mae -- fannie mae and familiar. many blocked these efforts. their delays allowed the housing crisis to fester. as we now consider the future of housing finance, we have a chance to proceed differently. the wall street reform and consumer protection act has laid the foundation for change by changing securitization rules, modifying appraisal practices and standardizing mortgage underwriting. the adoption of these process reforms should simplify the debates about altering the housing finance system. in sum, today's hearing brings us one step closer to figuring out what needs to be done to improve our housing finance system. as we previously said, my goals in these debates are to limit taxpayers' risk and establish a long-term funding source to help our middle-class families to buy a home with an affordable mortgage. i look forward to hearing from our witnesses on these matters. i would like to recognize the ranking member, mr. garrett, for four minutes for his opening statement. mr. garrett. garth >> when you review th

this is just what fannie mae and freddie mac know about. they buy these loans in large bulk quantity so once they investigate the 15 trillion dollars worth of loans they are sitting on they will probably find a lot more junk their going ask lenders to buy back. so we know that this is a huge problem but why is the government not forcing this issue, why is this going on for more than three months? according to the report they are saying that we just asked the banks nicely for the money back and they have said no. the next step is litigation. the authorization to sue the bank is going to come from congress and as senator durbin said the banks own congress so you are not going to see a lot of people in congress with the spine to say go ahead and sue these banks. realistically do you think in the end these banks are actually going to buy back these bad loans that they have dumped on fannie and freddie? if congress grows a spine and says we will not stick the taxpayers with this debt we are going to make the banks take these back then that could

>> but fannie and freddie are already fragile. >> fragile? cheryl: best i could come up with. >> probably words you can't repeat on television. this is the irony of this thing. by sort of propping up the market and make it easier for people to get the loans and they can't afford it, we'll drive the housing prices up beyond what the working class and middle class americans can afford, unless you turn to fannie and freddie or take out a crazy loan. that's the problem with the expansion of housing policy. they made the housing less affordable for the working class people. >> cheryl: wayne, over $7,000 for a loan. too much? >> the idea of a market that was created by freddie and fannie originally to have a place where the banks sell their loan so you had a market is a good idea. jonathan was right when it talked about the intervention. when the federal government intervenes in this stuff it works. >> maxine waters and -- >> maxine waters and barney frank and all said you have to make the loops available for everybody. so everybody can have a home

it is up to the folks running fannie and freddie. we need to see something change quickly. our attorney general filed suit, to his credit. mayors across the country are ready to voice, as well as governors, when we have a sympathetic ear from the administration and the department. we just need some folks there to right this wrong. >> any other questions? thank you all for being here. we appreciate it. >> ladies and gentlemen, i want to welcome you to the newest of the art materials stores. we are very, very excited to open our new facility here in san francisco. we have been here for a while, but this new facility is wonderful. it is going to bring wonderful things to the neighborhood. our president, who is the president of our retail stores, is going to make a number of comments on how we work with the community, and also our students and teachers. thank you. [applause] >> welcome. welcome, mayor newsom. welcome to another art materials grand opening. despite the economic unrest we face, we are growing, serving, and creating jobs in all the communities where we have a pres

it is up to the folks running fannie and freddie. we need to see something change quickly. our attorney general filed suit, to his credit. mayors across the country are ready to voice, as well as governors, when we have a sympathetic ear from the administration and the department. we just need some folks there to right this wrong. >> any other questions? thank you all for being here. we appreciate it. >> good afternoon, ladies and gentlemen. welcome to a gorgeous day on treasure island. in the redevelopment director of the treasure island authority. would you please rise for the singing of the national anthem? >> ♪ o, say, can you see by the dawn's early light what so proudly we hail at the twilight's last gleaming whose broad stripes and bright stars through the perilous fight o'er the ramparts we watched were so gallantly streaming and the rockets' red glare the bombs bursting in air dates proof through the night -- gave proof through the night that our flag was still there o, say, does that star spangled banner yet wave o'er the land of the free and the home of the brave

it's been two years since mortgage finance giants fannie mae and freddie mac. received billions of dollars from the u.s. government they continue to report losses and received on how do you feel about taxpayer dollars continuing to support them this week let's talk about bad they're white collar criminals. we shouldn't continue to give them money then probably no. no what do we do. we help each other it's hard to say if they've helped. because it's hard to tell whether. what the result would have been if we didn't do anything at all so i think in terms of my business i think that some of the bailouts have been very successful for maintaining business in the in the role of the century the velocity of cash in them in. but i think in the long run wolf we'll find out we have to keep the housing market going i think there is such a low keeping the housing market going if we didn't support them any more it would collapse do you think either be a lot harder a lot more difficult than it might collapse i mean it's struggling hard enough as it is right now so why are peo

it's been two years since mortgage finance giants fannie mae and freddie mac. received billions of dollars from the u.s. government they continue to report losses and receive funds how do you feel about taxpayer dollars continuing to support them this week let's talk about that the white collar criminals. we shouldn't continue to get the money then probably no. no what do we do. we help each other it's hard to say if they've helped. because it's hard to tell whether. what the result would have been if we didn't do anything at all we have to keep the housing market going i think there is such a giving the housing market going if we didn't support them anymore it would collapse you think either be a lot harder or a lot more difficult than it might collapse and. we're so far into this might as well give them the money save everybody else does it matter that this reuters asked or any way i mean you know where eighty billion in the hole or ninety billion with them they made money out of the deal so freddie and fannie try and get out of it as best as possible the bot

it is up to the folks running fannie and freddie. we need to see something change quickly. our attorney general filed suit, to his credit. mayors across the country are ready to voice, as well as governors, when we have a sympathetic ear from the administration and the department. we just need some folks there to right this wrong. >> any other questions? thank you all for being here. we appreciate it.

. >> bill, you recently testified in washington about your ideas to fix fannie mae and freddie mac. you called for forming a giant government agency with tighter regulations. is your idea getting any traction? can you explain how it may work? >> well, it's not getting much traction, but the fact is that 95% of the mortgages these days that are generated and that are issued are basically being guaranteed by fannie mae and freddie mac. that's the reality. and the reason it's the reality is that in terms of the private mortgage market, that lenders are requiring down payments of 20, 30, and in some cases 40%. and so the cost of that financing is prohibitive. my point is simply it's better to have the private market in the housing market in terms of finance, but it's not likely to be a significant influence. and it will be much more costly. and so for the next few years, for the next two, three, four, five years, let's examine possibilities in the out years, but let's maintain government influence, because the financing is much, much cheaper. the difference is 4% in terms of agency fina

it is up to the folks running fannie and freddie. we need to see something change quickly. our attorney general filed suit, to his credit. mayors across the country are ready to voice, as well as governors, when we have a sympathetic ear from the administration and the department. we just need some folks there to right this wrong. >> any other questions? thank you all for being here. we appreciate it. >> we thought we wouldd< take ts weekly video out on the road. we are here at recology at the recycling center. if you ever wondered where your recyclables go, and this new mandate for composting, the new challenges and mandates around recycling, what we are trying to achieve -- it all starts right here. we just marked an important milestone in our city. i would argue important this nationn francisco has now achieved a 77% diversion rate, the highest in america. no big city can lay claim to diverting that much of their waste, and that is why that composting requirement was so important. this is why our efforts to consumption and distribution and the like of plastic water bottl

it is up to the folks running fannie and freddie. we need to see something change quickly. our attorney general filed suit, to his credit. mayors across the country are ready to voice, as well as governors, when we have a sympathetic ear from the administration and the department. we just need some folks there to right this wrong. >> any other questions? thank you all for being here. we appreciate it. >> transportation agency board of directors. on behalf of our board and the entire agency i am delighted to welcome our newest member, director cheryl brinkman. cheryl brings a wealth of advocacy. we're delighted you are here. director? ms. brinkman: thank you very much. i'm delighted and thank you. chairman nolan: thank you as well. please call the role. >> director beach. director sbeach anticipated. director brinkman >> here. >> director heinicke. anticipated. director lee? >> present. director ohka? >> present. >> mr. chairman, you do have a quorum. announcement of prohibition of sound-producing devices during the meeting. please be advised the devices are prohibited at th

how many of the homes in america are controlled by fannie mae and freddie mac. the vast majority they are not allowing market prices to exert themselves they're not allowing the market to tree down to reflect the demand there artificially keeping prices high for housing in america it's a it's a zombie economy for this very reason the only thing that anyone creating policy in the u.s. government should do right now is to let housing fall to where supply is equal to demand stop subsidizing housing immediately all you're doing is prolonging the agony obama you know see this for allowing fannie mae and freddie mac. to continue to support house prices as you as you are doing you are a sadist sir you deserve it in the mark you saw on house of sadism but there is albeit with credit cards and these credit cards are refusing it gives them purchasing power that would not otherwise exist sending false signals to the market so people keep on producing stuff for this economy where the people are zombies. but it also is like a futuristic war movie it's like they have zombies

come from wages it came from borrowing against our house that was being pumped up artificially by fannie mae and freddie mac. and wall street then the party ended the house prices collapsed and you're just left there with a falling wage no asset no network and no country. i mean that's that's that's that's one of the spending power came from the borrowing from debt that's all we're talking about the the the american experience of shopping came all not from wages they haven't worked a day in their life for decades they've been living along just of the chinese for decades they don't go work anymore. they're both america's balms you know welfare bombs or war for bombs they've got nobody who's working a day in their life any more so their incomes are falling but they keep on consuming so look what happens in europe in greece when incomes are falling people stop consuming and look what happens greeks get cheaper ikea shelves us prices drop and recession ikea slashed the price of billy bookshelves whatever those are in greece by twenty two percent france sect coachella in a statistician at the

. >>> fannie mae is offering help to military families struggling with the death or injury of a loved one. the payment drinks last up to six months. fannie mae is the biggest mortgage supplier in the country. >>> the federal government wants more trash clean out of the river. and the water bottles, cans, food wrappers, and plastic bags float along the river in the letter its banks. they have ordered prince george and surrounding counties to pick up the river. skimmer boats already removed 400 tons of trash per year. >>> it is time to talk about the weather on this monday. it seems like something is going on. >> we just got word of a tornado warning in howard county. a chance for severe thunderstorms. this is pretty 7. i will go to doppler 7 so we can zoom in. it does not look all that impressive on the radar. the national weather service recently issued a tornado warning for howard county. it is shaded in bank. -- in pink. this is the area of concern. i was the agree can get a better look at this storm. -- i want to get a better look. this is along highway 32 and the intersection of 1

. >> fannie mae, we talked about this a month ago. home path came out, fannie mae is trying to get rid of the inventory they hold, the properties they took back. they are offering low downpayments and no mortgage assurance which is sort of appealing. now they are coming out with a program that started september 23rd, they will allow to you buy the properties and they will give you up to 3.5% of the final sales price and closing cost help. that is another additional incentive. they will also give realtors a $500 bonus for telling -- $1,500 bonus for selling the properties. it has to close december 31st of this year. you probably don't want to make an offer on the house later than say, early november. the government can take a while. >> do you like it? >> i think it's one of those things where fannie mae is looking, with all the inventory, priceses aren't really going up. if they go down by 1% they are losing hundreds of millions of dollars. also the maintenance to keep them up to date. it's ansennive to get rid of it. however, it's our

it is up to the folks running fannie and freddie. we need to see something change quickly. our attorney general filed suit, to his credit. mayors across the country are ready to voice, as well as governors, when we have a sympathetic ear from the administration and the department. we just need some folks there to right this wrong. >> any other questions? thank you all for being here. we appreciate it. supervisor mirkarimi: good afternoon, welcome to the local agency formation commission. i am the chair. i like to wish everybody a happy yom kippur. i hope everyone has a very good day. can you please read roll call, madame clerk? >> chariperson mirkarimi? -- chairperson mirkarimi? commissioner campos? commissioner dufty? commissioner avalos? supervisor mirkarimi: i like to welcome commissioner pimentel to her first meeting. i would also like to thank sfgtv for producing and carrying this event today. the key to all the staff. can you please read item number two? >> approval of minutes from the july meeting. supervisor mirkarimi: any public comment on the minutes? seeing none,

the last one was a stolen fanny pack. >> i'm sorry? >> a fanny pack. another theft. [laughter] >> ok. thank you very much. any questions? ok. any public comment on the police commission? police department's comments? questions? ok. item six, commissioner's comments and questions. >> question to staff regarding the follow-up meeting with the promoters this there's a. what time and what location? >> it is at noon in city hall. it is on the third floor. i can get that with -- to you. >> [inaudible] i second question is, how far in advance to know which applicants will be appearing before us? do we have a calendar? >> the commission? how far in advance the staff now? the applications come in. there is a 30-day notice period. quite some time elapses before it goes to you. i don't necessarily communicate to you until you get an agenda. you don't know. if you want to change that, we can talk about it. >> i would like to know, maybe in an advance -- may be in advance. i would like to visit the neighborhood and see the environment where applicants are coming from, so i have a

as best as possible the bottom line is the us government is probably going to continue to support fannie mae and freddie mac. whether we like it or not. i'll be back in just a few moments with a headline stay with us. close up came has been to their hang me. for the first russian fleet was born. our t. goes to the area which holds talk a solution in oil and gas resources. where the biggest russian salmon can be our processing factories located. somewhere unique species of farm fauna can be found. come to the site culling region. should close up on all. for the full story we've got. the biggest issues get. face to face with the news make. more news today. these are the images. from the streets of canada. today. the main stories we've been covering this week to be russia's southern republican. the seventeen victims of thursday's marketplace kabul they are teammates those who survived the attack coming across the middle it's. none of the even remembrance day in the u.s. has been marred by clashes that the plans for a mosque near ground zero and some public burnings on. how to build a workin

just passed with a lot of fanfare and no follow-up, not because of good intentions but because of fannie and freddie. i was going to use the wrong adjective. [laughter] their unwillingness to be supportive of the program -- they are wrong. this is right. the president is right. congress, by and large, is right. all these mares are ready to go to do what -- all these mares are ready to go to do what the secretary started. the first program was done in berkeley years ago. it is simple. the company is not going to provide enough resources. how the finance those upgrades? -- how do you finance those upgrades? you can amortize them over the life of your mortgage in a way that gives billions of dollars for the retrofitting of buildings. ours is the largest in the united states. we passed a more than $150 million appropriation. we were ready to go. we had dozens of people who had already gotten approval. then the word came out that fannie and freddie no longer would allow these because of the weight it relates to first orleans. i will not bore you with it. -- because of the way it relates to fi

democrats love fannie and freddie. it is exactly their model of how they would run every aspect of our economy, with an agency that oversees hell every sector of the economy works. that is what they believe in. it is fundamental. they don't believe that free people left to their own desserts is a good thing. they think you need someone on top of you telling you not to be so greedy and how to redistribute the wealth. the president basically condemns capitalism and says people should put their efforts to something good, do something that is really helpful to society. able to create opportunities are misapplying your talents. this is the attitude that has motivated americans to come out in droves. my hope is they just don't do it in 2010, that they keep up the intensity after that. >> one more, or else we have to wrap up. thank you very much. [applause] >> i just noticed everybody had their checkbook out, because when we pointed out there was no limits. thank you so much, everyone, for coming and for your support. i imagi

gracias companheros ....este fin de semana llega el esperado festival fiesta dc y ya me acompanha fannyablarnos mas de este evento....asi es paco el domingo a partir de las 10 de la manana ..conversamos con uno de los artistas que estara en ese evento.... fiesta dc es el heredero de el festival latino, el cual se creo en 1971... fue el aglutinamiento de la comunidad latina... washington es un lugar de encuentro en el mundo... bailarines... musicos, artistas plasticos y comida que es otra forma de arte que muestra la cultura latina... el festival tambien tiene el merito que cultiva la identidad en muchos ninos que llegaron aqui muy jovenes o nacieron aqui... puente de oro .... te . >> cromo bia revelan detalles de operación que acabó con la vida del mono. y mientras en new york el

host: you were at freddie mac from 1995 to 2003 and fannie mae in 1994. should these agencies be dissolved and have something new? guest: actually, there are many good proposals on the table. there is one that is being looked at closely by the housing policy council. but i think that we really need to look at this whole hisically and ask ourselves. we have mortgage interest deductibility. we have the federal home loan bank system which i'm not hearing much in terms of reform but needs reform. i also think that both fannie mae and freddie mac we need to think about the rules under which they actually operate, but you cannot pull the rug from underneath the housing market. so it is a tricky business. there is a shorter-term plan that needs to happen and shorter-term plan in terms of using the institution toss keep the mortgage market steablized. host: a tweet from a client. guest: if there are institutions that have operations within the united states, it will be monitoring that from a data standpoint as well and analytical standpoint. the other thing that

fannie mae and freddie mac. they were as ropacious as any group.nd this is dealt with in great detail in my book which takes very few prisoners on either side in either party. but fannie mae and freddie mac, with the support of people like bonnie frank and even many in the black caucus said, no, no don' tch fane ma and freddie mac, they'll help poor people get into their homes. sure, a lot of minorities got in their homes. they lost their savings. they're now hurting. they're being foreclosed so the dream was not a have, have not thing. it was supposed to be emancipation of americans who were supposed to get a piece of the pie. so the first thing is if we do this thing of keeping people's homes, we're helping a lot of working people and poorer people. this is not something to benefit the rich. the rich made out lik bandits in this kind of market. t secondly i we can'tut floor on housing foreclosures if we can't stem this bleeding right now, we're not going to get consumption back. if we don't get consumption back, people consuming based on their se

it is up to the folks running fannie and freddie. we need to see something change quickly. our attorney general filed suit, to his credit. mayors across the country are ready to voice, as well as governors, when we have a sympathetic ear from the administration and the department. we just need some folks there to right this wrong. >> any other questions? thank you all for being here. we appreciate it. director ford: i would like to call to order the september 9 meeting of the tjpa. madam secretary, please call the roll. >> [inaudible] mr. chairman, you do have a quorum. item three is communications. director ford: are you aware of any communications? no communications. ok, with that, what is our next item? >> next item is four, board of director's new and old business. director's new and old business. director6",o: á0xp link electronics, inc. model number: pdr-885 software version: 2.0a link electronics, inc. model number: pdr-885 software version: 2.0a and taking the muni bonds down. they work through that and were able to analyze some pictures of how that went. they compl

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over and over, the bush administration had asked congress to stop fannie mae and freddie mac, to reen it in, and to -- to rein it in, and two republicans, -- and to republicans' dismay and dishonor, it was not done. certainly the democratic friends across the aisle were objecting. the man who was to become chairman, barney frank, was objecting, of course we've seen the speech where he said no, they were fine, in essence. they were not fine. they were in big trouble. and nothing was done. it should have been. if we look back and find that fannie mae and freddie mac, they weren't sitting dormantly on the side, oh, no, they were actively involved in politics. if you look at the period as open secrets did from 1989 to 2008, to find out who gained the most in political contributions during that period, from fannie mae and freddie mac as they sought to try to entrench their future. the second highest amount of contributions from fannie mae and freddie mac went to a senator named barack obama. things changed, didn't they? and now we have the book come out from mr. wood ward -- mr. woodward,

taxpayers have pumped $150 billion in to fannie and freddie. last year, independent actuary declared a shortfall of $10 billion in the f.h.a. capital fund. update is coming in november. meantime, the agency is tightening lending standards, and raising charges. the f.h.a. chief told congress that is helping avoid a bail-out for now. to what extent if any f.h.a. would look for a bail-out in the future? >> at this point, based on the reserves of f.h.a., it's running on its own, it's financially sound and below minimal capital requirements and we need to increase capital. we'll know more when the actuarial study is complete. >> can i take that as a tentative no? >> thank you, mr. carn. >> the f.h.a. ensures nearly $900 billion in mortgages, more than half a million of them, bret, are now in default. >> bret: that smile was not comforting, peter. thank you. stocks were down today. dow fell 22. the s&p 500 lost 5-1/2. a government watchdog says the obama administration is lying about the black panther case. we'll explain. the president tells a u.n. m

and the decrease marked the second street from hundred 85,000-- >> and the mortgage giant, fannie maeamericans and more cautious. about purchasing homes, that 47 believe that home prices will remain steady. 31 percent believe a slight rebound. 70 percent of americans things that it is a good time and that is up from january. but 33 of would likely to rent their next home. if there were to move. >> equip live look outside and it is slow going on the james 101 be split. the 80 along the top of your screen slowing making its way to the bridge. we will be right back! [ male announcer ] barbara boxer. she fought to get our veterans the first full combat care center in california. her after school law is keeping a million kids off the street and out of gangs. and she's fighting every day to create new jobs. i'm working to make california the leader in clean energy. to jump-start our small businesses with tax credits and loans to create thousands more california jobs. i'm barbara boxer, and i approve this message... because i want to see the words made in america again. iyou inhale, they inh

you can see that with the results of fannie mae, a freddie mac, and countrywide. this allowed a monoline institution go into a far larger institution that had diversified risk. the issue with wachovia is that it had a lot of other risks that exposed it to sensitivities in the market and liquidity in that market. one of the questions you had about whether we missed anything, the toughest thing as a supervisor and having to go to my board of directors, it is tough to not have a viable options for them. one of the things i do not think that we fully appreciated was the sensitivity to the capital markets and the funding markets to the credit risks in some of these markets and how quickly that pull-back could be. with wachovia, you can see the rating was 3. we actually had in our lidi system, had wachovia-in march of 2008. that institution would be subject to a downgrade within the next 12 months. we had a discussion with the occ and they subsequently downgraded that institution. we did have concerns about it. the sensitivity to funding markets was something we did not

we put together package that address this issue, they put limits on what fannie and freddie could do, try to make sure that if we over expose ourselves in this mortgage -- some prime mortgages, and we pass that in the senate, that passed the bill in the house, the present was ready to sign, the democrats filibustered it. every single one of them, including barack obama. and now they say as wall street's fall. certainly wall street has some blame. they responded to the game the the government's set. the government put the pieces into place and they simply took advantage and exceeded the it manager on what the government -- i don't think he understood the bill. he was very much for it. but we could not even get a vote. the big mistake we made in my opinion, and i push this with my leadership, but i did not win. that happened a lot, unfortunately. from my perspective. i push to bring the bill up and actually make them vote to kill it. but there was always a move, well, we're still talking to them and work something out. dodd cap stringing us along until we would work something out but we

cuts for everyone including millionai millionaires, ending bailouts, ending government control of fannie mae and freddie mac. they want to cut government spending back to 2008 leve. this is a plan they're hoping will help them in november. >>> in new york last night after barely completing one sentence, president obama has heckled for gay rights and aids funding. it forced the president to go off script many times insisting his administration has ireased aids funding and is working to overturn the law on gays serving in the military. he then sold the hecklers to go bother republicans after they didn't low the don't ask, don't tell policy to be repealed. > officers clipped what they believed was a stolen car. one suspect jumped out and attempted to run away from officersbut was quickly grounded with a stun gu the other suspects are dragged from the vehicle and taken into custody. >>> in new mexico, an amateur astronomer captured a rare sight traveling across the sky. a bright meteor moving north, traveling right pt the moon. the amazing foota was captured with an experimental all sky opti

fannie and freddie are struggling to get refunds on billions of dollars of mortgages based on false or misleading information. we know smoking is not good for you. fighting the have it is a great investment for states. for every dollar maryland spends helping smokers quit, they see an increased return. there is $24 in lost productivity. i'm jane king reporting for wbal-tv 11 news. >> thank you. >> it is 57 degrees on tv hill. coming up, we'll take another look at your commute with traffic and weather together. >> the orioles showing another step in the right direction with a strong september. >> don't forget to e-mail us your response to our water cooler question of the day. are men's locker rooms a proper place for female sports reporters? e-mail your response to watercooler@wbaltv.com. >> it does not mean much to the standings this year, but it does give hope to the not too distant future. the orioles can play baseball in september. the orioles beat the blue jays last night 11-3. the orioles have a handle on winning in the last month of the season. nick markakis made it a two-run gam