and, you know, i think that at the time it was right about that time that the both freddie mac and fannie mae requested additional assistance from the federal government, and announced losses and it seemed to most people that if you were paying good people for performance that is one thing if they are getting bonuses, but when you are actually, the and organizations continue to lose money and require additional taxpayer assistance, that is not a time to pay out the excessive bonuses. this is in response to that, and i think that what we have heard from the people when that story broke, and that news got out was a lot of outrage, and it was justified. >> let me ask you about the support that you have or maybe trying to get. do you have bipartisan support for this legislation and will republicans and democrats sign on to this, and will it pass for the 60-plus votes necessary in the u.s. senate? >> we have bipartisan support, and it is a bill that both mark begich the senator from alaska and i have produce and we are paking up cosponsors on the order of 20 cosponsors at the moment both democ

first, taxpayers paid $150 billion to bail out fannie mae and freddie mac.u paid millions more in bonuses for the mortgage executives. it doesn't stop there. you won't believe what taxpayers are paying for. you are footing the bill for legal expenses and for former fannie mae and freddie mac executives and the bill was obscene. you have spent $50 million in legal fees. they are accused of cooking the books to scam you. why in the world are you paying their legal bills? liz mcdonald joins us. why are they paying this enormous legal bill for people being accused of scamming them to begin with? >> guest: because the watchdog of house and finance is essentially saying that fannie mae and freddie mac have contracts with these executives they can't break. you are right. these executives in prior years of securities and accounting fraud. these executives still face billions dollars worth of lawsuits where the legal fees are going to be racked up. hundred million plus in legal fees that the government has been paying for, fannie mae and freddie mac have been paying

i offer this advice who say fannie mae and freddie mac need to earn millions, whatever happened to the notion that is honorable calling to work on behalf of your friends and neighbors? there are lots of dedicated, hardworking professionals at fannie and freddie who believe in that notion, and they are doing their absolute best to help american families afford the american dream of owning and keeping their homes. the begich-thune bill makes sure that this hard work continues and that their bonuses at fannie and freddie come to work every day not with visions of dollar signs, but instead with a clear eye of doing what's right for all americans. mr. president, i urge all members to support this commonsense bipartisan bill. senators tester, mccaskill, baucus, blunt, grassley, hoeven, enzi, and scott brown, senator scott brown already have joined senator thune and me as original cosponsors. i want to thank them for their support. mr. president, i yield the floor. the presiding officer: the senator from montana. mr. tester: mr. president, i want to thank the senator from alaska for his expla

in fact, the congressional budget office already puts fannie mae and freddie mac online. i know it's an easy catch phrase but the reality is, behind the discussion of fannie mae and freddie mac is a whole other discussion about whether we want to apply these rules to things like student loans. and the reality is that if you apply this methodology to student loans, you will systematically overestimate the cost in the budget in terms of outlays. i would just like, madam chair, to refer the body to a report that was written by two of the prime advocates for this. it's called reforming credit reform. deborah lucas was one of the co-authors, this was in public budgeting and finance, winner of 2008. and just let me read a portion. because it says, including a risk premium in subsidy cost, produces a cost estimate that on average exceeds outlays for realized losses. that discrepancy between cash flows and subsidy costs must be reconciled in the budget so that over the life of a credit cohort, actual cash flows match budget costs in expectation. now, as i said, this is a complicat

the problem is if you happen to have a mortgage that isn't a fanny mae or a freddie mac or fha mortgage, you're out of luck, and you may be doing everything right, paying your bills, but you can't benefit from what are today record low interest rates. >> tom: secretary donovan, with just learned this week that freddie mac has financial positions that profit when homeowners stay in higher interest rate loans. will this practice continue, even under fha administration? >> well, first of all, i was, as you are, troubled by this information, and the treasury department is working with the regulator of fanny mae and freddie mac to make sure that she's extras are fully looked at, and that there's a full accounting of what actually happened here and that we make sure it doesn't happen going forward. one of the these these allegations point to is that congress should act and require that whatever cop flicks there may be, whatever other interests, homeowners who are doing the right thing paying their mortgages have the ability to refinance, fanny mae or freddie mac mortgages or other mortgages.

ringing out of money and the auto companies did the same thing and that is where we are with fannie mae and freddie maci would entertain if, if, if, if, scott, they were part of the big restructuring, the big investigations that have gone after banks and everyone but fannie mae and freddie mac. in other words they were not ex-health from so much of the so-called corrections that have gone out, because it is glaring in its omission. >>guest: it is. and don't forget the s.e.c. finally came to the game at end of last year. they were talking december of 2011 the s.e.c. finally said, mr. and mrs. executive at fannie mae and freddie mac we will charge you with fraud because you lied to the american taxpayer and the regulators how much subprime and bad loan exposure you had and it took two years for them to figure out to bring it to light. >>neil: but we had the $26 billion plan of president where the banks pay, essentially, for, rewarding people who were roboed out of their homes fannie mae and freddie mac make up 80 percent or nine percent of the mortgages including the vast majority of the ones that are un

pay stubs meet with your lender, all major ones are here, chase, bofa, wells, did mack, fannie mae all -- freddie mac lower interest rates as low as 2% fixed loan. the cow palace is ready for this four-day event. in 2009 they had 60,000 people over the course of four days one probably not as big they've helped a lot of people. the mortgage crisis seems to be easing a bit. for more information abc7news.com, click on see it on tv. >> reporter: good morning. sheriff ross mirkarimi will be in court today to ask for the right to be able to see his family. the criminal court has told him he has to stay away. he says that has been crushing. today he's going to try a different tactic. mirkarimi is going to ask family court to allow him to see his 2-year-old son. the criminal court judge who issued the stay way order meaning mirkarimi hasn't been allowed to see his family since january 13th. he asked the criminal court to lift the stay away or the judge said no legal experts say mirkarimi might have a better -- have better luck in family court where the goal is to preserve the family and see a family reconcil

there could be revised plan for freddie mae and fannie mac. prisoners will soon be allowed to use mp3 players for the first time. the inmates will have access to a restricted song list. the program is being tested at a women's unit in west virginia and may expand to the rest of the present system by the end of the year -- the rest of the prison system. >> tomorrow is a leap day and companies are using it to their advantage. >> some are using it to promote products and to give away freebies. >> a new holiday. >> stan is having a leap day party. >> thank you. >> 40 degrees on tv hill. some information you need to know about asthma attacks. >> don't forget to e-mail us your response to our water cooler question of the day. do you agree with the supreme court ruling that corporations should be treated like people in the courts? you can share your response at wbaltv.com and on our facebook page, or send us an e-mail to watercooler@wbaltv.com. what are your monthly expenses? you keep your receipts in plastic baggies? seriously? [ announcer ] get it

then dodd-frank, the supposed solution to all of this totally i gue ignored fannie mae and freddie macat's your prescription to rectify that situation? >> i would certainly start to wind down fannie mae and freddie mac. they haven't been downsized at all since september 2008 when they were put in conservatorship. if you compare it to similar, they have had control of the trust corporation in the '80s, they immediately started downsi downsizing. they can put them in receivership. they can start doing that immediately. >> isn't the problem if they put them in receiver shship it will force a debt restructuring that will seize up the big banks? >> ip don't see that happening. >> can i explain to you how it could happen? the big banks are pretending that the second liens are worth 80 cents on the dollar. when you start to restructure the first mortgage in the open market, you render the second liens 0, which annihilates the balance sheet. it's the same if you put swaps on exchanges. whether it's restructuring at fannie or the first lien in the bond market or my swaps market, the very reason

it's a great time for fannie mae and freddie mac to sell. and fannie mae and freddie mac are major wall street players. they are involved in lots of structured financing. they have gigantic investment portfolios of mortgage backed securities. but through their agreement -- and they were taken over by taxpayers in 2008 because they failed, and through their agreement with the u.s. treasury upon being taken over, they were told you have to reduce your portfolio. so right now is a great time for them to do that. it's a great time. interest rates are low, which means bond prices are high. thrazz lot of demand for this stuff and they could sell right away. so this is a wonderful time if we want freddie mac and fannie mae to sell their portfolios down thus being less risky to the overall economy, the financial markets, it would be a good time for them to sell. and what this story shows is that freddie mac is making it appear like it's reducing its balance sheet. it makes it appear like it's selling mortgage backed securities into market but it's ac

una de las cosas que mas necesitamos es seguir presionando a freddie mac y fannie mae porque ellos sonlos que controlan la mayoria de los prestamos en california y quienes se han rehusado totalmente a hacer alguna reduccion en los balances.... pilar nino se espera que tome un tiempo en implementarse los alivios frutos de este acuerdo judicial....well s fargo ha dicho que los tendra listos a partir del primero de marzo....pilar nino telemundo. cu ---surge nueva informacion en torno al sospechoso de haber baleado a un agente federal el martes por la manana... take vo ---de acuerdo a las averiguaciones, la esposa del agente fue estudiante del sospechoso hace casi un ano en la clase de optica que este ensena... ---ahora la policia asegura que dennis bagwell estaba obsesionado en tener una relacion amorosa con la esposa del agente y que ese fue el motivo que lo llevo a dispararle a robert suplik, quien trabaja en la aduana del aeropuerto de san francisco... ---el agente se encuentra internado en el centro medico eden de castro valley pero la familia ha solicitado que no se divulge su cuadro

una de las cosas que mas necesitamos es seguir presionando a freddie mac y fannie mae porque ellos sona mayoria de los prestamos en california y quienes se han rehusado totalmente a hacer alguna reduccion en los balances.... pilar nino se espera que tome un tiempo en implementarse los alivios frutos de este acuerdo judicial....well s fargo ha dicho que los tendra listos a partir del primero de marzo....pilar nino telemundo. cu ---mas de 500 conserjes marcharon hoy por las calles del valle del silicio... take vo ....para expresar su descontento por la desigualdad que existe entre la clase trabajadora y los mas acaudalados. ---en el recorrido se les unieron lideres comunitarios, eclesisticos y de la comunidad en general. ---segun algunos manifestantes, el poder econmico del uno por ciento de la poblacion de los estados unidos, ha causado la reduccion de ingresos de las familias de la clase media y de los pobres. take sot senora dice: " ya estamos cansados del uno porciento que nos siga atacando, que nos sigan, este, utilizando." vo ---la marcha fue parte de una accion coordinada a nivel

we did that with our own authority working with fannie mae and freddie mac. about 3.5 million other owners that have mortgages that aren't insured by fannie or freddie or fha, would have that same opportunity to refinance, as long as they're current, paying, and underwater. >> now, mr. secretary, we know that the plan has to be passed by congress. congress has already rejected similar plans twice in the last year. we know how divisive washington is right now. it's an election year. how likely is this really to pass? >> look, when we announced the changes around fannie mae and freddie mac, there was broad bipartisan support. whether it was senator boxer working together with senator isa isaacson to propose their own legislation around this, or another range of supporters. the reason for that, of course, is that economists across the board, from republican to democrat and everything in between, believe that this is one of the most important things that we can do, not only for the housing market, but also to boost consumer spending. it's about $3,000 a year on av

we have to do something about freddie mae and fannie mac. those are the organizations that -- they are not a horrible way of providing housing support. but what they are and what they became was a politicized wade. they became a way for a group of people -- barney frank and chris dodd -- all the people pressuring the organizations. what happened was it created a bubble. and the bubble burst. a lot of folks bought at the wrong time ended up holding the wrong -- holding the bag. we need to get the politics out of the housing industry. let the private sector deal with it without the politicians. [applause] dodd-frank, and another when, -- another one, i do not believe in bailout. when i was in high school, we'll look back on the glory days in pittsburgh of the pittsburgh steelers in the 1970's. that is all we had to hang onto. the steel industry was collapsing. we were very proud of our pittsburgh steelers, but we will not -- were not producing a lot of steel. we lost huge icons. all the more gone, no longer around. we struggled and we suffered

it is a great time for fannie mae and freddie mac to sell, and fannie mae and freddie mac are major wall street players. they are involved in lots of structured financing. they have gigantic investment portfolios of mortgage-backed securities. but through their agreement, and they were taken over by taxpayers in 2008 because they failed, and through their agreement with u.s. treasury upon taking over, they were told you have to reduce your portfolio. right now is a great time for them to do that. it is a great time. interest rates are low, which means bond prices are high, a lot of demand for this stuff, and they could sell right away. it is a wonderful time if we want fannie mae and freddie mac to sell their portfolios down, thus being less risky to the overall economy of the u.s. financial markets. it would be a good time for them to sell. what this story shows is that freddie mac is making it appear like it is reducing its balance sheet, makes it appear like it is selling mortgage-backed securities to the market, but it is actually retaining almost all of the risk of those mortgages.

fannie mae and freddie mac and that's the next place we need to go. let me be clear, by know means is this the whole solution or the end of the problem. first, i think we need tide lot of work to make sure this agreement itself is implemented. i think we move forward in good faith that we'll be able to get the relief for people that this agreement is designed to effect. that's step one. secondly, it's not everybody. and it doesn't deal with, remember, the things that got carved out. all the the attorney's general that said we won't sign an agreement unless we can carve out some securitization claims. some criminal investigations. in massachusetts we had very specific claims around holding mortgages before you can foreclosure. we carved out of this agreement. i want to be clear this is only one piece of a much larger puzzle and we've done some work in the past and brought over $600 million back to homeowners massachusetts in origination claims and securitization claims and this piece will help for those homeowners who are eligible but there's still lot

. >> and what about the freddie mac, fannie mae?> that's the other half of the population in this country. i asked the attorney general. their eyes on fannie mae and freddie mac next. >> something in the offing there, as well. thank you, david. >>> we have another historic announcement to tell you about today. for the first time in more than 30 years, this nation is going to build another nuclear power plant. new plants were halted in 1979, after the partial meltdown at three mild island. the new plant will be built in georgia. but the debate has already begun. steve osunsami is in atlanta. >> reporter: it's been 33 long years since america has said yes to a new nuclear reactor because the scar of three mile island, the near catastrophe sent nearly 300,000 frightened people running for safety, and cost more than $1 billion to clean. today, the southern company, which is building the two new reactors southeast of atlanta, joined some federal officials saying the new plant will bring jobs, will lower utility bills and will operate saf

i mean, we just, you know -- a lot of us signed a letter on the fannie mae and freddie mac bonuses, which, you know, the thing i would caution is we set the metrics that is actually reasonable and good and solid metrics, not like they did at fannie mae and freddie mac. they picked some metrics they could achieve without doing much work and the result was millions in bonuses. we want to attract the right people, we want to attract them for public service, but at the same time, the bonus component is what bothered me, exactly where you were going, susan, was this whole issue of what does that all mean. so, i would recommend the same thing, take a break and -- >> senator tester, are you willing to hold over until this afternoon? >> absolutely. the problem is going to be that my schedule this afternoon is packed, but jamie wise, my right-hand person or left-hand person, whatever side he's on, will absolutely work with your staffs to try to make this happen. >> fine. and obviously, you'll vote by proxy and you'll have to sign off on any agreement that we make. and i hope we can reach some kind

. >> greta: and fannie mae and freddie mac, more than $150 billion. didn't believe that was not all two months ago. they were given millions in bonuses and are they going to get it? also an ominous warning, top u.s. officials have new information, it's not good at all. john bolton goes on the record. and michelle obama about to join american idol. stay tuned for the very latest this new at&t 4g lte is fast. hey. did you guys hear... ...that mary got engaged? that's so 42 seconds ago. thanks for the flowers guys. [ both ] you're welcome. oooh are you guys signing up for the free massage? [ both ] so 32 seconds ago. hey guys you hear frank's cat is sick? yeah, we heard. wanna sign the card? did you know the guys from china are in the office... [ speaking chinese ] [ male announcer ] stay a step ahead with the 4g lte galaxy s ii skyrocket. only from at&t. ♪ >> greta: whether fannie mae and freddie mac and the fight against the teachers ever end? to the tune $150 billion will you think that would be the end of the asking. not so fast, in november they ask

fannie mae and freddie mac. and people on capitol hill. and we ought to look at that.ulators involved. and it is will true that there are many, many, many responsible homeowners who through no fault of their own find themselves in a terrible position. hopefully that is what the program is meant to help. yes, there were irresponsible borrowers as well, people would played the game, played the system, and those people should not get a hand out but $1,500 or $2,000 a month off of a mortgage may not sound like a lot to the occupy protesters but it can be a lot. >>neil: but i misstated that, this is for people who lost their home already they will get a chuck cut from the government for $1,500 or $2,000 which sounds silly but we can go down that road. >>guest: i agree. a hand out, why think that is helpful. >>neil: switching gears putting on your c.e.o. hat we have news that it has been improving, not gang busters but the administration has been crowing about job both and what have you and many argue that is why mitt romney and other republican canidates are slipping in the

. >> greta: and fannie mae and freddie mac, more than $150 billion. didn't believe that was not all two months ago. they were given millions in bonuses and are they going to get it? also an ominous warning, top u.s. officials have new information, it's not good at all. john bolton goes on the record. and michelle obama about to join american idol. stay tuned for the very latest tonight. you don't want to miss it. y... ♪ that right now, you want to know where you are, and where you'd like to be. we know you'd like to see the same information your advisor does so you can get a deeper understanding of what's going on with your portfolio. we know all this because we asked you, and what we heard helped us create pnc wealth insight, a smarter way to work with your pnc advisor, so you can make better decisions and live achievement. premier of the packed bag. you know organization is key... and so is having a trusted assistant. and you...rent from national. because only national lets you choose any car in the aisle...and go. you can even take a full-s or abov

>>mark: they are looking for modifications for fannie mae and freddie mac. e 60% of the mortgages here in california >>darya: new water bills is predicting a double, at least triple monthly water bills. that is because of anticipated improvements in drinking water infrastructure. it is expected to show up on your water bill with an increase of monthly prices. >>mark: the clouds increases with sprinkles in the mountain view. heavy rainfall, later, now's a great time to get at&t u-verse tv. make the switch! [ female announcer ] call to get u-verse -- now with free hd -- for only $25 a month for six months -- our lowest price ever -- with a total home dvr included. plus get hbo and cinemax free for three months. [ male announcer ] with u-verse tv, you can record four shows at once with a total home dvr that lets you play back, pause, or rewind your shows from any room. [ female announcer ] so call at&t to get u-verse -- now with free hd -- for only $25 a month for six months -- our lowest price ever -- with a total home dvr included. plus get hbo and cinemax fre

- so to be clear, he gave his jobs speech and called on his administration to work with fannie mae and freddie mac to make changes. we worked on those through the fall and they were implemented starting in december. and so already there are tens of thousands of homeowners that have closed on those loans. but again, they've only been in place for a few weeks at this point. where folks can actually get those loans. >> the president announced that first plan in february of 2009, three years ago this month. he promised i think up to 9 million people would stave up foreclosure. why should the american people have confidence this is now the fourth or fifth plan you've had, this one's actually going to work? >> so to be clear, the h.a.r.p. portion of it, the hope was that it would help 4 to 5 million homeown homeowners. that was one portion of it. as the president said this morning, morning, while we've made significant steps, we've made real progress, just to take one example, nearly 5 million families have had their mortgaged modified since the president took office. foreclosures are down by almost 50%

we talked about it, fannie mae and freddie mac, they are critical.hey represent about two-thirds of the mortgages. they weren't part of this settlement. they have a separate process they follow. we have just announced not only a set of steps to expand refinancing for fannie mae and freddie mac becauorrowers. those should many millions more families. but we also need to get principal reduction happening. it's the one area we haven't made real progress. this settlement is the first step but we also announced just a few weeks ago for the first time tripling our incentives for principal reduction and making them available for fannie mae and freddie mac mortgages. that's an important step as well. >> come back and visit with us again. let's keep track of how this is moving along. we've now started to see a break in the back of the jobs problem and now all attention gets put onto the housing problem because that continues to be the thing that holds this economy back. secretary donovan, always a pleasure to talk to you. >>> will cain and christine is still

they've been broadly supported for families that have fannie mae and freddie mac or f.h.a. mornings. we ought to be the same thing. it's a simple matter of fairness. i think when folks in congress take a look at this, they will support it, as have a broad range of economists across the board who believe this is one of the most important steps we can take for the housing market and for the economy more broadly. >> woodruff: mr. secretary, what do you say to the argument from not only the speaker but other republicans, including those running for president, when it comes to the housing crisis in this country, the market ought to be allowed, in essence, to just bottom out, find out what the prices truly are of these housing properties. >> judy, let's be clear about what that means. if you have a family whose entire net worth is tied up in their home, who is going to be able to start a small business because of the equity they had in their home or send their kids to college, bottoming out means telling those families they can't send their kids to college, they can't start that

now, i can't emphasize enough that fannie mae, freddie mac and fha are not participating in this settlement. that covers a lot of loans and a lot of people. whatever you do, do not allow anyone to talk you into paying them under the guys they'll help you get money from the settlement. you'd be throwing your money away. >> we're concerned people are anxious and eager to get the benefit and they're go owing to fall prey to scam artists. who say we're going to help you next week. >> we have links for all loan servicers at abc 7 news.com. and bad guys are going out to be there. >> protesters outside a bank branch trying to prevent a 77-year-old woman from being evicted from her home. >> they're demonstrating on behalf of a retired postal worker on the verge of losing her home, she says she's been trying to negotiate terms with chase since 2007. chase representative spoke to her today but there is no word on what the result was. >> pg&e crews on the scene of an underground trance former fire in san francisco happening in chinatown. a shelter in face was for a short time. thob was hurt in that in

. >> and this won't help everyone. 62% of the mortgages are held by freddie mac and fanny may. >> i think banks are getting off easy. >> nancy is trying to avoid foreclosure after losing her job. she, too, owes more on the home that it's worth. her mortgage is serviced by bank of america but owned by fannie mae. >> unless the investor and fannie mae and freddie mac are going to help b of a, b of a is not going to help the homeowner. >> 289 million will go towards restitution for 140,000 of those who lost heir homes to foreclosure, about $2,000 per homeowner. >> it's more of a token gesture, if you lost a home, what is $2,000 going to get you?. >> contra costa county will receive $651 million. >> this is the case management. >> a good portion will go towards paying for counseling services like these. >> and to find out whether you might qualify for assistance go to abc 7 news.com. there is a helpful link for you there. you'll find it under see it on tv. >> police are providing details about a officer involved shooting saying a drug suspect had half a pound of cocaine in his car. they were

the current program allows everyone with a loan backed by fannie mae and freddie mac to refinance. today the president is expected to push for a new version of the plan allowing all borrowers to refinance, even those with loans owned by nongovernment lenders. so we're not talking fannie and freddie mac here. so basically we've been talking about this program for a couple weeks now. this opens it up to everyone. >> sounds good. about time. >> we'll see how it goes. >>> time 6:39. if you didn't play hooky yesterday, today is not a bad day to choose. >> howard says after some early rain, we will see sunny skies. highs will be in the mid-60s. ahead he tells us if this warm weather will last into the weekend. >>> but first, we have another moment in african-american history. williard brown was the first african-american woman to earn a commercial pilot's license along with her master's degree from northwestern university. she was so enamored with flying, she bought her own plane. she also start add flying school in 1938 -- started a flying school in 1938 training about 200 african-americ

it does not as you heard include fannie mae and freddie mac. back with the panel., your thoughts on this? >> settlement amount is large. but there is substance in politics here. substance, it's fairly narrowly tailored so it doesn't completely protect the banks from liability. it's narrowly tailored to address robo signing. and mortgage service abuses. it doesn't touch the slicing and the dicing of the original mortgages. which is sort of at the root of the whole problem originally. it's also not only tailored as we heard. it only touches one in ten of people owning the mortgages. on the politics of it, i think for obama it's a feather in his cap. it's a big number. it sounds like a big number. in proportion to the problem it's small. but it's still a lot of money. of course, it's the best, ideal for politician. people getting money pew through the coercion if you like of private industry. the banks. rather than out of the treasury. so, it doesn't add on to the debt. it doesn't add on to the deficit. people end up with some of the money in their pocket. so i think

we told you before about the massive public bail-out for mortgage giants fannie mae and freddie mac. tonight, what you could perceive as adding insult to injury at your continued expense. chief washington correspondent james rosen has our story. >> for franklin raines, former ceo of embattled fannie mae, testifying under oath is more common occurrence than he would with, along with former cfo and another colleague, he faces security trial in washington where the three are accused of using accounting fraud to inflate fannie's stock price and their bonuses. the three denied wrongdoing. in this, in other lawsuit, probe and administrative action they run up eight-year legal tab. all picked up by the u.s. taxpayers. so concludes a new report of the inspector general of the federal housing finance agency that studied indemnification of former executives. >> this is pretty common. this is not an exceptionable deal it was a made for a few people that freddie mac and fannie mae. it's probably in 95% of the contracts of publicly held companies. >> fhfa inspector general explains due to contract

. >> when we come back, talk about another kick in the fanny, and fannie mae, freddie mac ringing overillion dollars in legal fees and guess who is paying that bill, you. and the forbes gang is saying enough is enough. and that's at the at the top of the hour. next, do you think that social security is running on empty now? wait until you hear a new plan to ease your pain at the pump to leave social security completely out of gas. ♪ [ wind howling ] [ technician ] are you busy? management jt sent over these new technical manuals. they need you to translate them into portuguese. by tomorrow. [ male announcer ] ducati knows it's better for xerox to manage their global publications. so they can focus on building amazinbikes. with xerox, you're read for real business. ifrments ifrments >> coming up up, social security is running out of money. why are some calling to take more money o >> extra green to pay for sky high gas and there is he' a former white house advisor saying that if gas tops $4 a gallon nationally and a lot of areas are over that, washington shut cut the payroll tax at leas

. >> we have principal reduction, plus we have chase, fannie mae, freddie mac. >> reporter: with more more willing to save homes, he says more than 60% of those looking for help will get it the same day. and those turned out to be great odds, he is getting a loan modification that will save his family home. >> i'm glad. we are blessed. >> reporter: there are a couple of new changes bringing out new folks. in addition to reducing interest rates on the loan modifications, some banks are also doing principal reductions and for the first time at this event, new home buyers can come out and qualify for new mortgages. the event goes from 8 a.m. to 8 p.m. through monday. >> thank you. >>> here's more reason eating fish is good for you. up to 9% of americans will develop abnormal heart rythyms by the time they reach their 80s. hopefully we will. that can lead to stroke and heart failure. researchers at harvard found eating fish can lower the risk of heart disease and the study shows that omega-3 fatty acids found in fish will stabilize heart muscles. >>> women win the parking debate. a new br

what developed quite a while ago, beforeç security, mortgag- backed securities, fannie mae, freddie macer the antiquated system that has not kept up with the changes in the industry. i think what this report shows is that the system is completely broken, for us, as county recorder, the mortgage industry, the system is broken for consumers. we have plenty of laws on the books but they are clearly not being followed. equitas reviewed this together with us. each of those records show at least one clear violation of the law. çanother percentage applied to suspicious activities. that is like backdating documents. not a violation of law, but odd when you submit documents that are backdated two yearsok prior, submitted on behalf of the agencies that no longer exist. almost every single document we reviewed of the 2405 foreclosuresç between january 2009 and november 2012 showed that. a sample of 382 documents between -- of that total -- 2405 foreclosure sales. the main challenge we face is we want to ensure, asñr reporters, that we have a clear and transparent title process. i think we owe th

legislation the president proposes, makes sure that all americans who have had a gse insured loan, fannie or freddie mace able to get the benefits of refinancing. but there are mill whereons of americans as you mentioned who don't know or are just learned for the first time their loan isn't guaranteed by fannie mae or freddie mac and they're wondering why they shouldn't have the opportunity to refinance. this should be simple and clear for all families who are responsible. and the cost, there could be a cost in bringing on, helping millions of more families. but it would be very good for the economy to help families with refinancing, and we're not going to make them pay for one penny of the taxpayer money. it just hits the largest banks. but if the speaker and other people want to support this refinancing package and they want to talk to us about ways to pay for it, of course, our door is open. we want to get this done. we want to create this eligibility for up to 14 million families because it's very important for the families to save 3,000 dollars, $4,000, $5,000 a year ongoing. it's going to be good.