mayopoulos.timothy i know fannie mae and freddie mortgages andage assume the risk.s was the case before the great recession and is the case now. there has been a change in ownership obviously. i want to talk about how operation has changed since he took over in 2009. timothy: before the crisis, we bought loans on the promise of lenders that they conformed to our standards. we did not have anyone to inspect what was in those loans until after there was a problem. today, we are actually able to verify borrow income and assets, the collateral value of the property. we are able to absorb that data and inspect those loans before they are even closed for the borrower or delivered to us. scarlet: it is quality assurance. timothy: it is. we have diminished the risk dramatically. loans, andmortgage we will hold that credit risk for the life of those loans. if you have a 30 year loan, we would hold that for the length of that time. today, we distribute that risk to lots of other private capital players. mortgage insurers, reinsurance players. we are becoming a distributor of

i think that has to do with how fannie mae and freddie mack underwrite. all of these have come down to local policies. i think it does start at the federal level. it's going to take a concentrated effort to help identify the areas, which is why i keep going back to the fact i think this is a crisis. we need to focus on this area. i've called for this for years, that we need someone to focus slo solely at the federal level reporting to a president who has teeth. i don't think we have that evident underw effort underway today. it's getting worse. >> i want to respond to that, but also go back to the point about the dual mandate of integration. i think that is the dual mandate, but we have to think deeply about what makes integration happen and be sustained. and so affirmatively furthering fair housing focused a lot -- it was implemented to its greatest extent in westchester county, new york, under a court order. let's build affordable, which means subsidized rental housing for the most part in affluent areas. sound goos good. it's not a way for renters to e

putting less down on after holding steady for two years, the share of conventional ans backed by fannie mae with less than 10% rose last year and ise expectation is it will higher this year. >> people are struggling to come up with downpayment and, hence, going for the minimum that is needed. >> reporter: millennials are getting hit hardest having to stretch their budgets the most because there are so few entry-level homes for sale.mi ennials were the primary drivers of homeownership last year but fell back in the first quarter of this year. >> american workers are looking for affordable n homes right wherever they can find them. has become a real crisis. >> reporter: now they' facin higher mortgage rates as well. the weak march sales numbers came ines even before r jumped at the start of april. lman says may higher rates will cool demand and actually help. >> if there were two buyersor every house instead of three, it might actually be healthy for the marketom >> reporter: prices usually lag sales by a few months but sales have weakened for a while and sales continue to surge higher in thi

housing policy is frozen in time when fannie mae and freddie mac. were bailed out in two thousand and eight lawmakers promise to reset of u.s. housing finance but ten years later next to nothing has changed so government backed firms ninety six percent of all mortgages are backed by the. u.s. government the taxpayer and you know i remember the two thousand and eight financial crisis well it was a caused by wall street reaping huge amounts of fees and profits for themselves when they spun all these subprime mortgages into c.d.o. as another mortgage backed securities and they profited hugely they all went bust they got caught holding some of these dodgy products that they got. themselves call them you know goldman sachs famously in the testing so what are we to do i mean what do we do when we have faith journalist on the left like rachel maddow fake journalist on the right like john stossel and there is no coverage for americans to understand what you need to kind of report of course and we're going to be live in new york coming up yeah right down you

learn how vegetables can be planted in recycled containers in very small spaces a baby found at fannie mae breakfast a big if good if you leave me and i kept putting away for it won't fit well it. turned into a go at africa and thirty minutes on the dollar. we make up for what we watch out of africa and that's a five we ought to seven seventh's or. they want to shrink the continents future to. be part of it and join african youngsters as they share their stories their dreams and their challenges of the seventy seven percent of the views platform for africa it's for john. earth home to millions of species a home worth saving. google a dios tell stories of creative people and innovative projects around the world like to use the protect the climate boost clean energy solutions and reforestation. using interactive content to inspire people to take action the audience the series of global three thousand on t.w. and online. play modern audience. business d.w. news live from berlin a rock has held its first parliamentary elections since the government declared victory over the so-called islamic s

i have this hour, some big news from the milken conference, the ceo of fannie mae and jane harman ares. ♪ david: 30 more days. president trump has extended a temporary exemption for steel and aluminum

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portfolio as a result, he's added what he said opportunistically, to his positions, in chipotle and fannie maend freddie mac, and last but not least, he announced the departure of the firm's vice chairman he said he will remain as an adviser. scott. >> got you thank you. >> leslie picker with the breaking news for us >> steph, we know that he had this position in nike, right he got out quick he made a really nice profit i only bring it up because it's one of your larger positions and i just wonder whether that's sort of the new bill ackman mode of investing shorter, quicker, hopefully bigger hitters rather than these longer positions you know, i think it was a fairly sizable gain they had in nike, in fairly short order. >> you never can apologize for taking a profit, right that's always a good thing i think with nike, i see it as a secular winner and so while it had a nice run and it might just pause for a little bit, we're at the cusp of a whole new product innovation cycle for the company, not only here but around the world. so i think all they need to do is show a little bit of improvement

we have an earnings alert on zillow now we had strong, fannie-mae housing confidence how is zillow?> a nice beat, .7 cents, street expected 6 cents bulk is from the premier agent revenue, $214 million, and you add rentals and mortgage business mortgage business lot a little bit. that's because of higher mortgage rates, no doubt, and more than 175 million average monthly unique users access zillow group brands's mobile apps and websites during the first quarter of 2018, increase of 5% year over year, and visits to mobile apps and websites including zillow, street easy yen real estate.com increased to 1.8 billion. messy on the guidance, though. zillow gave in april, full year outlook is the same as they gave in q1, but q2 is light, guiding 322 to 327 million, lower than the 343 million analysts looked for, but full year in line with the estimates. now, the ceo says our opportunity is expanding with the introduction of innovative product and services like zillow instant offer, offering end to end solution for consumers and generates more home-related transactions you remember instant o

we don't see that what we look at the projections from, you know, all the major economists, from fannie maee mac, national association of realtors, the mortgage banker's association. yes, refa yes, refis are down, but it's projected to grow for years into the future our growth is not a function of volume, but rather continuing to pick up more lenders, more volume on the platform and drive more efficiency across the -- each and every loan. >> what percentage -- you said 25% of all mortgages right now are done on your platform. are the rest still done by hand? what's happening how do you grow your customer base you compete with somebody else or just get people to modernize? >> no, we can copy with other folks that are on legacy systems. you know, so people that are on old systems or technology that just doesn't address the challenges that lenders have been facing over the last five or six years, both from a regulatory standpoint and now from a standpoint of, every lender wants to have their, you know, quicken-like experience for consumers. and you know, we're in a very good spot to facilitate

it was the over-leverage of the gscs, fannie mae and freddie mac which we reached a hundred to one in 2003 and 2004, i had legislation that tried to control for systemic risk, tried to transfer the authority to the regulatory community to take down that over-leverage in terms of those portfolios. and the regulatory community, the fed in particular, was very supportive of that. we could not get that legislation through. i would say that they saw that coming. what perhaps they didn't see coming was also the investment banks, the four big investment banks, in doing their own modeling, had leveraged up their ratio from what should have been 10-1 to probably 30-1. and so the combination, first housing collapsing with the gscs and then on top of it the big investment banks, i think that was a major blow here. i think what we're rediscovering in this generation is that this cyclical nature of the economy, because we fail to maybe adjust or regulate for these kinds of problems, are with us. and i think, unfortunately, maybe washington tends to exacerbate, in some ways, rather than mitigating