under the basel accord under typical mortgage, 740 fico bar will have a 50% best way. in other words, they have to put 4% of the face amount of the load of s. capital. once you start going up the risk curve, and in the six times, 650, it's 100%. not only that, because this is a long maturity of that, 30 year mortgage, right? it's going to get a capital charge, to be your typical bank treasure when you're looking at taking on mortgages to hold in their own portfolio, is looking at 120, 130% risk away. 10, $12 worth of capital. that's very expensive when you remember that you can buy three times as many ginnie mae's with the same amount of money. so what we're really saying to banks is don't make real estate loans. given this policy, you have to go back and say to yourself, why is the fed doing what they're doing? because ultimately by buying a lot of mortgage-backed securities the only thing they are really doing is encouraging banks to make agency loans, in other words, they make it a guarantee from u.s. government. the other final point i would make, probably the most

tiempo que demora fabiÁn peÑa depende del tamaÑo y complejidad de las mismas, en el 2007 en el art basel> fue una sorpresa que se venda la obra a los 5 minutos de abierta la feria, el que comprÓ fue lance armstrong. fue en 21 mil dÓlares. >>> en el caso mÍo no te voy a hacer una obra que te complazca, porque tiene ese concepto de lo que puede ser bello, desa grag a desagradable, y te puede resultar tambiÉn atractivo. >>> es un artista que no pasa desapercibido, ahora que vio sus cuadros le pregunto si comprarÍa una obra de estas. comente en redes sociales. vamos ♪ >>> seguimos con mÁs de "primer impacto." el hermano del cantante diego espinoza que fue acribillado ayer, estÁ convencido que no iba dirigido para su hermano. descartÓ que los corridos hayan sido el motivo de este brutal asesinato. >>> yo creo que no. porque son corridos de lo que uno escucha, de lo que uno ve y si tiene la oportunidad de escuchar las letras que el escribiÓ no son letras que comprometan nombres de personas o cosas asÍ. >>> las autoridades continÚan con la investigaciÓn pero no dieron con los responsables. >>>

to qualifying for the atp world tour finals after he advanced to the semis of the swiss indoors in basel the world number six beat record in the trough -- beaty grigor dimitrov. federal took it 7-6 in the third set. his next opponent is canada's vasek pospisil. tied at theieve is shanghai masters, one of the four final -- the lead is tied at the shanghai masters, one of the four final tournaments. leads withera-bello luke guthrie, who earlier had the sole lead in the competition. that was a nice way to finish the show. we have more sports and more news at the top of the hour. >> a classic convertible is one of the best ways to see the sights of havana. out what's new in cuba, on island that is famed for not having changed much in 50 years -- an island that is famed for not having changed much in 50 years. these people are selling houses. the reforms made by the president have made it possible. sailing is now easy, this man says -- selling is now easy, this woman says. >> if one of you germans wants to buy my house, you should come, this woman says. ♪ 8:00 a.m., when it is only 30 degrees

quest for money and power and found both in the world's largest agricultural chemistry corporation in basel. zinc and is soon going to responded to an offer we made. as we proposed giving the company the commercial rights to our product. lines and if in the. the company would support our humanitarian project to vilify it is to engage in the who it is for. but a sensitive issue remains where is the borderline between commercial and humanitarian use. our goal was to allow all poor farmers to take part free of charge and of course it was in single interest to define as a poor as narrowly as possible because they wanted to potentially make money. in addition his own we agreed upon a definition and if the rice farmer was making less than ten thousand dollars a year with the golden rice that was still considered humanitarian assistance and it is a bit of a. sin going to improve the genetic technology the number of foreign genes in golden rice was reduced from nine to two a corn gene and a gene from a bacteria. has founded the golden rice humanitarian board which was to guide golden rice to world

quest for money and power and found both in the world's largest agricultural chemistry corporation in basel. singh and is soon going to responded to an offer we made. as we proposed giving the company the commercial rights to our product. lines and if in the. the company would support our humanitarian project to be a fight is to engage in it is for its own digits but a sensitive issue remains where is the borderline between commercial and humanitarian use. our goal was to allow all poor farmers to take part free of charge and of course it was in single interest to define who are as narrowly as possible because they wanted to potentially make money. in addition its own we agreed upon a definition and if the rice farmer was making less than ten thousand dollars a year with a golden rice that was still considered humanitarian assistance we had to give it up to. improve the genetic technology the number of foreign genes in golden rice was reduced from nothing to two a corn gene and a gene from a bacteria. has founded the golden rice humanitarian board which was to guide golden rice to world wid

proposed rules that would call it that they call it liquidity coverage ratio now originally part of basel three the fed's version is a bit tougher and it requires the big banks to collectively hold about two trillion in liquid assets in cash bob first in either of us and out of the question is how is this different from other rules such as capital requirements that we currently have with capital requirements the banks have to go into the capital markets and issue for instance stock equity portion in order for investors to then invest in the company the banks retain that they can also retain their earnings instead of paying them out as as dividends and that can provide a buffer but there is nothing that really says what they get what the banks have to do with that capital once they necessarily get that except when it comes to these other parts and that's where we get these leverage ratios and what the with the fed and the other regulators are saying is that they have to keep on treasury securities cash in high enough amounts that they can survive a thirty day panic whatever that cause of t

is based on an agreement from the balance of committee on banking supervision but it's tougher than basel and will force u.s. banks to meet standards two years ahead of their foreign counterparts now sticking around to discuss this more than tobacco you can do much more than tobacco alex let's let's talk about liquidity liquidity issues first i want to ask you is in a deviation from the greenspan years which the hinton suggested that we're going to start tapering to back in september bernanke explicitly pinpointed a path to tapering at six point five percent unemployment that's a very very kind of what i would see as an arbitrary number in terms of we've never decided to do anything like this and to tie tapering to unemployment why does this guessing game in the global markets continue in terms of when we should stop tapering yes addicted to taking a step back and our research team will focus on issues like tax policy deficit macro drivers in addition to some sectors specific work we talked about tobacco health care financial services energy utilities all falls under that but of course wh

but some of the most interesting information in court came from janet basel, the defense attorney forns, who talked about the box, saying that jenkins did take a box from the home, threw it in a dumpster, but can't recall where. there was no further information on what was in that box, or anything else said regarding that. they allege there was a power play going on the part of prosecutors-that general kins was kept waiting for three hours before testifying, and she had this type of relationship with hernandez, don't ask, don't tell. they have a one-year-old daughter together. jenkins' perjury charges are serious. she faces up to 20 years in state prison. shep? >> molly, thank you very much. this is really all about aaron hernandez. the host of true crime. this is not about this girlfriend at all. this is about the gun. they've have the gun they believe they have the case nailed down, and they believe she got rid of the gun. >> absolutely. they have her on video, as you said, throwing something away, using the baby clothes to hide it. what does that point to? points to this woman is h

. >> reporter: and he beat the favorite roger federer in basel and claiming the title for the secondhe fourth trophy of 2013 while federer has one. the move to second in the league thanks to a winner of torres and gave chelsea 2-1 win over manchester city. and he set up andre for the game's opening goal and equalizer and looked to rescue a point for city. torres saw city slide to the third defeat in the league season. >> we repeat the story in the three defeats that we have our way. i think they have similar final because we consider the goals that really don't give to the other team. we have absolutely the game and played very well the second half and no problem with chelsea and finally in the last-minute we lost. >> reporter: chelsea are two points behind the leaders of liverpool and they are fourth after beating them 1-0 or sunday and they are down in 7th and above neighbor's united and the goal is strong on sunday and puts them in 9th with swansea. madrid lived within a point of leaders barcelona and easily beating bettis and could have got off at a great start and lost the first

and considering basel 3 and all of the regulations, banks had $105 billion in tier-one common equity.ne executive pointed out, a multiple of the $30 billion treasury expects to have on hand, and ironically, the banks are joking they could bail out the government. if this continues, they're really focused on the end of the month, when the repo maturities will roll over. if the market is still clamped up, they may have trouble. that's when social security checks for customers are coming in, when mortgages are due. if this keeps going on, the end of october, november, it will get tight. >> the point is, they're not taking chances, right? >> right. >> they're having to think about the unthinkable, right? >> right. >> nobody wants to think that we could go over the edge, certainly nobody who is invested in the market on the long side. >> but the interesting thing is a lot of people pointing to 2011 and saying remember what happened when the u.s. debt got downgraded. treasuries got more expensive because people were flighting to safety and the yields started going down. no one expects that'

they say using the basel 3 definition. you say it's not y high enough. why?hink it's an very ambitious exercise. i think the eyb has a lot of sta stake. the 88% number itself is not low. when you think back in the ecb stress tests or even the stress test as the 5% level, so the 8% is not at a very low level. but i think for the sake of suspensi suspension, the market is operating on fully loaded bubbles to be measured, it would be more inspired to use that. i think the other piece on capital, which is much greater emphasis, is the fund on leveled ratio. european banks are quite weak by that metric. but generally speaking, i think it is a very encouraging exercise. it's a very ambitious exercise. we're going to have to be very patient. we're not going to know very much until a year. but i think many banks will feel the pressure that it has to -- that they need to do something as they grow into the process. i think we will see capital raising in european banks in 2014. >> morgan stanley had a survey that said between 5 and 10 of the banks tested by the ecb woul

regulation around investing in the securities but not just mortgage reform but what are we doing with baselii, how does that affect and investors desire to own a security? >> so you think private capital is interested in supporting middle-class america or just the wealthiest in the marketplace? >> i think there's interest all around. icy desire to take risk and get appropriate return for it. it's creating a framework to bring them back in. >> what do you think, for the whole panel, what is preventing private capital from coming back quicker? >> i think in part it's a catch-22. i think private capital already exist in the form of -- a nonconformist is today is going predominately to someone's balance sheet. in the absence of a notion of were gse reform is headed and what structures are what approach is going to develop in that aspect of the market i think as a practical matter it's very difficult for somebody to come back in, make investment and people process, law firms, the whole bit, develop a robust securitization market for non-conformant activity if it's not clear what you were up agai

in fact what the fed is really saying with the new basel iii proposal is to not make any loans you cannot get a guarantee on and that is right now constraining the market terribly. something like a third of all of the prospective homeowners can't a mortgage from a bank today. so you have these two opposing policy positions, the bank regulator on the one hand, the monetary policy on the other hand and they are very much at odds and that is one of the reasons why this summer may be the peak in home prices in the united states. not in general if you'll see the average continues to move up at a decelerating rate improving month after month, i think they are going to dwindle and eventually you are going to see the hot markets as it was a couple years ago pulling most of the weight and save the 20 city stops. this chart i think is the most important one in my presentation my friend provided this to me. this shows the change inlanders households verses printed households and if you look at the line that's the home ownership rate in the united states. it's down to about 65% right now it's actuall