of fannie mae. he really takes this congressional urge or fear and turns it on its head. instead of having a regulator that is tougher, instead of having higher capital requirements at the companies, instead of having a congress that was more vigilant and watchful for the taxpayer bailout, he turned all that on its head. what was created was a legislation, a piece of legislation called the safety and soundness act that was virtually written by james johnson of a fannie mae. >> who was he? >> james johnson was a democratic political operator who had run up walter mondale's campaign for president. he was a guy who was in wall street a little bit, and who had worked at lehman brothers in a washington lobbying effort. he had come out of democratic minnesota politics. that is where he was born. that is where he was raised. he went to princeton, and then came to washington. he really understood the game. the key thing he knew he had to do was to protect the government subsidy, to protect the implied gover

of fannie mae. but i have never been inside. certainly, some reporters have been inside. a "washington post" reporter during mr. johnson's era was allowed to follow him around and did a very in-depth story, but it -- the bailing itself -- building itself sends such a message of power and royalty, almost, and fannie mae really was that up until the taxpayers had to bill it at in 2000 a. >> in the most basic -- had to bail it out in 2008. >> what is built -- how can we understand what fannie mae does? >> fannie mae is not a mortgage lender, but they buy loans that have been created by banks for other institutions -- or other institutions. they sometimes call them on their own balance sheet. in other cases, it packages those loans and guarantees them and sells them to investors. city enterprise essentially either owns or guarantees home mortgages. it was set up in the aftermath of the great depression to try to keep housing and finance moving. when we get into a banking crisis, as we certainly did in t

well you know that that's one way to put it i mean fannie and freddie mae fansite fannie fannie mae and freddie mac. of the two biggest mortgage companies the united states they own or guarantee half of all home loans and they've received i think today at about one hundred seventy billion dollars and federal tax dollars so you know the fact that they're not properly overseeing the. banks which hire these contractors and again there's a lot of waiters of control here is certainly problematic and is the situation just going to get worse as the economy continues to get worse as it is i mean do you see an end to this or getting better at all. well you know that's a good question foreclosure filings are up a little bit. so that is more homes fall into default more property inspections are ordered and there's more chances for a mistake like this to happen you know you know a judge that i interviewed him spoke to my in my story she you know she thought that contractors should have to get a court order before they enter an occupied house. i think that's probably unlikely but at the same time it

i will say that recently if the inspector general of the federal agency that oversees freddie and fannie has suggested that they're looking into sort of this lack of oversight more broadly of contractors although they didn't specifically single out this type of incident so what can people do if it does does seem like there is little accountability. other than the statement that they released where is the accountability what can people do to fight this what are people doing to fight this. well you know that's again if you're forty five days late on your mortgage these property inspections start in the fannie and freddie rules and they sort of what freddie and fannie and freddie say sort of governs the mortgage industry as a whole they say to start these poverty inspections and and you know let's just be clear there is a value to somebody driving by at least occasionally checking on a house that's in foreclosure in the fog. to make sure that it hasn't been abandoned because you know abandoned homes can become the lights on the neighborhood you know swimming pools could be uncovered longer

fanny... lot script gracias, buenas tardes.en el centro de convenciones de washington donde se esta desarrollando la xix conferencia internacional sobre el sida. hoy uno de los erenci ves aqui en la ciudad capital. vamos a una pausa, pero al regresar... miles de cochecitos de niÑos son retirados del mercado por representa de un bebeestran al volver:. que esta pasando con los equipos de beisbol de la region... el socio nos brinda un adelanto... socio!!! como les va, buenas tardes a todos, como dicen, mejor se arruina, en el biesbol la novena de la capital imparable. anoche en nueva york, adam laroche y los nacionales de washington propinaron r. a. dickey su primer descalabro en tres meses al ganar por 5-2 a los mets en apoyo al triunfo de gio gonzÁlez, que trabajo Ó siete entradas crispantes. ryan zimmerman ampliÓ su racha de imparables con otros tres. esto ocurria anoche. porque hoy al medio dia terminaron la serie y los nacionales volvieron a ganar 5-2, le barrieron la serie a los mets en su propia cancha y la novena da washin

rven se para los proximos dias...aÑanam ..gracias fanny...pero quedese ipho adelanto informativo de lal noticiero univision..adelante ilia. para esta una de las diferencias de es productos apple que comprar unptador peciallanzamoel Á usan ..asi que... buenas noches, la vamos con las imagenes hasta filadelfia y les cuento que paso. pais unabuen estido deste un a solo horas de inaugurar los juegos olimpicos, las redes sociales estaran a la par de los atletas, pero tambien los puede perjudicar. bueno vamos una atleta australia adolescente, llamada michelle jeneke causa sensaciÓn compcal. jeneke, originaria de australia, es quizÁs por este video, la atleta mÁs popular en internet en estos momentos y una gran ganadora. al volver...fanny gutierrez, no la segunda parte de la entrevista que le ar lo y a continuacion le amena entrevista...a encontrar la cura, entonces es importante seguir apoyando la causa" su mensaje es muy claro, hace un llamado a tener amor propio y respeto por la pareja... "yo creo que lo primero que todo, es amarse a sí mismos, cuando tú tienes amor por tu cuerpo y amor po

ok the first is the biggest sellers in the market are the g s c's that's fannie and freddie no why are these guys biggest lenders or sellers that's because they don't have the ability as depository and institutions to to get that zero point twenty five interest rate so they have to lend their phones to banks so that the banks can collect that interest rate so you have these two dominant players fannie and freddie as the biggest sellers by a federal reserve economist the senior one's own admission in an e-mail to a reader of the economic policy journal he admits that these fannie and freddie preferred to do business only with a handful of banks so we have the. operating with a handful of banks and setting it an interest rate policy. that has billions if not trillions tied to it and where we heard this before i mean isn't this the very problem that we're trying to overcome right and i want to bring up that e-mail because we do have a quote from it just so our audience can see from this senior fed official or economist that you said sent this to economic policy journal. employee anecdotal

my point is that big banks have become like fannie and freddy.are too big to fail, under written by the taxpayer, and which cheapens the cost to them because the debt holders and bondholders think they would be bailed out, right? so any capital control for leverage will be pushing powerful market incentives to wrinkle out of that rule because the too big to fail issue is making the debt cheaper and encouraging the leverage. >> i agree with that and we'll talk about it another time, but hear in washington, a lot of people want to keep fannie and freddie. >> my problem is the banks will be much less competitive, asian banks, and some european banks could dominate global finance. >> right, that's why banks have been able to get so big because when there is a question, they say to the regulators if you don't let us get big, deutsche bank will kill us. do you want to get so big and get all of that competitiveness if the cost is that the taxpayers have to come bail you out every few years. >> here is the distinction, i think it's the politicians that c

with fannie and freddie.. these two companies made a heck of a lot of money for a really long period of time. underwriting real estate and taking a very small percentage in order to create an opportunity for the american taxpayer homeowner to create that american dream. >> wasn't it the structure of a gse that allowed them to have themplicit backing of the federal government and yet they took risks that were far too high and we were on the hook for it, right? >> it turns out we were all at risk, but the reality is everybody perceived those risks to not be risks. not everybody. there were a handful of people like us that actually believed that the -- >> what are you doing with fannie and freddie right now? how would richard perry seize on this opportunity with fannie and freddie. >> tlrn two preferred or a series of preferred that the treasury issued right before they put it into conservatorship where they were out there actually treasury department officials saying that these were essentially an arm of the u.

at the time, the business counted own fannie mae. in 2010, the company was slapped with a fine for misleading investors. >>> she's been missing for months. but tonight, an unusual, new tactic in the search for sierra lamar. >>> marijuana and food stamps. the program that's causing concern tonight. >>> and caught off the california coast. the 800-pound shark you have to see to believe. >>> a spectacular fourth of july from the north bay to the south bay. plenty of heat. temperatures that tped 90 degrees in the east bay. we look at our thursday, getting cooler. >>> it was fireworks looming over the rose bowl tonight. what the fireworks looked like over pasadena. >>> july 4th is the nation's deadliest day of the year on the road. that according to aaa. and the bay area's first fatal crash happened in san jose. a man in the his late 30s flipped the pickup he was driving. the impact threw the driver from the truck. he was pronounced dead at the scene. no one else was in the pickup. >> in this report, prior to the collision, a white truck

. >> do you have any authority over fannie mae? >> our authority extends to consumer financial. >> so no? >> don't have consumer relationships in general. >> but the gse's actually according to i don't know if you've read the book, reckless endangerment but on painl 5 of that they explain that fannie mae led the way on relaxing loan underwriting standards, a shift that was quickly followed by private leppeders. and then later in the paragraph there it became the playbook for financial executives and that whole process under james johnson he began to, he spent about $100 million in ten years lobbying congress to make certain small changes in the rules that would allow him to push those. so you had members of this committee back in 2005 were asked are you afraid that the easy lending programs -- ie that james johnson was pushing through fannie and that this institution was encouraging. are you concerned that these programs are going to wind up luring people into homes that they could not ultimately afford? so it's not this came on us

senate committee chairmen chris dodd and kent conrad and the ceo of fannie mae also got sweetheart dealscommittee has cleared senators of wrongdoing. and no one at countrywide has been criminally charged.a 2009 house investigation conducted under then-chairman edolphus towns omitted the names of government officials - and details of his own foa loan.a copy of the new report -- including names -- is on our website.for more on this story visit behind the headlines dot net and follow us on twitter when it comes to getting my famfast, i need all the help i can get. i tell them, "come straight to the table." i say, "it's breakfast time, not playtime." "there's fruit, milk and i'm putting a little nutella on your whole-wheat toast." funny, that last part gets through. [ male announcer ] serving nutella is quick and easy. its great taste comes from a unique combination of simple ingredients like hazelnuts, skim milk and a hint of cocoa. okay, plates in the sink, grab your backpacks -- [ male announcer ] nutella. breakfast never tasted this good.

members of congress but also to top congressional staffers and top officials at government backed fannie mae. the agency buying up most of countrywide's subprime mortgages. the vip mortgage discounts were worth hundreds to several thousands of dollars each. utah congressman jason chaffetz is a member of the house committee that wrote the report. >> what do you think the impact of all this influence buying was? >> when you're making their loan, costs less, no points, no fees, you're probably getting a level of favoritism that nobody else in the country was getting. >> the report says countrywide used that favoritism to keep the mortgage money flowing from fannie fae and to fend off calls in congress to protect taxpayers against the rising exposure to toxic loans. >> unfortunately, i wonder if it really did work. because we didn't get the legislation that we really need today do to clamp down on these types of loans. >> congressional leaders who got the discounted mortgages all denied knowing they were getting favors. senator kent conrad and chris dodd appeared on this broadcast in 2009. >

and talking about fannie mae and freddie mac. isn't it amazing, i watched this on your -- on cnn constantly. they kept saying the republicans wanted them to do something about it and all senator dodd, one of anglo's friends he said that would be too hard and frank didn't want it either because he's the one who pushed this. so here's the thing that got us into it and those two slimes wouldn't do anything about it. senator dodd got his daddy's job when hall young was there. he's been is you canning off the. the presidents don't get it. don't know how the economy works and these are the guys in charge just like nancy pelosi and harry reid screaming for romney's tax records show us yours. and she says that's a different thing. yeah she gets to be one of the first for ipos and all the other things. the senate and the government that we need to see their tax records. these are the people making these laws just like these laws in health care. their staffers end up putting what's going in them. when they pass they did not know what was g

fannie mae and freddie mac had a big partner called countrywide financial.e know how bad that went. they were partners in generating these products. host: mark s. this point. he says the power of the consumer financial protection bureau is the scariest part of dodd-frank with a budget of up to 10% of the fed budget and no oversight. guest: he stated very well. that is the problem. it is money from the fed and it has no oversight. host: it -- is it 10% of the fed budget? >> it is several hundred -- guest: it is several hundred billion a year. yes. caller: mr. gray, is it true that if we did not do the tarp program the world economy was going to fail, and is it true that you are fighting the people -- you are representing the people against the dodd- frank economy -- legislation? guest: i did not think the whole world economy would fail without tarp, but dodd-frank is separate from that. we represent small banks, community banks, which is different than wall street. this bank and its colleagues are being disadvantaged to their bigger competitors who can handle

love my fannie pack. a pocket you tape on inside your shirt or blazer to keep your money in. look, i have my lip gloss on my back. >> but you can see it. >> here's the thing. >> i just wanted to show you. no, if i was wearing a blazer. >> anybody that makes fun of a fannie pack but think that looks good, i don't care of their opinion. >> you don't see it! >> let's drink. it's time. >> this is for you, a bin. this is kathie lee on the front. >> oh, my gosh! >> to make over when you're doing an outdoor party. look at hoda's house, if you're entertaining. >> that's very cute. >> even as a gift. our last fashion makeover is for your guy. i love this bar sign from red envelope. if you want to spruce up the outside. bu jerry has a special treat for you guys. >> oh, jerry. loaded, ready for action. >> we got it personalized. show hoda hers on the other side. all from red envelope. >> jerry, you're hot any way. >> i love him in chaps. >>> how would you like to live in one of the happiest seaside towns in america?

they did it also at fannie mae.his ended terribly where they dumped so many loans on the american taxpayers. that makes it egregious. >> the investigation countrywide lobbied to have mortgage fannie mae a critical partner. it's fannie mae that bought a large number of country wide sub prime mortgages. for loan recipient, some suggested they didn't know they were given special treatment. spokesperson for buck mckeon said he was never aware and he provided the media all the loan documentation from the 199 1998 loan. he shares issa's interest in determining if there was wrongdoing by countrywide. spokeperson for bank of america which now owns countrywide says the report applies to premerger activities. and the program was immediately discontinued at the time of the acquisition. john? >> john: see where all of this goes. mike emanuel. thanks. tens of millions of dollars in tax-free union funds going to junction of luxury report and purchasing big ticket items like country club, golf courses and learjets. not talking abo

fanny.que acevedo y un adelanto de la edicion nocturna del noticiero univision.. un estudio endel riesgo de cancer.. una nueva investigacion dice que es la primera evidencia genetica de un vinculo entre el tamano de los senos y el riesgo de cancer de mama... los investigadores de una empresa de genetica basada en california, encontraron variantes geneticas que, dicen, estan vinculadas al tamano de los senos... y algunas de estas variantes estan asociadas al riesgo de desarrollar cancer de mama... pasamo noches a todos y bienvenidos a los deportes en un jornada de un cambio para el futbol. les cuento que la fifa dio h modernizaciÓn del fÚtbol al aprobarl Útbol, ha acordado hoy por unanimidad en la sede de la fifa en pezara utilizarse en el mundial de clubes de tokio, asÍ como en la copa de las confederaciones de brasil de a 22 dias para el inicio de los juegos olimpicos en londres, el presidente de la confederacion brasileÑa de futbol dijo que ellos quieren ganar lo unico que no enseguida reg

reporter: the report says countrywide used that favoritism to keep the mortgage money flowing from fannie mae, and to fend off calls in congress to protect taxpayers against the rising exposure to toxic loans. >> unfortunately, i wonder if it really did work, because we didn't get the legislation that we really needed to do to clamp down on these types of loans. >> reporter: congressional leaders who got those discounted mortgages have all denied knowing they were getting favors. senator kent conrad and former senator chris dodd appeared on this broadcast in 2009. >> i did absolutely nothing unethical here. >> no special deals? no one ever offered one. >> reporter: both senators were cleared by the senate ethics committee, but the report displays cover letters and fax copies clearly showing references to the v.i.p. team or the v.i.p. unit, suggesting that even if officials did not know of the discounts, it was obvious this was special treatment. countrywide was highly skilled at expanding the use of the sub- prime loan. but anthony, we now know its other skill was having its way with cong

fannie mae is actually larger than general motors. so under the auspice of the federal government had to act to save this industry, parentally you're also suggest and admitting that we're going to have to act to save fannie mae. i'm not sure that people in this country believe in that either. there's one question i have for mr. wilson. do unions get special treatment in this bailout? yes or no? >> no. >> in your opinion sth. >> no. >> okay. in your opinion, did unions get special treatment in this bailout? >> yes, absolutely. >> okay. why do you think that? >> because we document in our paper, first, they were treated better with respect to their vbuz in the general motors cases than other unsecured creditors were treated. second, they were treated much better than employees typically are treated in bankruptcy cases. and they were allowed to retain wages that are frankly above market wages, above any other competitor's wages. and were there by preventing from having to do what tip ukly happens. and, third, there was really no justific

rque maÑana es el partido de las estrellas de la mls contra el chelsea, al volver de la pausa fanny gutierrezque honra a uno de washington con poco de lo que fue la inauguracion de "kaipi peru"... con la elegancia y gracia de la danza nacional peruana la marinera, se inauguró la segunda muestra de arte indígena en el museo nacional de los indígenas americanos... lleva por nombre, kaypi perú, que en lenguaje quechua significa "esto es perú" embajador una muestra aunténtica traída directamente desde perú sot vice ministra pompeyo berrocal es uno de los artesanos que viajó desde perú para mostrar sus creaciones color... de acuerdo a la tradición sarhua cuando una pareja joven va a construir una casa los compadres leonible ico hael próximo lunes 30 de julio en el museo nacional de lodígenaamericanos... impacto . >>> hasta mañana, saludos

there was no restrictions on fannie and freddie's activity. they had a lot of influence of in washington. at the time they were able to engage in whatever activities they wanted. at the end of the day, there is no exit inside. >> on the second anniversary, the boston globe notes that only 120 of the 398 regulations enumerated are in effect today. will it take another two years before we get to 398 or how long will it take for the loss to go into effect? guest: there are deadlines for a lot of roles but at the end of the day they compose the deadlines and move past them. given how so many runs are very contentious and requires all the regulators to be on the same page and the regulators have different interests, it is not as easy to reach consensus. every will take another of years before they are in effect. guesthost: back into we did a ss on these financial agencies including the consumer financial protection bureau. you can find that on c-span.org and search our video library. we will go with it tempeh on the republican line. caller: i have

fannie mae and freddie mac are bookselling those to fha at a reduced price when those houses could be listed and sold. >> that is a good point, i have not heard that before. i would urge you to talk to ed demarco about that than i did and he said we thought we would lose credibility. >> i am concerned by losing credibility by costing taxpayers money selling homes in a region that has no inventory and an abundance of buyers. when your in meetings, they should talk about that. >> thank you. >> the gentleman's time has expired. the gentleman from georgia is recognize from 5 minutes. >> thank you very much. welcome, mr. bernanke, good to have you. i want to talk about the core of our issue in dealing with unemployment. that is the serious paralysis of partisanship that is basically hijack to this congress. i say that because i think you all have done pretty much what you can do. in the fed, you have reached the point of what you call zero bound you cannot go any longer -- lower with interest rates. we talked about the policies we make. nowhere is the economy more impacted than health care

mae, a major client of the former countrywide financial didn't tighten regulations again fannie mae according to this report oblted by the a.p. because of all these men and executives in position. that's going to be a big story to follow for sure. >> people may lose the internet? what's going on with this? >> on monday, we've known about this for quite sometime. international hackers basically set up this ad scam last year when they infected hundreds of thousands of computers worldwide, an estimated 64,000 here in the u.s. if you've been affected, you've probably been contacted by your internet provider, comcast, for instance, and there's been alerts on google and facebook, what have you so you probably should have done something by now. if you haven't on monday, the temporary fix that the f.b.i. installed last year when they found about this hack attack, that expires so you might be booted off the internet. >> maybe double check that because a lot of times people ignore those things. i know that i do. >> me, too. you don't always read everything and imagine going the whole day with

the mortgage must have been purchased by fannie mae or freddie mac prior to january 1, 2009 and unlike harp one, part 2 also applies to second homes and rental properties. homeowners to qualify get market rates which right now are well under 4% >> i think it will reward people who stuck through this by staying in their homes >> a sweet reward >> shorter-term, lower interest, we're saving lots of money. >> under harp 2.0 homeowners do need to pay the traditional costs but they can be and rolled into the cost of the loan. the first that is to call your servicer to see if they're participating or call a counseling agency. for more information had to cbssf.com. the most important thing to remember is never paid for mortgage help, there are so many predatory companies out there promising to help the but they're just taking your money. >> warmer temperatures for the weekend? >> exactly. right now there is a dramatic view for you, take a look at the live cbs five weather camera on top of the transamerica building looking towards the golden gate bridge. notice the low cloud sleeping in and tal

para quien, para la fiesta.>>> y la foto de fanny lu en traje de baÑo donde estÁ.>>> amÉrica...sÓ, la cosa se puso fea.>>> mÁs?. >>> dura, abismo de pasiÓn porque las mentiras no van a poder ocultarse mÁs ya que ela padre guadalupeierta icaunivisÓ callado. >>> no es npesimismo, nada mÁs s la realidad porque dos hermanos no pueden ser pareja. >>> pero quÉ ta ru gad dices damian. >>> no es una tarugada, don augusto nos acaba de decir a elisa y a mi que ella es hija de mi padre. >>> mentira mijita vil mentira, eso no es cierto. yo lo no sÉ por que les dijo eso, pero no es verdad, rosendo y stefanÍa nunca fueron@@univis a mentiste, me has mentido todos stoes aÑos.>>> pero ahora ya ic a ver quÉ haces tÚ con el secreto que te acabo de confiar. a mÁximo no. >>> me encantan las caras. vii sÍ, vea leno punto. >>> y esta noche patricia se da cuenta que rosa elena oculta la verdad lodo que pasa, univisder todos creen que soy.@@heunivisia . >>> quien va ahora?. >>> la que no podÍa amar. >>> la que mo podÍa amar, le dieron un te bote mire bien. >>> no le gustan mis caras. v . >>> ten emos qu

reports say despite a weakening in the overall economy housing is continuing with its recovery though fannie mae's chief economist doug duncan questions it. got to keep it real, right? >> yeah. it's a real merger monday. several big-name deals, one from the world of soup. one from the world of health care and we have one of the key players in the wellpoint's deal, the cfo coming on next and first on cnbc. before the break, though. five big monday movers. take a look. there you go. all moving to the down side. ♪ [ male announcer ] this is our beach. ♪ this is our pool. ♪ our fireworks. ♪ and our slip and slide. you have your idea of summer fun, and we have ours. now during the summer event get an exceptionally engineered mercedes-benz for an exceptional price. but hurry, this offer ends july 31st. on december 21st polar shifts will reverse the earth's gravitational pull and hurtle us all into space. which would render retirement planning unnecessary. but say the sun rises on december 22nd, and you still need to retire. td ameritrade's investment consultants can help you build a plan that fits

and homeowners with fannie mae and freddie mac will have to look elsewhere for a break in mortgages. regulators say they will not allow troubled loan holders to take part in a white house program to reduce their balances, saying the program is too costly. treasury second, tim gietener is urging the major lenders to be prepared. >> tom: it was a day of the major stock indices marking time before tomorrow's conclusion of the federal reserve meeting we mentioned earlier. with a weaker consumer spending figures we reported unchanged most of the morning, and stayed in negative territory in the afternoon hitting the lowest levels of the session at the closingble. trading volume was higher. with consumer spending in focus. the consumer sector saw the biggest drop. and energy falling 1.1%, and defense was spared in the sell-off. retailer coach's disappointing earnings cast a shadow over consumers. coach the biggest loser in the consumer sectorment take a look at the results. the high end retailer earning a penny under the average of wall street estimates. sales in north america were much slo

among the vips who received the loans, six current or former members of congress and executives of fannie mae. the report says countrywide may have skirted federal bribery laws. country wide was taken over by bank of america in 2008. >>> overseas markets were cautious ahead of a decision by the european central bank. the nikkei shed a quarter percent and the hang seng gained half a percent. >>> today we'll get the weekly unemployment data and tomorrow the government releases the june jobs report. wall street will be open for business after an off day to celebrate the fourth of july. a shortened trading day. the dow added 72 points and the nasdaq gained 24. >>> if you got on the road this independence day, you probably noticed you were paying less for gas. according to aaa, the nationwide average price for a gallon of regular is now $3.34. that's down 60 cents since april. but oil industry experts say prices have probably bottomed out and may start to climb in september. >>> moody's rating service has lowered its outlook on barclays credit rating from stable to negative. the move comes aft

have been the lawyer handling the fannie lou haimber issues. he'd been an oil and gas regulatory lawyer, a power commission lawyer in washington and became a wonderful circuit court judge with a specialty in administrative law. so, i clerked for him for a year. and i clerked for a year nor a year for potter stewart. potter stewart had been involved in republican politics. his father had been mayor of cincinnati. he imhad run for the cincinnati council. he'd practiced law in new york city. so, harold leventhal from the democratic side and potter stewart from the republican side were both similar in their approach to issues, in their love of writing, for example, and crafting opinions, so it taught me that there is a little bit of a difference between judging and politics. if people came from two very different political backgrounds. getting a clerkship on the supreme court is a total lottery. there are many, many, many people qualified to do it and you need luck and i had luck to get to clerk for potter stewart. after that i went to work -- >> c

fifth, the banking regulators fannie mae, freddie mac and fha should not escape appraisal subcommittee valuation safety and soundness review and enforcement. sixth, while automated valuation models serve as a useful and cost competitive compliance tool and check against fraud they should never replace use of an appraisal by a licensed appraiser for all mortgages that exceed $50,000. seventh, there is a need for more effective consumer protection, transparency and education including a dedicated consumer complaint hotline in collaboration with not for profit organizations. eighth, responsible appraisal practices ensure and expand housing opportunities in open society. it is unfortunate that that we still see issues of the age of housing, predominant value and use of comparables with the quality of housing and america's low income or housing communities. ninth, we are seeing widespread undervaluation through the use of broker price opinions and the short sale process or general reluctance to recognize that in some communities the market is beginning to return. and tenth, states must susp

for instance, the past three years, fannie mae and freddie mac have burnt over 80 billion dollars of taxpayer money so the home builders know the homes are going to be sold. the question, who fits the bill? many times private investors are going to come in and make profit by buying them on the cheap. cut the big subsidy and you'll cut the overinventory of homes. >> so, victoria, is a clean sweep what is necessary? i think that's what e-mac and mike are getting at. we need a clean sweep of the housing market and the inventory in order to get things moving again. >> well, i deally, yes, that would be the case, but we're not going to see it, you're going to see demand for homes in new areas where those old foreclosed homes don't exist. this is soft demand, like as morgan was saying, it's not some dramatic upswell of demand and it's healthy demand. yes, the government is still heavily involved in the mortgage market, but it's not the funny money we were seeing back in 2006 and 2007. so, i think that this is moderately good news. >> all right. you wanted to jump in quickly, e-mac. >> it w