you know f.h.a. was founded in the that's the depressions basically provide support to nailing housing market and like so many well meaning programs you know maybe medicine initial goals but stuck around and basically turned into a gigantic venue for private actors to to raid the government coffers and indirectly raid the taxpayers and the problem being that a sensibly f.h.a. self-supporting has its own insurance fund socially kind of deal like f.t. i see the problem being the actuarial assumptions and the underwriting so the question is you know what happened in this thing and the housing boom you know and potentially other periods like it where underwriting standards became shoddy if not criminal and these things go into. a program like f.h.a. and begin to violate the actuarial some sions and therefore the solvency of this thing so people are starting to catch on that there's a big problem with f.h.a. in the way could be you latest housing bubble and the you know mortgage free for all and the housi

loan underwritten by f.h.a. . which could be a shoddy loan of some sort and it passes muster for at least an initial period of up to two years he goes into one of these ginnie mae securities and it becomes government backed explicitly so basically when she get in the gate with a potentially. poorly written possibly fraudulently lindley underwritten loan into f.h.a. you're basically home free unless the government gets its act together to come and see you for organized fraud which is starting to happen now right as you point out once you get into the gates or in other words once you enter the ponzi scheme like the bernie made up part of this game that requires more people to go into what they call feeder funds to feed the ponzi scheme f.h.a. ginnie mae fannie backed freddie mac. anyway they're all best lee bundled together in this huge parties game where the underlying asset is houses but the house prices are going to go down and as the economy continues to strike and as tax revenues continue to collapse because ev

into f.h.a. you're basically home free unless the government gets its act together to come and sue you for organized fraud which is starting to happen now right so as you point out once you get into the gates or in other words once you enter the ponzi scheme like the bernie nato game it requires more people to go into what they called peter funds to feed the ponzi scheme f.h.a. ginnie mae fannie back freddie mac. fannie mae they're all besley bundled together in this huge ponzi scheme where the end all i doubt that is houses that house prices continue go down and if economy continues to strike and as tax revenues to to collapse because everyone is continuing to pick up part time jobs at least a full time jobs then the bailouts continue but of bailouts are based on more part money which means that the whole system becomes more unstable but hey the top one percent it gets richer in providing the arson that is the economy now you are the victim of a slap suit as a p.p. as a result of your reporting

bill or an f.h.a. guaranteed loan or did you ever take so security and what she found is a huge percentage of the people who said they'd never received a government benefit suddenly realize that they had been asked a very specific question and i think it's because it's so on their present were it's like you know keep your government hands off my medicare if people take it for granted as though it's some somehow a naturally occurring force and so i think we do it in our own personal lives we project that onto people at the top of the income ladder by the same token somehow their entire business success was the result of their hard work. you mentioned bill gates bill gates his father bill gates sr wrote one before was actually to force for the book known by bill gates sr the other one by chuck collins in bill gates sr forward he talks about his son he says you know if my son had had been in a developing country in south america or you know somewhere else in the world you know he may be just as smart as h

yeah because see the review is about mortgages the agriculture department for farms and we have f.h.a. and and other government agencies which guarantee home mortgages if you have homes where you have fracking under those homes these fracking lines can run eight miles under under houses and those houses end up contaminated bill the land becomes poisoned the water systems are destroyed those homes are worthless then the us government is on the hook for those people are in real trouble because you think they've allowed something safe they may get five bucks a month in royalties but now their homes worthless we have to find out i mean it's just like having a termite inspection there literally saying. we're not going to look you know if there's no problem what's the danger in looking they don't want to look because they're afraid of what they're going to see except that means that the u.s. taxpayers are on the hook. here's a disaster and a half million houses become worthless and of course homeowners are going to lose everything now greg energy is becoming a is a hot button topic today es

about why we're having so much government involvement you know it basically expanded freddie in the f.h.a. now are that market. but more what is meant and still ahead the chairman of the federal reserve and the cover story of the atlantic for april it posits ben bernanke you save the global economy so why does everyone hate him i will give you our three cents the first your closing market numbers. you just put a picture of me when i was like nine years old i like to tell the truth. i'm a contestant i am a total get over friends that i love driving is a planned trip. but it was kind of the jester day. i'm very proud of the world without you it's place. you know sometimes you see a story and it seems so. you think you understand it and then you've lived something else here's some other part of it and realize that everything you thought you knew you don't i'm sorry is a big. what drives the world the fear mongering used by politicians who makes decisions to break through get through if you have made who can you trust no one who is you who with a global missionary see where we had a state con

that's why we're having so much government involvement you know it basically expanding freddie in the f.h.a. now or that market. but more what is meant and still ahead the chairman of the federal reserve and the cover story of the atlantic for april it posits then bernanke you say of the global economy so why does everyone hate and i'll give you our three cents but first your closing market numbers. the a. little. welcome back we were talking about this the goldman sachs op ed. resignation in the new york times we're talking about this what it means for the banking system now one thing that stands out in all of this and looking back to to the financial crisis in the aftermath is that despite all of these things that clouded public opinion in fact we saw abacus we saw the vampire squid pieces lloyd blankfein grilled in senate hearings again and again on the hill all of those things that have hurt public opinion for goldman it hasn't translated to losing business according to media reports and here is someone on c.m. b.c. today talking about this whole issue in light of this op ed. the ones w

>>guest: we have done that where we can with fannie mae and freddie mac and f.h.a. three million homeowners have not been able to refinance and they are paying, and the president wants to open up that option about $3,000 a year, a good-sized tax cut for them. >>neil: but $26 billion plan, the fine to the banks, any response to that? it is still early but, any, is it moving the needle? >>guest: we signed it a few weeks ago, and it will be registered in court this week, so, it is too early to see big results, yet, but i can tell you a big cloud that was hanging over the market, the note mayor scenario, we could have had 10 or 15 years of 50 states suing and going in different directions. but, instead, what we get was one single clear set of standards on how you service a lone and how you foreclosure. >>neil: but fannie mae and freddie mac were kept out of that. >>guest: they agreed to the standards but they agreed because everyone had something to gain from doing it and when is the last time you saw 49 state attorneys general, republican and democrat agree on anything