♪ take a load for free ♪ take a load off, fanny ♪ and you put the load right on me ♪ y'all know thisplace to hide ♪ ♪ when i saw old carmen and the devil walkin' side by side ♪ ♪ i said, hey, carmen ♪ come on, let's go downtown ♪ she said, i gotta go but my friend can stick around ♪ y'all sing. ♪ take a load off, fanny ♪ take a load for free ♪ take a load off, fanny ♪ and, and, and you put the load right on me ♪ can i play a little piano for y'all? [cheers and applause] [harry playing piano] ♪ catch a cannon ball ♪ now to take me down the line ♪ my bag is sinkin' low and i do believe it's time ♪ ♪ to get back to miss fanny ♪ you know she's the only one ♪ who sent me here with her regardfoeveryone ♪ you all sing, come on. ♪ take a load off, fanny ♪ take a load for free ♪ take a load off, fanny ♪ and, and, and you put the load right on me ♪ ♪ you put the load right on me ♪ all right [cheers and applause] >> harry: we'll be right back. stick around, folks. one day it appears. is that a dark spot? gold bond dark spot minimizing cream for body. targeted treatment: results begin in 4 weeks

fannie mae and freddie mac in 2008. your purchase of india mac was in 2008? >> december of 2008 we committed to it. >> beginning of the crisis was in july of 2008 when merrill lynch drove down their portfolio, subprime securities by 71 cents on the dollar. is that not correct? >> i think that's correct. >> started a domino effect around the world that collapsed the mortgage-backed securities and their values. >> that is correct. >> when you purchased indymac it had a number of those loans in its portfolio? >> it had mortgage-backed securities. >> within which were included those loans? >> yes, that's correct. >> wat wall street did is wall street packaged lons and put them into a security based on high yield. is that not correct? >> what happened is they had secure tiesed the loans themselves and they got stuck keeping them. in many cases most of the mortgage-backed securities they didn't buy. most of them were failed sales. >> is it not true that the freddie and fannie guaranteed insured loans pretty much at the direction of the congress of the united states

and loans we service for fannie mae and freddie mac. as a matter of fact, the one person who came to my home and protested at my home, it was a fannie mae loan and i wasn't able to do anything about that. and it was through my multiple calls to fannie mae that i was able to get a loan modification for that person. but many times people thought we owned the loans, and we did not. they were owned by fannie mae and freddie mac and other security holders. >> and the main point i want to make for the sake of this argument and i'm sure a lot of questions you're going to get is, a lot of these loans were originated at the auspices of or encouragement of the united states. and they were called affordable housing loans. a lot of people bought those loans made by somebody else when they bought an institution. so they inherited the problem, they didn't originate the problem. there is a world of difference between originating a loan and buying a loan, is that correct? >> that is correct. the loans we originated on the mortgage side going forward we

fanny, ah. [ laughter ] the fanny pack's song. >> yeah, exactly.back stage. they're the cutest kids in the world. >> so my kids came in and i was like, hi, girls. they're like -- where's uncle jimmy? [ laughter ] and i was like how was school? >> jimmy: yeah, i got some good hugs. >> yeah. >> jimmy: and then -- just gosh, they look just like you, and it's so great. it's just so cute to look at, and we were talking and you -- you told me that you went through some storage unit that you had, and you found these old photos. >> i did. >> jimmy: and i had to show it to everybody, because the kids have to see this, too. i mean, it is them but, explain this -- this photo. >> i -- i just -- [ laughter ] >> jimmy: i love it. i mean, it is fancy, fancy. >> it's like -- you know, you're 7-years-old, and instead of going to school and being in your uniform, i went to a photo shoot -- >> jimmy: you're the queen of england, yeah. >> and got, like, full gold lemme elizabethan clown collar. [ laughter ] >> jimmy: clown costume. >> and i, yeah, i unearthed that in

mark: talk to me about fannie mae and freddie mac. there has been talk about returning them to private ownership. how do you achieve that? will he be asked about that but one of his investors was hedge fund billionaire who has major investments in fannie mae and freddie mac. want to stay steven mnuchin in his ethics disclosures said he stakes in his hedge fund that makes fannie mae and freddie mac investments. he will be asked about the privatization but also the way his friends provident from it. -- profit from it. desert glidedided through yesterday so my bet is that they will pick one or two places where they will hit him. we will see if they get to fannie mae and freddie mac but they very well may not. one senator has taken a stand by sending a letter to the fbi director on the idea that relativity media which is a that steveny mnuchin helped run and produced movies, loaned money to one west which used to be indymac and there was some kind of shifting of money and it was not correct. what would the fbi have to do with that? my col

one area i've had a huge amount of concern and interest in his on fannie and freddie -- is on fannie and freddie. some people interpreted some of your comments about recap and release which would say even though the american taxpayer was paid back the 100 88 billion dollars we invested in those failing cetaceans at a moment of -- $188 billion we invested in those failing institutions at a moment of crisis, let's ignore the underlying challenges. do you support that position of recap and release? steven mnuchin: i did make some comments about this. my comments were never that there should be recap and release. -- i'vecomments were been around for 30 years. this is an area i do believe i have expertise and. -- expertise in. fannie and freddie have been will run without creating risk to the government. --y played an important role i believe these are very important entities to provide the necessary liquidity for housing finance. what i committed to is that i will work and what i have committed to is i will work with both the democrats and republicans. i have said and i believe that we n

then fannie and freddie would be allowed to rebuild capital. there currently under conservatorship.f that were to end, they still have that private --quasasi private/public function and we go back to the days where you have them sort of in the private market and in the stock markets, but they would have that implicit government guarantee. you profits would be privatized and the risks and the losses would be socialized. ththis is certainly possible. certainly, you could see the recapitalization. that would happen by executive order.r. then it would probably need to be legislation to fully privatize the market. republicans are certrtainly on board with that.t. it never happened during the , but now it is a new day in washington and you could certain we see that come to pass. amy: david dayen, what do you think k is the most important question for senators to ask to put to t the treasury secretary nominee steven mnuchin? >> i think you want to know what he knew about this large violation of foreclosure process. not just in california, but all over the country. how was he involved, ceo,

we currently have a situation in which fannie mae and freddie mac are in receivership. the federal government is basically running them and the concern i believe senator warren was referencing was a concern that the administration -- not because we are afraid of anything but because we're asking, trying to find out, that the administration either believe that it's okay to keep them in receivership and continue to one as is with the status quo or perhaps to simply recapitalize them an put them back out into the market without any housing reforms. and i wanted to ask you, i realize you can't comment on a specific plan yet, but if you would comment on the fact as to whether you believe that we need to have reform in our housing finance -- or housing finance policies that would go further than simply recapitalizing fannie mae and the receivership. >> thank you. unlike the medicare where i acknowledge i'm not an expert but with freddie mack and fannie mae i am an expert and it would be one of my priorities to work with you and as what i have said, what i am focused on is we

not only loans we owned but loans we serviced for freddie mac and fannie mae. as a matter of fact, the one person who came to my home and protested at my home, it was fannie mae loan, and i wasn't able to do anything about that and it was through my multiple calls to fannie mae that i was able to get a loan modification for that person. but many times people thought we owned the loans and we did not. they were owned by fannie mae and freddie mac and other security holders. >> the main point i want to make for the sake of this argument, i'm sure at of questions you're going to get, a lot of these loans were originated at as pa significance and encouragement of night government and congress of the united states and they were called affordable housing loans, a lot of people bought the loans made by somebody else when they bought an institution so they inherited problem, they didn't originate the problem. there is world of difference originating a loan and buying a loan, is that not correct? >> that's correct. i can assure you the loans we originated on mortgage si

he currently have a situation in which fannie mae and freddie mac are in receivership. the federal government is basically running them, and the concern that i believe senator warner was referencing is a administratione -- not because we are afraid of anything, just because we are asking. we are trying to find out. maycommit -- administration believe it is ok to keep them in receivership and run as is, the status quo, or perhaps to simply recapitalize them or put them back out into the market without any housing reforms. i just wanted to ask you if you would -- i realize you can't comment on a specific plan yet, but if you would comment on the fact as to if you think we need reform in our housing finance policies that would go further than simply recapitalizing fannie and freddie were keeping them in the receivership. mr. mnuchin: again, thank you for that. unlike the medicare fund where i a knowledge i am not an expert, on fannie mae and freddie mac, i think i am in next. i have been around these for years, i understand very well. that is why it would be one of my prio

host: what's the future of fannie mae and freddie mac? guest: we have to recognize that home ownership rates used to be about o 40%. hen the introduction of fha mortgages. worked very well. after the second world war, many of the veterans affairs mortgages in large allow home buying. as a result american home ownership went from 40% to 60%. we caller is correct that can't have artificially home ownership through easy lending. i wouldn't say today is easy lending and we don't want a repeat. for rates to fall to a 50-low from that is hollowing out the middle class. they made a huge mistake during the bubble. as a result it cost the taxpayers. all the management has been changed. with a new magment going back to the historic role. concentrate on the home owners access to mortgages. as a result, to repay all the bailout money they are still providing additional revenues. so the fannie and freddie provide that government guarantee of low mortgage rates. today are 4.2. without it it may be much higher. the mortgages may not be more readily avai

a couple of different things hitting shares of fannie and freddie.inancials, citi especially lagging. there is thought that he wasn't sharper about the repeal of the vogel rule, dodd-frank, some of it that would be encouraging. >> meantime, we're down 66 points right now on the industrial average. >>> let's talk about tesla. that got a boost with regulators having closed that six-month probe into the death of the man using tesla's semiautonomous driving system when he crashed into a truck. the national highway safety traffic administration says that it did not find evidence of a defect in the car and that it will not seek a vehicle recall as a result. tesla unveiled improvements to its semiautonomous software. >>> morgan stanley upgraded tesla from overweight to equal weight. a surprisingly supportive political environment. morgan stanley raised tesla's price target from 302 to 242. today it's at 243. it has a ways to go. >> it's time now for a cnbc news update. let's get out to sue herera. >> hi. an avalanche buried a hotel in a region of central it

he wants to do something different with fannie and freddie, spin it off.t of people think from the government control, a lot of people think that will benefit fannie and freddie shareholders. he will be questioned i'm assuming on that. gary cohn doesn't face a conflict of interest, doesn't face confirmmation hearings as head of national economic council. people say if you start reforming dodd-frank and get rid of certain rules like the volcker rule which prevents proprietary trading does that benefit gary cohn's old firm, goldman sachs? these are the type of conflicts that the trump economic team will v hillary clinton if she was elected, there would be other conflicts, people contributed to the clinton foundation. people who hired her and her husband to speak in the past, that would be, people given obviously campaign contributions that would be that conflict of interest. she isn't elected. trump is elected. you can see it already building up, people will ask whether anthony scaramucci will benefit entity that buys his firm. will mnuchin help john paulson

we currently have a situation in which fannie mae and freddie mac are in receivership. the federal government is basically running them and the

warner: one area i have concern and interest in is on fannie and freddie. i know there were some people that potentially interpreted some of your comments about recap and release, which in a sense would say even though the american taxpayer was paid back $188 billion in the failing institutions in a moment of crisis, i think from a business standpoint we would both say that was high risk capital and we got a better return, but somehow those that say let's refloat these entities and ignore the underlying challenges -- do you support that position of recap and release that some have advocated? mr. mnuchin: let me be clear that i did make comments about this. my comments were never that there should be recap and release. what my comments were -- and first of all, i have been around the mortgage industry for 30 years and i have seen this for a long period of time. this is an area i believe i have expertise in. for very long periods of time i think fannie and freddie have been well-run without creating risk to the government and they played an important role --

he doesn't think the cfpb should go away, but a role for fannie and freddie. would not say there's a strong dollar policy, but do you see issues on those fronts which have traditionally been republican positions? >> well, some of those issues i would differ with him, like i would like to -- either expand or, of course, i'd like to repeal all the dodd-frapg, but to the expand the role of the cpp. if we're going to keep them, make a counsel there of five people. i hope we can change all of that. the only game in town basically right now on horm morning mortgages. we have to come up with something, and i hope in the private sector we do this. i do not like government sponsored enterprises. i defer on the man with that. i think sometimes differences of opinion are healthy for the debate. >> on the overall issues we've heard over the last two days, he was asked about trade policy, and there's going to be the treasury secretary, when you look at the positions that donald trump took during the campaign continues to appear to support when it comes to his tweets, what

funds, i think i am an expert in fannie mae and freddie mac. it would be one of my priorities to work with you. we need housing reform and a solution. the status quo is not acceptable of just leaving them there. this are two extremes on and it is something i look tting down and talking with you. don't put the taxpayers at risk and two, we don't eliminate capital for the housing market. i'm very concerned that middle income people who need mortgage loans have access to the capital. sen. crapo: i agree with you on both of those objectives. that is exactly what we need to work together to identify. steve mnuchin: i'm optimistic we can work together and hopefully find a bipartisan solution. question,: my second we have seen the unfortunate circumstance in the last few years of the irs actually targeting individuals because of and how theyieve advocate in our society. i would just encourage you to make a high priority that not only the irs but all of the federal functions under your jurisdiction as secretary of are stopped from that of americaneting

does he say something about fannie and freddie -- listen, if he says we want to privatize fannie and but keep some government backstop, by the way the old fannie and freddie was that got us into trouble, if he says that, watch fannie and freddie shares soar tomorrow, soar, they could double. neil: i want to hear him on this tax stuff. of course he telegraphed on this network, the possibility that, yeah, we're going to lower tax rates for anybody, including the rich but offset it for the rich by limiting deductions. so many of those 1%, all your friends called up afterwards, said what? if he confirms that again -- >> i think that's fine. this is where it gets squirrely and this is where the markets react negatively. if steve mnuchin says we have to pay for that. we'll cut back the corporate tax cut plan and not give individuals as big after tax cut plan even with closing loopholes. neil: right, right. >> closing loopholes rationalizes tax code. you get paid less, but if you want to buy something, a house or whatever, you have to spend your own my any. that is your business. a lot of r

recognized that all these hundreds of ships and thousands of men weren't going to come and save this little fanny of mine. >> the japanese initially marched them off to p.o.w. camps. >> the death proximately 60 mil. >> the sick and starving prisoners would march for days without food or water. those that couldn't keep up were shot, bayonetted or run over. >> they were placed in steel boxcars and in the hot sun, transported and then walked to o'donnell. >> camp o'donnell would mean death for thousands of p.o.w.s. but before the surrender, granston made it to the last holdout in manila bay. was there hope that somehow it was going to hold out? >> not really. after they surrendered, i think it was pretty much gassed. >> this is the manila city jail. during world war ii, it was a notorious prison. thousands were held by the japanese in horrific conditions. that's next on "war stories." >>> every day, it was raids after raids. we knew that it was just going to be a matter of time because we were getting low on rations and everything. >> 21-year-old marine glen from urbandale, iowa, was one of the 15,0

including fanny and freddie. they've had a big spike in performance. whether they might be privatized, the profits going back to investors and not being swept. do you get involved in that? or steer clear and let it shake out. i know you like housing broadly speaking. >> we owned fanny mie mae for 20 years and made 50 times our money from the early '80s to the early 2000s. we were the largest shareholder of freddie mac when it was seized. one of them is the legal front. what might happen in that case. on the privatization front it's hard to see how fannie mae is wo worth this price. it has no capital. the average big bank has to have 10%, of the big banks. if they have to have 10% new capital coming in there, that would put the stock worth a dollar at the most. >> what. >> i don't think people have thought about the new capital. >> how are you reviewing financials in general? you saw the shift in sentiment toward banks. good stuff priced in? how does it look? >> a lot has been priced in in the past couple months. there are some financials where it hasn'

that is not a fannie mae or freddie mac conversation.ere never can have it allowed these companies to fail. it was implied obligation that they would bail out. that's a problem with the way they would still exist. they can assume because they can't resist bailing them out. how would privatization affect the lending environment? but safe they would privatize. what is your take on it. i think they would be privatizing some concept of a mutual insurance company. there'd be some skin in the game. and ultimately private capital i think anyone would do that any further. you want to ensure the liquidity of the mortgage markets. and ultimately you're looking to subsidize mortgage rates not necessarily for those of us that can afford it but really needed but for the low to moderate income. the government has to stand by in this market even though it functions without a government guarantee. with nonconforming loans. and part of the myth is that the politicians believe that the american dream is owning a home. the benefits a lot of people to rent

but that said, if defaults really start to rise and they get greater than the capitalization that fannie -- fha has in their insurance pool which is about 27 will billion will then we might start seeing a need for taxpayer bailouts. we think that's unlikely and very, very far down the road if it's going to happen at all. >> we leave it there. good explanation. >>> coming up the costly mistake both investors and companies can make. >>> there is a new study out that shows that small businesses are slow to hire. in fact, just 20% of small businesses added more than two full-time positions in a year. the study conducted by j.p. morgan chase analyzed 2015 payroll records for more than 45,000 small firms and highlights the challenges that these employers are facing. >> you might be concerned about threats from outside your company like hackers but what about your own employees or the person you vest your money with. companies do not do their due diligence and that can be a costly mistake. >> you need to do reference checks and often times the hr departments at companies don't have the manpower

if you take aig and citigroup and wachovia and washington mutual and freddie mac and fannie mae, thelders of those companies lost hundreds and hundreds of billions of dollars. citigroup did not go under, but when the stock holders lose 90% of their value, it really does not make much difference if you have $1000 invested and you end up with $100 or not. so there in my view, there has been no moral hazard created for stockholders by the fact that the government came in and rescued those institutions. the moral hazard exists i think with the top executives who walked away with hundreds of millions of dollars and really did not pay the price for their failure. we had bigger and bigger financial institutions that had all kinds of activities where their problems became other people's problems. and then we had improper incentives, we had people running the huge institutions whose upside was lots of money and lots of glory, and the downside was still a lot of money and no glory. thomas: one of the points my teacher makes, when you're in a world that is a flat and technically interconnected,

but many times the fdic, fannie mae and others had strong regulations. i am proud to say we did over one thousand loan modifications to allow people the opportunity to stay in their homes. not all the homes were able to be saved and despite my best effort some were subject to foreclosure. so sincere my concern over this was that in 2010 instructed my lawyers to sue sbc to allow loans on mortgage trusts they oversaw. we won on summary judgment and were allowed to do more loan modifications and keep more americans in their homes. similarly, in 2015 when hud issued a letter in 2015-11 i wrote hud and asked them to change the policy so we didn't have to foreclose on senior citizens that were behind small amounts of money on taxes and insurance. i was so troubled i discussed it with the office of the controller of the currency. unfortunately, hud did not agree and we were forced to foreclose on senior citizens even if they owed $1. not complying would have subjected the bank to penalties and losses from hud. despite your inability to save every home from fore

even the fannie packs.ke this trend, but it's definitely out there, if you've been walking around and noticed, it's sticking. >> okay, i'm a fan of '80s fashion. i don't know how appropriate it would be for the workplace, but i guess you could incorporate little elements. >> i like certain things about it, the fannie packs, not so much. >> and vinyl records are making a return. >> 2016 was a banner year for them because of david bowie's final record. that really put vinyl record sales over the top. the question is whether the growth is sustainable, some of the analysts say, probably not sustainable, but the real die-hard music enthusiasts really seem to like the vinyl records. they like the sound. they like the way it feels. so people like me, i don't really care, but the real music-inclined type, they love them. >> kind of an homage to david bowie and that era where we listened to the vinyl records. and you have them. >> you do. >> this makes me feel old. retro toys, teenage mutant ninja turtles. >> ninten

pushed for, it sounded great, but behind that where these pseudo-government private entities like fannieae, freddie mac, that did the economy a disservice. i see that happening all over again. ,ost: our guest is matt schlapp earned his master's at wichita state university, chair of the american conservative union and will be covering cpac in february. peter is up from that which -- college valley, new york on their public in line. good morning. caller: good morning. hi, matt. i watch you and your wife on pots all the time. nice to see one there. one, judge napolitano said that the fbi dropped 200 -- 300 females of hillary clinton a couple of weeks ago, and according to him, there was a smoking gun there because it proved that hillary emailsneled classified to blumenthal, but after was mentioned on the air, it disappeared. i was curious of what was happening with that, and do you believe that the new agee is going to pursue this is president obama does not part in hillary clinton and her people? i do not understand why they are not pushing the narrative from donald trump about that. he wa

they fired a round of questioning hollywood producer steven mnuchin with the comments on fannie mae and freddie mac many believe are the lifeblood of the housing market. about to restructure my putting putting them into the hands of private investors changing his tune seen that he no longer supports the position of recap and release. i believe these are very important entities to provide the necessary what i have committed to is that i will work with both the democrats and the republicans what i said we need housing reform. we should just leave it as is for the next four or eight years under government control without effects. they are still following nearly 5%. last april 15. let me bring in charlie. before i get your take on that we do have a breaking piece of news here that senator elizabeth warren and ben carton had put out a letter to mister mnuchin it's about anthony scare which he of course they're saying at he has made a mistake by meeting with the ceo of a russian entity who was sanctioned back in 2015 and you're not supposed to do business with the russians. it becomes confirm

in addition to son-in-law jared kushner and daughterity fannie. >> it came at at trump this morning issued thisali you'llty mate tum on twitter. we are seeing emerge battle as advertise in 2016 campaign, get businesses tax cuts. there's battle between his agenda and crowd size and 201 popular vote. it comes as discuss a path ford. there to cover it is nbc casey hunt. the republicans have gotten used to have a plan because they did not have a president. now they have a president that come into door with his plan, how are they meshing in filly? >> republicans have no idea what donald trump's plan is until he tweets about it. even they they maybe trying to convince him behind dloes closed doors. they are being constantly surprised. take today the wall on mexico was going to be paid forment sean spicer made comment about how there's going to be tax from mexico. paul ryan think this is them embracing to -- only to have spicer take it back this one part on the table. it's why it's about so uncomfortable to watch them answer plans over trump's jepd over the last two days. they don't want to be ta

he had money in the john paulson hedge fund which invested in fannie and freddie. he will be privatizing fannie and freddie which may be good for the john paulson hedge fund that is the type of stuff you hear. anthony scaramucci wants to sell skybridge to somebody who wants to curry favor with the administration, this is like clinton foundation conflicts and things of that nature. this will be very interesting. business conflicts will be hot and heavy. i'm not saying i agree with it. i think it will be there. reporters should be reporting. we don't assume anthony is crooked because he is has a conflict. neil: say you're getting along with him now? >> yes. neil: now there was a time you weren't. >> he got mad, i was -- i broke the story he was looking to sell his firm. he would go into the administration and i said stuff like, okay he will have a hard time selling for -- neil: obviously you overcame that right. >> the thing was losing money. neil: i understand that. now you're back in -- >> i ate at his restaurant. neil: did you have food tasters. >> let me tell you

would your bill come before reform of fannie and freddie? how much do they have to do with one another? there's maybe one viable plan put together to satisfy both parties. it seems like in the meantime, you know, otherwise the status quo remains. >> well, i've been encouraged by the discussions i've had with the incoming administration. i think housing finance reform is clearly a priority of theirs. it was -- there were many sins of comission of dodd-frank but the great sin of omission was not dealing with fannie and freddie. it was bad federal policy putting people into homes they couldn't keep. part and parcel of reforming our capital markets has got to ensure that we have a sustainable housing finance system, sustainable for homeowners, again, helping them have the opportunity to get in homes, but only homes they can afford to keep. something sustainable for taxpayers, something sustainable for the economy. i think there's the appetite for it. i think the incoming administration wants to get it done. i plan to be a good partner. as chairm

as we said last week the testimony of steve mnuchin that was big for fannie and freddie and gscs.g for the stock. watch at&t and time warner on this guy's testimony. liz: seems like donald trump made some picks that, listen, judd gregg and dorgan said it was, these are really interesting and good picks. these guys have sometimes disagreed with what donald trump said during the campaign. >> absolutely. liz: seems like donald trump is businessman, all right, make the best argument i will listen to that. that is good leadership. >> we'll see what happens. liz: charlie gasparino, thank you very much. six minutes to go before we hear that closing bell. if we do at the moment we've got two records. s&p, the nasdaq, don't go away. we're coming right back with much more. >> breaking news on nasdaq. this is all-time record close. number toe beat, 5574. we're well above that. what is driving it? i had our team pull out top three. mike con technologies, up -- micron technologies and flip it over to the s&p 500. we're four points above the all-time record. we need to hold this next two minute

the new site will house fannie mae, around the corner from nbc 4. >>> chopper 4 flew over two separatein crashes today. first involving an amtrak train. it crashed into a tanker truck. the incident happened just before 9:00 a.m. north of the quantico. no passengers were hurt. they did have to temporarily suspend service for a couple hours. the train itself was heading from norfolk up to new york city. also today mark tells us one person was hit and killed when a college park mark station. this type of accident is increasingly common in our area. according to recent investigations from our iteam. >> good evening. our review of federal administration railroad records indicate 34 people have been hit and injured or hit and killed by trains while walking near the tracks just in the past year, just in our area. that includes a 58-year-old killed in prince william county last year and a teen killed last summer in prince george's county. our recent news 4 iteam investigator showed why these incidents are so frequent. there are several areas, including one in hyattsville here where people freq

. >> my mother had had it in a fanny farmer box in a secret drawer in a piece of our furniture. >> whenrence grows up, she moves to massachusetts, gets married, and then divorced. over time, the family is drawn back together by old age and illness. eventually, flo convinces her parents to move up to massachusetts and live with her. >> the fellow i was dating at the time was an architect, and he designed an addition for us. >> how much did that cost? >> $125,000. >> did you have that money? >> no. i had to remortgage the house. >> flo's dad dies in 1995. her mom, mildred, inherits the card. mildred is well aware flo has gone into debt and wishes she could help. but it never strikes her that she has the means until great-great-uncle archibald comes up in a genealogy class at the senior center. so he suggested that that card could be worth what? that's next. >> but first, our "strange inheritance" quiz question. who in 1888 declared baseball "the american game"? queen victoria of england, indian chief sitting bull, or poet walt whitman? the answer in a moment. [burke] at farmers, we've see

when steve mnuchin went on tv for the first time after donald trump put his name up, fanny and freddie moved more than they had since before the financial crisis. >> two things on that. one, we also -- this is the first time we have a president who tweets out, hey, i really like l.l. bean. you should buy their products. that's one. two, the only thing i wonder about is some of the hearings have not been great for the trump nominees. today -- today -- i wouldn't say, yes, one of them is going down. which is somewhat remarkable and i think speaks a little bit to the fact that this guy, by this guy i mean donald trump, is an absolute scenery eater as it relates to news coverage. it's just -- everything -- it's a super nova. look, i remember -- i was freezing outside near here eight years ago. barack obama. it was 2 degrees out. barack obama was a super nova at that time too. but there was still more coverage of the confirmations. to your point. price -- i haven't seen a ton of second-day stuff related to that. because why? because donald trump flew down here. laid the wreath -- >> what he

we talked about freddie and fanny and the two organizations that have to do with housing reform. it's your belief, as i understand it, that anything that's done relative to reforming our housing finance system and dealing with the conserveship that any of that should be legislated by congress and not done by the executive branch with a flick of the pen, is that correct? >> i think the law needs to be changed, yes, sir. >> thank you so much. >> senator warner. >> thank you, mr. chairman. there's a series of areas i want to go into it. i want to follow up on senator corker's last comment. if someone on this issue of fanny and freddie, i was gravely concerned about legislation that you introduced that allowed basically a recap and release, mr. mnuchin last week in his hearing agreed we needed to do this through legislation. that recap and release that would frankly greatly have enhanced the financial position of a lot of the hedge funds that bought in at cheap rates would not, if they recap and release would leave a system in place that would allow private sector gain when things ar

someone on this issue of fannie and freddie.tion you introduced that allowed a recap in release with mr. manu chnuchin last week and we need to do this with legislation. it would enhance at very cheap rates, would not if they recap and release would leave a system in place that would allow private sector gain when things are going well and taxpayer holding the bag. when things happened as they did in 2008, put up $108 billion. my hope would be that you would work with congress on reform and not simply advocate to the president to recap your release approach. >> thank you, senator. i think that various members of both the house and senate have different ideas on fannie and freddie. i'm heartened by the fact i think we're trying to get to the same end which is to protect the taxpayer to make sure it doesn't happen. >> we don't have enough time to go through, but the legislation would introduce to address that. a couple of other areas to get clarified with you. last week with mr. mnuchin, one of the things i did like about what he

know is when you sit there in trump tower, when donald trump talks about this, ford, gm, chrysler, fannie, freddie, he's surrounded by his all-star cast, one of which you are a member, do you trade on any of that information? you are professional investors, and it's all about timing, and all of the companies we have mentioned, are you personally invested in? >> i have not done a personal trade in ten years. >> how about professionally at sky bridge? >> no, because remember i am a hedge fund, fund to funds, and we allocate the appear actual out to managers and we have no say what they are doing in their portfolios and they get no information from us, and i can only speak for myself, i put all the money in my own fund to use a warren buffett expression, we have to eat our own cooking so we can get that sense to our clients, and people need to respond to it to you the way i just did. >> unfortunately i have to end because mike pence just walked in and we have to go to capitol hill. i appreciate it, and happy new year to you. >> thank you, stephanie. >>> i will take you to live where hans nic

was a woman named fanny garrison. her middle name, i should tell you, she was the daughter of william white harrison, one of the most important abolitionists in american history. and she said it this way. she said, i was more than surprised of the original attitude of spectators. effort,nly a feeble really. we had sibling cap a pebble into the water, but i hope that maybe with ever widening circles, men will realize all the husbands and sons since the useless slaughter. this was the tone she and other feminists continued to take, really, throughout the course of the war. and the circles did widen rather quickly. that fall, to charismatic european feminists. britain, lecturing and several great american cities to establish peace committees, as they were called. lawrence, i should have gotten a slide of her. her name was tessa. she wanted to have a hyphenated name. now we get used to that, but back then it was really kind of arousing. women'sry, these committees came together in the largest gathering of women in a conve

things, lowering the corporate tax rate, finding a solution he said to removing mortgage backers fannie may and freddie mac from government control and a modern version of the glass siegla act. the one put in that prevented traditional banks from merging within vestment banks. it was repealed in 1999 and some say that led to the mortgage crisis and recession we experienced in 2008 and 2009. at one time he was a partner at goldman sach's and co owned a bank that had failings and problems during that mortgage crisis. also this morning former texas governor rick perry had his hearing as trump's nominee for energy secretary. the energy secretary the's main responsibilities are to oversee the nuclear weapons and research new methods of creating energy. while running for president back in 2011 perry said during a debate that he wanted to eliminate three agencies but could only remember it would have them. the one he forgot was the energy department. here is what he has to say about that now. >> my past statements made over five years ago about getting rid of the department of energy do not re

a tax break perhaps as some had thought, this is individual, and also potential privatization of fanniend freddie that helped to send those shares up. wall street is looking for anything they can get on tax reform. yesterday paul ryan was in town. he talked about the border, but it was a wall. made no mention of tax reform. i got reports from a bunch of wall street guys who were there hoping there'd be something. so they'll be listening closely today to mnuchin again to see are we going to hear anything that gives us a better sense as to where things are going. who's the point person going to be from the administration when it comes to negotiating all of that? >> this is the most important of the hearings. i think it's more important than tillerson. tillerson in the end acquitted himself as a way saying listen no one has made as many foreign policy deals as i have. mnuchin there's a lot of bad press. there's a lot of belief this guy really gamed things. i have to tell you if he gamed things, what did j.p. morgan do? if he gamed things, what did wells do? this is what they did. this is w

fannie mae has agreed to back a $1 billion mortgage loan to blackstone group invitation homes.ime the taxpayer supported housing giant has supported a company with a focus on single-family home rentals in the u.s.. the deal is designed to cut borrowing costs as it plans to go public. the fixed rate loan made by wells fargo is expected to be packaged in bonds. deal to buy right age is still ago but they cannot say that the companies will extend the deal three days from the agreed deadline. the merger would create the largest drugstore chain in the u.s. by store count on friday. but the deal has not received antitrust approval from the ftc. currency trading fell across mabel glow -- major global centers including london, new york, and tokyo, according to surveys from the world central bank. k, it was down 2% from april. trade in north america fell to about $880 billion. under mounting pressure to split up, bob edmunds has agreed to sell his restaurant business to for thee equity firm assumption of network capital liability. the stock is soaring in late trading on the news. that i

people were in the words of fanny lou haimer, sick and tired of being sick and tired, sick of politicianscampaign promises and not following through. what they found in bernie sanders is that millionaires and billionaires cannot have it all and that the poor and working class in this country can't have it all. you have to hold people accountable and alex, there's been so much negative rhetoric. people feel like their world is coming crashing to an end and forgetting in part of what i was saying yesterday is we've been here before as a country, but one thing, we are a nation of congress and when when we unite on purpose and uplift things do happen, they change and all of the great accomplishments in this country from civil rights to social justice, economic justice and we have more work to do, no doubt about it. every generation has to advance the next, but we get it done and we get it done together. so, yes, we have to continue to get out there and let folks know the world is not coming to an end. >> i certainly do applaud your passion as you go about doing this, nina. i want to turn to t

that means he cut his teeth and learned from people like ella baker, fannie lieu him aer, people whoim the essential -- the netty of being able to speak truth to power. so these comments come as no surprise to me. >> all of that to say that we know mr. trump was supposed to be i think at the african-american museum, the new seem on the mall in washington today. instead we saw him meeting with dr. king son at trump tower. but you see how both of them responded, both mr. trump, we can throw the tweets up and how the president-elect has responded. let's play the sound from mike pence. >> for someone of john lewis's stature to lend credibility to the baseless assertion of those who question the legitimacy of this election is deeply disappointing. i hope he reconsiders it. >> what did you make of the two responses? >> i think what was most interesting about this entire response is that the president-elect was planning to attend, as you mentioned earlier, the museum today after saying that john lewis was all talk and no action. >> john lewis is all over that museum. >> right. not only is h