie mac alcanzaron a unos 100 millones de dolares en los ultimos cuatro anos..los receptores de la ayuda temen que el gobierno ordene a las dos companias supender la ayuda que otorgan. la comision que regula el funcionamiento de los taxis en el distrito de columbia suspendera el limite de 19 dolares que pueden cobrar los taxistas en la capital... esto quiere decir que los taximetros continuaran sumando durante todo el tiempo que el pasajero utilice los vehiculos sin importar la duracion del viaje... igualmente el cobro de un dolar adicional por concepto del pasado aumento de los precios de la gasolina seguira en efecto hasta mediados de noviembre, y pese a que el costo del carburante ha estado bajando constantemente... @@@@@@@... en alabama las duras en washington continua la batalla de los trabajadores del sector de limpieza q

with the caution that we see both on the part of banks and also on the part of fannie and freddie in, um, restricting the access to mortgage financing to some extent. and i think we put private capital back in front of taxpayers. i'd rather have the private capital at risk and hopefully that would relax some of these constraints on lending. >> can i ask a question about that though? how do you stabilize a market when you're, you know, when private capital won't really jump in front where historically we had the cheapest mortgage you could get was a 20% down prior to the great depression, i think it was 50% down. in seven years. if you go back to those kind of standards and we look at the administration's -- others are talking about reducing the mortgage interest deduction, i see those as such con straibts on the market that it just exacerbates the problem. >> i absolutely agree that that is a big challenge, getting private capital to come back. i think addressing long-term issues going forward, and some of what i maybe cryptically refer to as the value of collateral or the sanctity or

ken's loan is held by the bank of new york and not by fannie mae or freddie mac. at a time when lower interest rates could save him $2,500 a year, he says the bank has blocked his request to refinance. >> basically they've said, we don't have program for you. i don't apparently fit into this program either. and that's my dilemma thus far is i keep running into a roadblock of this might help others, but it doesn't necessarily help me. >> reporter: and ken lalonde has a lot of company. while the administration could be helping as many as one million people with government-backed loans, estimates say there are seven million homeowners like ken lalonde, who are underwater on their bank loans, are up to date in their payments and who could benefit from lower interest rates. until the banks help refinance that larger group of homeowners, economist dean baker says the president's plan will have limited impact. >> it's difficult for president obama to do very much without help from congress. he can try to pressure the banks, but thus far at least that's not been very succ

>> 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 payments for a lot of borrowers, which again puts money in their pockets and helps them to spend but

the current program that is in place has had 800,000 worked out by fannie mae and freddie mac. on the 40,000 of those have loan to ace over 105% on t value ratio. people go to the federal central and their papers are lost and these folks are falling into foreclosure. that is what is happening in places like florida and nevada, the central valley of california that i represent. that is what is so devastating and so unfair. host: north carolina, arlene, democrat. caller: hello. let me turn this down. the comment i have, i was going to apply it to a wounds bleeding, but usage cancer. looked at the cancer as adjustable-rate mortgages. why is obama, pinocchio, not -- or congress not focusing on getting the adjustable-rate mortgages to a core fixed-rate mortgage soda these enormous amounts of houses that people are threatened of losing their homes because of the adjustable- rate as they get older cannot afford to pay them, those are the people who pay their mortgages, who need help to get rates down. it would not hurt anybody if they add a couple years on the end and the family could

she fails to mention she got a loan from fannie and freddie from her own very lavish home. this is an old narrative from the republicans. this whole idea that liberals are pandering to the poor and it's the poor people's fault that the economy is in such dire strai straits. they always have their hands out. >> thank you very much. >>> up next, suspicions confirm what do tea partiers think is the most important. think about the one they really love. that's in the side show. you're watching "hardball" on msnbc. i >>> back to "hardball." now for the sideshow. first up, when you think of the bill of rights, what's the one amendment that you think's most central to what the country stands for? well, for illinois republican joe walsh, no surprise, it's not freedom of speech. which one tops the list for him? that would be amendment number two, the right to keep and bear arms. advocating for his state to pass a concealed/carry law, walsh explained to his audience of tea partiers earlier this week -- "there's no issue when it comes to freedom that matters more than this. like the se

those who have mortgages owned or guaranteed by government lenders fannie mae and freddie mac, loans made on or before may 31, 2009, and are current on their payments for the past six months with no more than one late payment in the last year. the program would allow homeowners to refinance, no matter how much they owe, eliminate appraisals and many underwriting requirements and waive many expensive up-front fees. government officials were hesitant to say how many homeowners are eligible. unestimated as many as 4 million while independent economists estimated as few as 250,000. the government acknowledges the program will not help 6 million americans already facing or in foreclosure. >> we've got to do more to help the communities that have been hardest hit that are struggling with vacant and foreclosed properties. >> reporter: las vegas resident dennis smith is nearing retirement but feels trapped by his mortgage. he thinks he could save as much as $500 a month with this program. >> it's a very, very stressful situation for my generation who has always looked at the home as a safe i

no one believes the government is competent to do this foreclosure mess, fannie mae and freddie mac are incompetent. >>neil: but you have to be current. so, if you are in arrears, and maybe that is a new twist, here, it is not going to help you. it only helps you if you are just underwater in your home which could be a fine idea but i wonder how par and who it benefits. >>guest: a few hundred thousand people, maybe. last time on the last housing stuff, the more important stuff what steve wynn said, the president goes out to the politicians and they try to make a silk purse out of a this will be another continuation and its is follow meanwhile, we need the leadership, and there is the sense that he is not leading and he can attack congress all he wants but now the country is looking for a leader and if a country feels this decline, they will not go gently. >>neil: the president is more astute politically than critics give him credit. if you offer a program now, with the president arriving in las vegas and you give him the average american an option to take advantage of the mortgage relie

they give you the loan they hand the paper to fannie mae they keep track of you.how come they can end up not owning your loan but you think they are still there because they are the original guy. >> oh, boy. >> thanks, michael. >> that's something. the forecast one more time. >> spencer christian is here now. >> i would much rather explain the weather. >> high definition east bay hills camera looking toward the golden gate. if you look closely you will see a hint of fog there sliding southward down across the coastline. didn't last very long. clear skies from coast to inland this afternoon. tomorrow statewide sunny skies and from coast to interior. look for high temperatures of 59. 80 apollo springs 88 los angeles and 74 big sir. in the bay area a lovely day around the bay and south bay. we will see sunny skies and highs in the mid 70s. 74 san jose. 75 camel on the peninsula. 75 san mateo palo alto. on the coast it will be mild as well 68, 70 half mroon bay. we will see highs of 70 downtown 72 in south san francisco. 70 daily city 69 in the sunset district. in the