he's governing the mortgages that fannie mae and freddie mac. ect about two third of american mortgages. that's how many mortgages are touched by fannie and freddie now in the mark. if he puts in place a policy that might change mortgage rate or might mean you can't get a bigger or smaller loan, that's going to affect people who are trying to buy a house. >> it's difficult for the public to react to his speech. there's other constituencies have voices. how did they react to the thing he laid out? >> i think people were generally impressed with the thoughtfulness of the speech. there are areas he didn't go into. some people may have been disappointed about that. people hoped he will do more to help troubled borrows. i think the interesting question here, if congress can't get to an answer which increasingly look like while they won't, while barack obama is president these companies are out there. they have employees. there's a lot

provide insight into the direction we will be headed in the future particularly with reference to fannie mae and freddie mac. in addition to overseeing our day-to-day operations, my work has also involved an overall asessment of fha as well fannie and freddie. witnessed theme i of fhtion and expertise at face staff at all levels as well as the tenacity and indication of the employees of fannie mae and freddie mac who continued to stay the course during these most if a cold and uncertain times. i would be remiss not to acknowledge and thank the staff's for their hard work. there has been a constant urgency since the financial crisis. want to thank ed dimarco for his lifelong career in public service including the time as in thedirector of shf ap face of general great economic collapse, the biggest one since the great depression, fhfa director for event an extremely bad situation from getting much worse. it is hard to imagine things being worse gives -- given the depth of the housing market collapse but i very much believe and add dimarco's leadership prevented an even deeper financial collaps

. >>> did fannie mae and freddie mac just make it easier for americans to get home loans? >>> and open for business, small business owners are feeling more optimistic but does that mean more jobs and will the economy roar back? we have all that and more on "nightly business report" this tuesday may 13th. >>> good evening, everyone, and welcome. records fell again on wall street today as the dow industrials and the s&p 500 each closed at record highs, more on that in a moment. but we begin with big changes being rolled out at a company that as much as any defines the permanent blue chip, you may earn more in portfolios or funds, it contributed not one bit to the rising markets, the shares were off slightly. the ceo sat down with a rare television interview, the conversation was extensive and expansive, and david fab oer jo his us from new york city, good evening, it was a long interview, i don't think i had ever seen her on tv before. >> no, in fact, you would be right about that, tyler, she has not been on tv, certainly not with us. almost two years into her tenure, remett

this is the fannie mae and fred fred reform legislation. why not? >> it's a tough issue. right? it's a very heated partisan issue. and even once you get to a consensus on what should happen, the banking committee did have seven republicans and six democrats this past week together on it it still wasn't able to get the kind of majority that you would need to push it to the floor. it's a complex issue. so it's going to take a while. >> i think that now that fan fan and freddie mac -- fannie mae and fred fred have stable -- freddie mac have stabilized, whether it's the right thing to do to remake the whole system. particularly on the part of democrats. worried if you do it wrong,

enterprises gingerly freddie security hasddie's historically drew -- traded at a this is compared to fannie mae. adding a common single security willnent to the csp scope and the enterprises partners security along with shared contractual and disclosure acquirements. along with fannie and freddie have made great progress on developing the common securitization platform. but all the components of the cst including the common single security will require a multiyear effort before final and -- implementation. defined the parameters of -- as i have described today we are well-positioned to move forward. throughout this process we will provide opportunities for decisionsr input our along the way. and releasing the 2014 strategic plan my goal today has been to provide a clear sense of direction for the enterprises ongoing conservatorships. implementing these objectives will require ongoing analysis, evaluation, and input. will proceed with these steps in a transparent way that correlates the feedback of the public and stakeholder groups wherever possible. one example of this approach is our upcoming

are now approaching six years of fannie mae and freddie mac placed into conservatorship. ways, there are fundamental structures that are unchanged. the regulator and conservator of fannie and freddie and the , prior to that, a member of the u.s. house of representatives representing the home state of north carolina. lawre that, he practiced for 20 years specializing in minority business and economic development law. the director served on the subcommittee on government-sponsored enterprises and financial institutions and consumer credit on the house financial services committee. he also introduced anti-predatory lending legislation to combat the mortgage lending market. with that short summary, i am glad to let him take it away. question andve a answer session and we will open it up to you. that panel will be nominated discuss fannie and freddie's role and the roles pending in congress. please join me in welcoming director watt. [applause] >> good morning. good morning. that's good. let me start by thanking the folks at brookings for hosting us. his kinding ted for introdu

freddie mac, since friday's securities have historically traded at a disadvantage compared to fannie mae's. -- since friday's. adding a comment single security component to the csp scope will require a pitch in a and the enterprises to define the securities of parameters along with a shared contractual and disclosure requirements. fha fa, along with fannie and freddie, have made great progress on developing the common securitization platform, but all the components of the csp, including the common single security, will require a multiyear effort before final implementation. having defined the csp's parameters as i've described today, we are well-positioned to move forward. throughout this process we will provide opportunities for stakeholder input about our decisions along the way. in releasing fhfa's 2014 strategic plan, my goal today has been to provide a clear sense of direction for the enterprises ongoing conservatorships. implementing these objectives will require ongoing analysis, evaluation and input. fhfa will proceed with these steps in a transparent way that incorporates feedback

provide insight into the direction we will be headed in the future particularly with reference to fannie maeand freddie mac. in addition to overseeing our day-to-day operations, my work has also involved an overall asessment of fha as well fannie and freddie. witnessed theme i of fhtion and expertise at face staff at all levels as well as the tenacity and indication of the employees of fannie mae and freddie mac who continued to stay the course during these most if a cold and uncertain times. i would be remiss not to acknowledge and thank the staff's for their hard work. there has been a constant urgency since the financial crisis. want to thank ed dimarco for his lifelong career in public service including the time as in thedirector of shf ap face of general great economic collapse, the biggest one since the great depression, fhfa director for event an extremely bad situation from getting much worse. it is hard to imagine things being worse gives -- given the depth of the housing market collapse but i very much believe and add dimarco's leadership prevented an even deeper financial collapse

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find it as booktv.org. >> congress is considering legislation to reform mortgage lenders fannie mae and freddie mac. on "washington journal" two banky industry members talk about the proposed banking rules. >> joining us now at our table, dwight fettigment the former staff director for the u.s. senate committee on banking, housing and urban affairs, from 20 to 2013. also joining us, andrew olmem, the topic is, probably known to viewers fannie mae and freddie mac, first of all, to both of you gentlemen, welcome. >> thank you,. >> thank you. >> so a at some bill looking at the future of these two entities. mr. felt fettig, what is being considered and why and. >> great question. so, freddie mac and fannie mae, created by congress, to help with housing finance, and during the crisis it became clear they needed taxpayer help, as did a lot of large financial institutions. the question now becomes does the current structure still work or do need to alter the structure and how does the federal government stay involved in what is known largely as our secondary mortgage market? what happens to t

so, let's preserve and strengthen fannie mae and freddie mac. there really could be no place like home. trwith secure wifie for your business. it also comes with public wifi for your customers. not so with internet from the phone company. i would email the phone company to inquire as to why they have shortchanged these customers. but that would require wifi. switch to comcast business internet and get two wifi networks included. comcast business built for business. >>> join the news nation on twitter and find us on our page @newsnation and you're about to see 67-year-old chris wilkinson in action. here he is in wilkin son in action in training on his bike in the shadow of the brooklyn bridge in new york. right now chris is getting ready to ride in sunday's annual 40-mile bike tour which winds through new york's five boroughs and taking part in more than 32,000 other cyclists and what makes chris absolutely unique and amazing is that he is blind. chris joins me now in the studio to talk about his upcoming adventure. all smiles, i ride my bike pre

so, let's preserve and strengthen fannie mae and freddie mac. because without them there really could be no place like home. female announcer: sleep train's interest free for 3 event ends sunday. it's your last chance to get three years interest-free financing on beautyrest black, stearns & foster, serta icomfort; even tempur-pedic. plus, get free delivery, and sleep train's 100-day low price guarantee. but hurry! sleep train's interest free for 3 event, ends sunday. ♪ sleep train ♪ ♪ your ticket to a better night's sleep ♪ >>> okay, welcome back. bond yields are falling pretty sharply today following weaker than expected economic data. ahead of tomorrow's important jobs report, for a look at how to make money on fixed income now, we bring in rich sapper steen, managing partner at hightower and just ranked number six on barons list of the top 100 financial advisers in the country. welcome to "the halftime show." what do you make of what is happening in fixed income now? just speak to this move that we have seen in rates and what you think it mea

fannie mae and freddie mac are closer to 750.long time that the problem is and not a lack of credibility as much as it's fundamental demand for first-time homebuyers is a problem. is it not a fact that fannie mae and freddie mac loosening underwriting standards involves 's?e risk for those gse >> as long as they continue to have -- with the risk they are taking, that is not a problem. the problem is you have two companies that are not allowed to build capital. if we end up seeing the economy , we see substantially china falling off the cliff and hurting our economy coming up two countries that will be on government life support. >> why now? to give a first speech. today was a good day for the first speech. seriousness, i think why now is because there has been concern that the credit box is to type. the recovery is covered -- running out of steam. >> what would the real reasons be? >> there is no household formation until you hit about 54 years old. is, student debt. we have record levels of people under 34 living at home with th

fannie mae and freddie mac. washington rewarded them with virtual monopolies. these virtual monopolies allowed them to privatize their profits and socialize their losses. that fannie and freddie are at the epicenter of a financial crisis. and the boom,it bust bailout cycle in the united states of america. think of my friends in the housing industry. i may have a few left. the best program in america is not a subsidy and it is not a federal guarantee. it is a growing economy. that is how the program works. it is time for the republican party to live up to its promise to end the reign of fannie mae and freddie mac. to into the almost $200 billion of bailout. that is exactly what this act does. i certainly want to thank all of those who are associated with parroted foundation. for their work to help fund this legislation. stand for protecting american taxpayers. it has passed the house financial services committee. to the end its voyage crony corrupted mortgage giants once and for all. it is time for action. i am calling on every congressman and congress to support

so, let's preserve and strengthen fannie mae and freddie mac.e no place like home. could mean less waiting for things like security backups and file downloads you'd take that test, right? well, what are you waiting for? you could literally be done with the test by now. now you could have done it twice. this is awkward. check your speed. see how fast your internet can be. switch now and add voice and tv for $34.90. comcast business built for business. >>> the stock of cigna is making a comeback this morning. cigna is playing catch-up on earnings that beat expectations for its quarter as it raises its full year guidance as you know subsidiaries mostly offer their insurance products through employers, government organizations and labor unions. joined by david cordani, cigna's ceo. welcome back to the program. >> good to be with you, simen. >> we're struggling with what the first quarter of the year was. does the bad weather benefit you? because essentially people can't travel as easily to consume health care that you might have to foot the bill for

like an overhaul of fannie mae and freddie mac may not take place this year.ill not support the proposal without major revisions. draft, housonton made clowney the number one pick. he was greeted by roger goodell. johnny football went at number 22. >> cleveland browns. >> i cannot believe they drag this out into three days. >> i don't get it. >> it is a reality tv show. >> we must do a single best chart. >> this is a stark reality in new york. it shows a decline in the number of traders and investment bankers. securities industry employment is at a new low in march. the lowest since the government began keeping track in 1990. >> two waves down. rg thanks to bloomber data. >> our guest is michael holland. we are so far from the romance of that music and that tickertape. >> yeah. fhat chart was reminiscent on the 1970's. and also -- the bubble we have today is bubble talk. people are worried about is going negative. >> do you believe in the resiliency of wall street? can they rebound? >> absolutely. one only has to go to history. maybe this will be the first tim

looking at fannie mae and freddie mac reform. that seems to be dying at the moment. there is an action. lockdowns, nos or progress. >> congratulations on the new neutral. talking about it at link here in a bit. for washington, what is their new neutral? well, dok you said it no harm. this year everyone is focused on running election for the house and those that are not our positioning for 2016 the vikings them busy and not screwing up the economy. them busy.ps >> does pimco believe in this? >> there is a new neutral policy rate. much higher than previous cycles. there is an overhang of leverage in the global economy and the equilibrium. is thecritical point leverage is not in washington. a much in group budget deficit. >> you read it, fantastic. i want to try to understand, first there was a new normal. the way i thought about that is the new normal. now you have the new neutral. the global economy converging to a two percent rate. >> the new normal in 2009 was a two speed world. we are in a multi-speed world now. no longer recovering. that is key. >> the new neutral

. >> coming up, the senate try to overhaul fannie mae and freddie mac.ustry happen to the if he ever want to get one or again. >> and inside pepsico, an exclusive interview with ceo indra nooyi. ons is "market makers" bloomberg television, streaming on your phone, tablet, bloomberg.com and live on amazon fire tv and apple tv. ♪ >> welcome back to "market makers." i am matt miller. >> i am cristina alesci. i am digging your jacket. >> i have gotten slack for not wearing a tie. >> i like the jacket. it is tie, jacket, or both. >> i will do my own thing -- my legere thing today. pink shirt. serious business to discuss. plans to overhaul government-backed mortgage giants fannie mae and freddie mac hitting a bump. a bipartisan reform measure up in the air after the senate put off a vote because it may be losing support among democrats. even though the obama administration supports it. we bring in ceo of the mortgage bankers association, an advocate for this reform. what are the shots this gets passed? i were to have a vote in the senate banking committee, if

the fannie mae and freddie mac reform bill dead, right? >> yes, it took a step forward.he senate panel approved. it was bipartisan. before the panel, the democrats, lost 6 of their crucial members, said it did not do what it wanted them to do. >> 2015? >> it is interesting. bob corker, a support of reforming the mortgage finances will always be in the discussions on trying to move bipartisan legislation so they are playing the game. the senator kennedy way of handling large pieces of legislation. you have a small window with the presidential election kicking up, maybe looking at 2017. >> let me switch to the federal reserve. there will be 4 vacancies. are they going to move? >> they are going to move stanley fischer. they vacancy will open up at the end of june. that will leave three governors and that will be unheard of. there has been a much on capitol hill about this. >> they will move fischer. >> rand paul has made it clear that he will allow it to move forward, he wants to audit the fed bill. harry reid has the nuclear option. they are not going get -- they have a n

fannie mae is sending the treasury dividend of $5.7 billion after posting a ninth straight quarterly received fannie mae will ever return $129 billion to taxpayers on the $117 billion it had received in age. the latest from the fox business network giving you the power to prosper. we asked people a question, how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going have to rethink this thing. it's hard to imagin how much we'll need for a retirement that could last 3years or mor so maybe we need to approach things dferently, if we want to be ready for a longer retirement. ♪ melissa: millions of dollars and the fate of your favorite nfl franchise on the line when the nfl draft kicks off tonight. local teams like the tampa bay bucs will spend big money trying to land the next hall of fame while the former college stars what it out until they are selected, no one understands the process better than superagents steinbe

Ñreason why the two regulatos /Ñ/Ñaren't working together as Ñ institution. oÑ'Ñ/Ñ freddie mac and fannie mae since the financial crisis... combined fannie and freddie generated a blockbuster fs first quarter of $9.3 billion in net income. the mortgage related firms will pay back $10 billion to the u.s. treasury in june. bringing the total to $213 billion topping the taxpayer bailout of $188 billion. a cash craze is happening in the housing market. realty track reports a record of home sales were in cash in the first quarter. "all cash" deals work in favor of buyers-- who get around strict lending rules. mortgage rates hit a new low 2014. the 30-year fixed dropped to 4.21%, the 15 year is down to 3.32. the next move by russian president vladimir puting is becoming a guessing game. but a researcher at mit believes... sanctions are taking a larger toll on the russian economy. "it's clear that certain businesses have pulled back and russian debt has been downgraded to just above junk bond status, and people are really sort of waiting to see what the next round of sanctions will be, depending on

and the regulator overseeing mortgage giants fannie mae and freddie mac announced policies that could make it easier for many americans to obtain home loans. >> ifill: wall street had a relatively quiet day, but still managed to reach new records. the dow jones industrial average gained nearly 20 points to close at 16,715, an all-time high. the s-and-p 500 added less than a point, but finished at 1,897, also a new high. and the nasdaq fell 13 points to close at 4130. >> woodruff: still to come on the newshour: the u.s. joins the search for the missing girls in nigeria; a close look at u.s. spying with the former head of the n.s.a.; new worries about an underground fuel leak stopped long ago; a debate over one economist's controversial take on inequality; and a medal of honor for saving lives in afghanistan. >> ifill: in nigeria, the u.s. is lending air power to help find the abducted schoolgirls, as the nigerian government indicated it's open to talks with the militants holding the students. >> ifill: it's a remote, dusty village in northeastern nigeria that's hard to get to. now, chi

they're considered risky, and the fha, fannie mae, freddie mac, the programs that are financing most of the multi housing in america has restrictions. for instance, one that says you can't have more than 10% of the building's floor space be retail. that means you need to have a 10 story building to have a mixed use building. that wipes out most of main street america. so those kinds of anti-urban rules i hope julian castro will take a look at those rules. the current secretary shaun donovan did raise the rule on fha condo financing from 25% non-residential allowed it to go up to 35 in terms of value. that was a step forward. i think they realize it's a problem. but there are a whole punch of stuff like that in hud. hud really isn't a big source of largess for cities. i think cities spend way too much time to lobby the federal to no end. there really isn't much money coming from the federal money to cities. the cities didn't cause the federal deficit. >> let me talk to james brooks. i bet some of your members would squawk if hud went away with its 3%. >> well, of course things like th

fannie mae and freddie mac are not sturdy enough to withstand another severe downturn in the economy. recent stress tests by federal regulators reveal- fannie and freddie would need another $190 billion dollar bailout from the government if the economy collapses. the rebound in home prices is boosting fortunes at fannie and freddie, which have returned 203-billion dollars to the treasury. and both are expected to remain profitable. under the terms of the bailout, fannie and freddie are not allowed to retain earnings, which accounts for the current weakness. treasuries were a terrific place to park money during the month of april as prices rose and yields fell. chris gersch of altimus capital has this outlook for what to expect in the month of may. i think that it will continue into may the situation right now wtih the 10 year yield. gersch tells us his client are mostly going into cash and are hoping to later buy stocks that pay a dividend. the obama administration warns the treasury department will be cracking down on corporations that are counting on mergers to avoid paying u-s taxe

the proposal will wind down a bailed out tax bureau owned mortgage giant fannie mae and freddie mac and shifts home loan germany tees for private lenders. the obama administration releasing the latest assess:on climate change, with inputs from hundreds of scientists, engineers and experts on the impact of global warming. our hampton pearson took a look at how climate change has already affected business and the overall economy. >> reporter: the latest crime assessment says extreme weather caused by climate change is damaging the economy and impacting the lives of americans in every part of the country. in 2012, extreme weather cost the economy $100 become. the lions share $65 billion from hurricane sandy. this past winter, tens of thousands of weather-related flight cancellations cost four major airlines at least half a billion in lost revenue, according to just released earnings report a. three-84 drought is impacting california's $50 billion agriculture economy with more than $800,000 acres of farm land going unplanted. also, the prospect of a food strike and produce prices on the way

. >>> also out today, solid quarterly earnings from freddie mac and fannie mae and even better news from the u.s. treasury. the strong earnings will allow the two government-run mortgage giants to pay back uncle sam more than $10 billion in combined dividend. >>> and new legislation in the work that would stop so-called corporate tax inversions. that is when a u.s. company reincorporates overseas to avoid paying the higher u.s. corporate tax rates. democratic senator carl levin of michigan is working with other senator senators on a measure that will close a gaping hole in the u.s. tax code that he says would devastate federal tax receipts. the practice came to light recently when pfizer bid to acquire britain's astrazeneca and said it intended to move to the u.k. to take advantage of that company's lower corporate tax rate. >>> still ahead on nbr, how traditional media companies are tra transforming themselves to stay focused in the industry and fend off competition from new arrivals, that is coming up. >>> earnings out after the bell from cbs, the i-network beat forecasts on earnings p

stress tests, the federal housing finance agency which oversees government run mortgage giants fannie maeand freddie mac says that in a worst case scenario the companies may need as much as $200 billion in federal aid if the economy and housing market suffer another di downturn. >>> as expected, the push to raise the minimum wage to $10.10 an hour failed. the vote fell shy of the numbers needed for democrats. they say it would be too spec s expensive for employers and would actually cost jobs. >>> the u.s. may be the world's leading economist for years, but that could all change, bun economist is calling it a wake-up call for investors and american businesses.un economist is calling it a wake-up call for investors and american businesses.oun economist is calling it a wake-up call for investors and american businessenun economist is calling it a wake-up call for investors and american businesseeun economist is calling it a wake-up call for investors and american businessen economist is calling it a wake-up call for investors and american businesse economist is calling it a wake-up call for

--ican-americans we will talk about housing legislation that is before the senate, specifically fannie mae freddie mac. we will have a roundtable discussion about the senate's plan and what it means in the overall picture with fannie and freddie. later on, adam snyder of politico. what happens if the highway trust fund runs out of money. what happens to policy when we talk about transportation? that is coming up on "washington journal" when we return after this. ♪ >> we set up our own prison. we set up our own trap. drugs,u get addicted to your whole world is built around your need for drugs. it is a beautiful day, your parents and people love you, but everything gets closed in and all have to think about is i have to go. we ourselves get caught up in the straps that society contributes to. on the other hand, we take it on personally and we can see what is really out there. we can see that the world is really there is beautiful as angels and mentors who really do care for you. >> an odyssey through love, addiction, revolutions and healing by former gang member j. community activist luis ro

a new survey by fannie mae found big changes in why younger renters choose to stay renting. in 2012, 35% said they were renting in order to make themselves financially ready to own. that dropped to just 26% in 2013. more rerns now say5+ they rent because it's a more affordable option. there are also social changes afoot. unlike their parent who is prefer gated communities, today's younger millennials are more social. they want to be here, downtown, close to work, close to amenities, and that usually means renting. >> the rental market is so hot today that the rental owners are really building sort of places that renters want to live in. like you can get a pool, a movie theater, you know, concierge at your apartment complex. if you bought a house at 23, you wouldn't get any of that stuff. >> reporter: jonathan, ceo of ravpad, a new app designed to make every facet of renting easier. also a millennial renter. >> last thing you want to come out of college when you have that is all debt is fork out more debt far house. >> reporter: the majority of renters said they did not have

you have these trashed houses that freddie mae and fannie mac own. that only leaves a cash buyer. host: how is the housing market in atlanta? caller: it is great. you can show up at the courthouse in by a couple houses for 30 or 40 grand that you can probably sell for 80 to $90,000. host: thank you for that. what response do you have for that color? -- caller? told --e have been talking to folks may atlanta market were nervous that the investor interest is so when these big private equity money that is coming in and buying up properties as rentals, the concern is, if and when they pull out of the market, the market will experience a downturn in atlanta. number onethe market, when we look at our data, for these institutional investors. sales is goingl to one of these big institutional investors in atlanta. countrye most in any mesh any county. the 20 three came mortgages, one of those hidden gems is not available to investors. in and buy a to go property and get money for the rehab. it is suitable for properties that are highly distressed and need extensive rehab. in and get the pu

neil: meanwhile, the fannie mae and freddie mac. situation. what's going on?they are trying to combine that knowledge into one security >> religious try to make it easier? >> making easier for us to get this supposedly the way it was. and i don't think the current system is wanting to security. i don't think that's the answer. i want them out of there. >> i understand what you're saying, but homeownership is at a low and enough we can make it easier for qualified people. >> one thinory teaches us is that we don't, that's what i'm worried about. all of a sudden we will get back into the same thing. >> 43% of people, that's $208,000 on average. neil: this is a housing market that is not only toirst-time homebuyers. >> and we could easily relive this. the people that are buying homes for cash our investors and are not americans. and now the scams are definitely on the rise. neil: even godzilla is a part of this announcement. neil: coming up next, focusing on healthier things. eating and driving. do you think it's america's newest real estate brand is all ready th