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 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 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 the depression, home lending dries up. nobody is willing to make those loans. fa

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

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

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.

was getting. >> the report says countrywide used that favoritism to keep the money flowing from fannie mae and to fend off calls from congress 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 tiechs 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. >> i did absolutely nothing unethical. >> no special deals. no one offered one. >> both senators were cleared by the senate ethics committee. but the report displays cover letters and fax copies clearly showing references to the vip team or the vip 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 subprime loan. but as this report makes clear, its other skill was having its way with congress. wyatt andrews, cbs news, capitol hill. >>> coming up on a friday m

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

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

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 congress

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

foreclosed and yet this isn't an isolated incident their party service contractors are hired by fannie mae and freddie mac. as well as big banks to make sure vacant homes are protected from vandalism instead because of lack of oversight sometimes these big contractors and break in occupied houses and conduct the vandalism specimen selves terrifying homeowners who have done nothing wrong so why is this happening to break it all down i'm joined by ben homan senior financial writer for the huffington post you know i found my report putting found dozens of cases where homeowners allege that contractors working for some of the biggest banks had broken into their houses ignoring what would seem to be obvious signs of occupancy lawns mowed. utilities turned on cars in the driveway that kind of thing very interesting in one case a woman come home came home to a clown drawn on her garage door with the words another job well done. you know when their job is to kind of prevent vandalism it does seem counterintuitive to kind of conduct these kind of vandal like acts on these people's houses. well i sh

of the things that kept our largest bank smaller is they unloaded all of the mortgage risk with fannie maereddie mac. we need to make sure we know where the risk negotiation, or you can look at something like would we'lls far go have been better if they were limited to the california housing market? i would say the single largest problem in the banking industry was lack of diversification. the small banks before were disasters. we have too much leverage, so why don't we stop subsidizinsub roll back the safety net -- >> can i just say, i think the alternative to big banks is not fannie mae and freddie mac. my point is that big banks have become like fannie and freddy. they 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,

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

, 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

. >> 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

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 your

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

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. >> i

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 after t

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

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

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 conducting appraisals are limited, we found that the sales comparison approach is required by fannie mae, freddie mac and fha and is reportedly used in nearly all appraisals. we also found that the cost approach in which an estimate of value uses data on land value and what it would cost to replace or reproduce a residence is often used in conjunction with the sales comparison approach. second, conflict of interest policies have changed appraiser selection processes and the appraisal industry more broadly. specifically, the policies have led to increased use of appraisal management companies. in our july 2011 report, we concluded that setting minimum standards that address key functions amcs perform on behalf of lenders would enhance oversight of appraisal services and provide greater assurance of the credibility and quality of the appraisals provided by amcs. therefore, we recommended that these regulators consider addressing several key areas, including criteria for selecting appraisers, as part of their joint rule making under the dodd-frank act to set minimum standards for states to

added up to the nightmare of debt and then we had the collapse of the financial sector and point to fannie mae and we had runaway, reckless conduct on wall street and individuals that were buying mcmansions they couldn't afford. the economy blows up and the deficit blows up with it and the need for food stamps grows and so then a lot of us ask that why is it that the remedy go with people who had nothing to go with wall street and did not receive benefit from those tax cuts and we're asking them to pay the price with lower food stamps when your kids were going to be hungry. that's a fundamental debate that this congress is engaged in on every issue and we have perhaps an honest difference of opinion, but what i am saying to you is if it takes revenues to pay for these food stamps i'm all in. i'm willing to do that. let the voters decide whether my decision is wise or not. i want to yield a minute of my team to my good clegg from georgia, mr. spot and my colleague from massachusetts, mr. mcgovern. >> thank you. one point i did want to mention, a couple of my colleagues brought up a couple of po

influence with some top dogs in washington and that includes members of congress and executives of fannie maeiscount involve junk fees. points or john fe among those who receive these discounts was chris dodd. wall street heads back to work this morning. futures this morning were quiet. we went out with a bang before the holiday on strong reports from manufacturers. apple plans to debut in a smaller and cheaper ipad by the end of the year. that would give microsoft's run for its money.s mon a best buy is looking to get more sleek. there will focus more on connected customers with employees who can help them out. at the new york stock exchange, i'm jane king, bloomberg news, for wbal-tv 11 news. >> i know that women are always shopping for clothing. now they do spend a fortune on their wardrobes. >> it is astounding. some have tiny new york city apartments full of tiny boxes of shoes. i'll have the details on that. mortgage held for military families in maryland, all coming up. >> thank you. >> i hope my husband is asleep when she tells that number. >> carlotta's closet. >> open all the time f

currency by buying up assets they bought up mortgage mortgage backed securities they bought up fannie mae and freddie mac. m b s's which are is real estate that they're buying and they bought a whole bunch of treasuries from the banks u.s. treasury bonds the treasury bonds are our national debt that's what we have to put a treasury bond is a promise from the u.s. government and whatever treasury it is around the world is a promise from that government to tax its population in the future so they're they're promising us that they're going to extract taxes from us in the future that's what deficit spending does they sell this bond the federal reserve acquires it and they buy that bond they write a check here's a trillion bucks and they buy those bonds that checking account they had has there is no account there's no balance there they're writing a fraudulent counterfeit check to buy this thing and then so then the banks have they do this through open marc. now the banks have that one point five trillion dollars they're talking about in their accounts at the federal reserve and then the feder

between 1996 and 2008, members of congress, staff members, white house employees and workers at fannie mae and freddy mac. >>> the pool of candidates hoping to become yahoo's new ceo has come down to two men. they tagged the interim ceo and hulu ceo as the two finalists for the job. scott thompson was fired in may. >>> a warning tonight for thousands -- hundreds of thousands of computer users, why their computers go go dark. >> a special deal happening right now that makes taking one of these furry friends home even better. you don't exactly have that green thumb. but your siding? that's pro. finish like a pro with cabot wood stains. cabot...that's pro. >>> a japanese panel concluded that last year's fukushima melt down was a preventible man made disaster. they accused accused the government ofclusion and avoid -- of collusion and avoiding safety improvements that would have prevented the melt down. they released the findings in a report and that reports recommends a permit over sight committee to ensure they carry out measures to prevent another reaccurse. >>> the dns changer malware, a v

the discount loans was one way that countrywide tried to sway lawmakers against tightly of fannie maemaintain them as a big customer of countrywide written mortgages. now are big story continues to be the bay bridge. this way going into san francisco looks fine. >> darya: but, the lower deck of the bay bridge from san francisco and to the east day--bay we are live on the scene of an accident when there was gunfire so they have shut down for of when there was gunfire so they have shut down for of [ male announcer ] now at your neighborhood subway: dinner...is...served. tonight, take it easy and enjoy your favorite soup, salad and hot, hearty sub. like the toasty big hot pastrami melt. get to your local subway for some dinnertime deliciousness tonight. subway. eat fresh. >> darya: there isn't at finishing investigation going on right now at the lower deck of the bay bridge. that is causing car and truck to be funneled into this one lane on the bay bridge the lower deck from san francisco heading into the east bay. they say will remain this way through out the entire it may last as long

the refys would be done through the fha, fannie mae and freddie mac. recent weeks obama aids have been ramping up the push on-line and through social media. >> we need congress to act to put this plan into action for real. we talked about why we think refinancing is important we want to hear from you. we want to hear your stories. >> expect to see the president follow up a campaign event this month to put pressure on republicans to support the legislation. the white house and senate democrats are trying to work out a compromise for senate republicans to move the bill. democratic leaders are expected to bring them to a vote by the end of this month even if they can't get a deal. with no support for the measures in the republican controlled house critics see this as an election year ploy for votes in key battle ground states hard hit for the housing crisis. >> sounds like something that is -- changes their legislative goals. at the same time it is something that in a practical sense is going to have much impact before the election. >> the obama official

congress, congressional staff, top government officials and executives of troubled mortgage giant fannie mae country wood turns out it was taken over by bank of america back in 2008. >>> so you have a small plot of land and you want a really big house what do you do? you could steal this idea. build a round home. technically this house is not round, it is 20, 8-foot panels. the homeowner said it saved on construction costs and this has 4000 square feet of space. it is pretty. i kind of like it there is an idea for you. >> i wonder what of the challenge is most furniture is square and straight and flat. >> if this is a big enough house. 4000 square feet, you have pretty long walls. >> our producer said she had to shop around. >>> area pools because of all the heat are going to stay open late, so you can cope with the triple-digit temperatures. >> details on that, coming up. plus plans if a musical tribute this weekend. >>> 5:39. a very warm 83 here this town this morning. 70s in the suburbs. heat advisories in effect until 8:00 tonight. by 11:00 we'll be in the 90s, 99 by noon. a higher on 10

guest: dodd-frank does not address freddie mae and -- fannie mae and freddie mac. prior to the prices they had a guarantee. everybody who bought stock thought it was continually go up. anybody who bought the debt assumed they would be made whole if they ever found trouble. 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

. >> among the conditions, the loan must be owned by fannie mae or freddie mac and have originated before june 1, 2009 and you cannot have missed more than one mortgage payments in the last year. we'll have more information coming up later this week when we feature this program. if you have a consumer problem and give us a call or head to cbssf.com/consumer watch. >> crazy interest rates, lots of money to be had if you can get it >> you have to be careful about those fees. >> read the fine print. thankyou. >> and checking in with roberta, it cool off today? >> an unseasonably cool day, we will 10. neighborhoods for you, from the 50's at the beaches and 60s in san fransisco are not too far off the market. but the outside #, the obama's location was livermore at 75 degrees. still 12 degrees below normal. san jose checking in at 74 win typically we should be 84 degrees. this is the scene right now, a deck of low clouds. and the fog is even pushing and over the golden gate bridge. we are in the upper 50s in san fransisco, currently 65 degrees in santa rosa. this is the scene looking at mt. di

the situation is this, due to fannie mae guidelines, your loan is eligible for a refinance.e following. what the details of the lawsuit, who is the point person, have they hired an attorney. once you know the facts, go to a mortgage broker, go to the mortgage broker and say here is the situation with a lawsuit, shop this to a community bank, private lender. you'll have a difficult time refinancing until the lawsuit is settled. get on the board and figure out how to settle that lawsuit. that will help you, then you can refinance. good job on the high credit and the fact your property is up in value. >> two out of three. good luck. >>> now let's go back to skype, give that another shot. laura from new jersey. good morning, laura. >> good morning. >> what's your question? >> my 15-year-old daughter would like to earn some extra cash by filling out online surveys. how do i find out which websites are safe and reputable. >> all right, sharon. >> of course, this is a time a lot of kids haven't been able to find summer jobs and are looking for them. i would be wary about online sur

with congressman barney frank when he said he was not responsible for misleading the public about fannie maend freddie mac which is patently untrue. unfortunately that moment was not nominated by abc but it was memorable. was it not? you can check it out. check three the controversy over the u.s. olympic uniforms being made in china is not dying down. i am so upset that i think the olympic committee should be embarrassed out take all the uniforms and put them in a big pile and burn them and start over again. >> bill: i agree with senator reid especially the hat deal. what's up with the monica lewenski look anyway. american weight lifters are supposed to wear these hats? are you kidding me? basketball guys are going to dunk wearing those hats? check is ahauled. no matter where those hats were made it's appalling. check four, outrage in london as authorities pull the plug on paul mccartney and bruce springsteen. ♪ ♪ [cheers] [mike not working] [crowd boos] >> bill: what happened, he asked? well, they cut the mikes because the springsteen concert was held in hyde park where there is a 10:30 cur

they went after celebrities, after people at fannie mae and people in congress.d it was a concerted effort to influence a process, a process by which they personally profit. >> and the report says countrywide's effort to build goodwill on capitol hill worked until the housing market was full of foreclosures. >> what are we hearing from those named in this report? >> trace, some suggest they were not aware they were part of any v.i.p. program, saying they don't believe they received preferential treatment but the report says v.i.p. borrowers received paperwork showing they were handle by the v.i.p. group. one lawmakers mentioned in the report republican congressman pete session from the texas was singled out for declining the perks. his spokesperson says congressman sessions specifically requested he not be extended special benefits or treatment from countrywide. the over sight and government reform economy confirms his simple request was honored and he was treated like every other customer. >> the rest are saying i had no idea that was a great rate. mike emanuel