currently fannie mae and fannie mac guarantee more than $5 trillion in mortgages in this country. three out of over four. congress mandated strong independent oversight of agency programs and operations by the fhfa oig to safe guard taxpayer dollars. to carry out this oversight, the oig conducts and coordinates, audits evaluations of agency activities, and investigations of the agency and its regulated entities. much of my professional career has focused on leading investigations into alleged wrong doing and counseling clients on improvements to internal controls and processes to protect and detect violations of law. i have deep experience running independent investigations for audit committees, and committees of independent directors of public companies. these investigations have looked into a wide range of areas. financial statement reporting and disclosure areas, alleged accounting irregular larities. misconduct by employees. possible improper payments to foreign government officials. whittle blower claims and other significant issues identified by a host of stakeholders. in ea

it involved the freddie may and fan -- freddie mac and fannie mae.senator supported the stimulus and later obamacare the opponents eventually back senate when florida governor charlie crist ran for the senate ran ads like this. >> we know it's important we pass the stimulus package. >> working on florida's economy not passing more debt to our children. >> the club support the marco rubio. they are fighting the export import bank. keller who works for the club i admit i have been fans of you guys for a long timing. might this be a turning point when republicans stop feeding at the trough and say enough already? >> the export import bank is funny. it's a little known agency but it has become the symbol of krocrony capitalism. those two things are not always the scene. thees what we have seen over the export, import banks is the chamber of commerce or chamber of krohn knee dcap tal -- krohn kneecap talli-- crony capitalis. you have groups like us the pro free market side that shows economic freedom means prosperity for all americans that is why we have

fannie mae and freddie mac represent $5 trillion in taxpayer exposure. the fhfa not only oversees those companies but is also responsible for regulating the federal home loan banks and the very different business models that they represent. further, due to the conservatorship of fannie mae and freddie mac the director of fhfa simultaneously acts as regulator, executive and shareholder of those companies. all of this means that the fhfa inspector general has a very unique oversight responsibility as compared to an ig who is not operating under those circumstances. ms. wertheimer has the opportunity today to inform us as to how she will handle these exceptional challenges. i look forward to hearing from each of our nominees on these important issues and more. thank you, mr. chairman. >> thank you, senator crapo. there is an 11:00 floor vote scheduled for them. so it's allowed sufficient time for questions, senator crapo and i have agreed to limit opening statements to the chair and ranking member. all senators are welcome to submit an opening statement for

it is costing, but when you deliver it into these third-party enterprises, freddie mae in the -- fannie mae and freddie mac, extract a lot of subsidy for themselves, that is good way of subsidizing homeownership. whites read more of our conversation with gretchen mortenson another featured interviews from our book notes and "q&a" programs in "sundays at eight," now available from your favorite booksellers. >> all weekend long, american history tv is running our comcast cable partners to showcase the history of utah's capitol, salt lake city. to learn more about the cities on our 2014 tour, visit c-span.org/localcontent. we continue now with our look at the history of salt lake city. this is american history tv on c-span3. ♪ >> i would like to welcome you to the tabernacle here on temple square in salt lake city. this is the home of the mormon tabernacle choir. some might call it america's choir. ♪ the mormon tabernacle choir was firstzed in 1847 when the pioneers came into this valley. it was a small group of people a bowery type building, very rustic, and they asked for a choir to perform,

when you deliver through third-party enterprises, fannie mae and for that, when -- and freddie mac, when you deliver it through a private company and executives who can extract that subsidy for themselves, that is not a good way of subsidizing homeownership. >> read more of the conversation with her and other interviews in our q&a program "sundays at eight." no available as a father's day it at your favorite bookseller. >> they held a hearing on the nuclear regulatory commission. 2011 nuclear power plant in japan, they created a task force to recommend increased safety measures for u.s. plants. members were looking into efforts to implement those recommendations. this is an hour and 50 minutes. >> today the committee is holding the ninth meeting since the tsunami. the massive -- and will cost more than $300 million. we must learn from the offense and fukushima and take necessary steps to ensure the safety of nuclear facilities in the united states. i will continue to focus on whether the nrc has done that. it is vitally important that the nrc remained committed to its mission, which is t

but when you deliver it through these third party enterprises, fanny mae and freddie mac, when the subsidies through a public company with private shareholders and extract a lot can of that subsidy for themselves, good way ofa very subsidizing homeownership. our conversation sundaysr interviews in at eight. now available for a father's day gift at your favorite book seller. >> now on american artifacts, part two of our visit to the in langley,m

do you believe taxpayers can be protected without reform of fannie mae and freddie mac? >> thank you, senator, for the question. i believe that reform would be preferable to what we have in place now if the nation were to experience another down turn, another housing crisis as we just experienced. for that reason, i commend the committee for working toward housing finance model that takes the taxpayers out of their position of first loss and puts the private sector in that position. i fully understand though, as well, the concerns of folks with regard to the other part of the balance, which is access to credit, and that we have had a housing finance system in place that seeks to ensure opportunity for americans of modest means who are credit-worthy borrowers. i can understand the very real concerns. if i am confirmed, i would look forward to hopefully bringing some fresh energy to this and to working with members of the committee who are willing to work to find a resolution. just to answer your question, i don't believe that the taxpayers are nearly as protected as they

give us an update on my general knowledge of fannie mae -- how big of a dinosaur is it? ook that i wrote -- obviously, it was not favorable to fannie and freddie. that said, they served us well for a long time. use of portfolios could give leverage. at the end of the day, they did not praise credit correctly. do you the vehicle and he and the business to the big banks? or do you fix them? that is the battle going on in washington. fannie and freddie are not allowed to lobby. the big banks are pushing to replace them. >> the battle that you see from a distance, does it work itself out a decade out? or is there things that need to get done? senators, some of the leadership of the banking committee, put forward legislation based on the warner bill. that barely passed out of the senate banking. probably will not make it to the floor. i think we're back on the slow track. probably will not see anything meaningful until after the next presidential election. >> there seems to be an option at the end of every report. >> 300 pages. >> ever since i looked at the mortgage market, 9

he is very positive on fannie mae. see a political angle. see the republicans taking senate and shelby becoming head of the banking committee. that will protect fannie and freddie. they will not dissolve it. those bills out there to dissolve fannie and freddie will go nowhere because shelby is against that. possibly that means equity in these things is pretty safe, right? melissa: it also means we'll have another housing bubble. that we're not -- >> 20 years from now. who cares. >> carl is 79. >> becomes more blurred lines, melissa. you have activist investors and government all coming together and fighting each other and not solving the problem for the housing market at all. melissa: jack? >> bill ackman argued these stocks could be worth 10 times their value eventually. the argument here that the government overstepped its bound in changing the deal with fannie and freddie. >> there is court case. is it a good bet? i think it is. >> a lot of smart money is going into it. >> would you go out and buy fannie and freddie stock right now? >> i

. >> according to a survey by fannie mae, many americans want to own a home. not too many actually do. agent -- agency began tracking home ownership by age. 43.6% in 2004. >> those condos go bust -- >> realtime experts mark bloom is well aware of the challenges the brookings and other millennials face. >> banks are a lot less liberal what they're giving out in terms of loans or credit. what that borrower has to have is usually more than what that millennial can clear. they haven't had the time to earn that kind of money. >> according to bloom, millennials inability to purchase homes could affect the recovery of the real estate market and at the very least slow the appreciation of homes on the market. >> could stall the market, could have consequences. >> according to bloom, to make the dream of home ownership more attainable: >> pay all your things on time. >> marcus is definitely all ears. he and his wife like to entertain guests. but -- >> in order to use the restroom, you got to go through our room to use the restroom. no privacy, no nothing. >> although it

do you believe taxpayers can be protected without reform of fannie mae and freddie mac? >> thank you, senator, for the question. i believe that reform would be preferable to what we have in place now if the nation were to experience another down turn, another housing crisis as we just experienced. for that reason, i commend the committee for working toward housing finance model that takes the taxpayers out of their position of first loss and puts the private sector in that position. i fully understand though, as well, the concerns of folks with regard to the other part of the balance, which is access to credit, and that we have had a housing finance system in place that seeks to ensure opportunity for americans of modest means who are credit-worthy borrowers. i can understand the very real concerns. if i am confirmed, i would look forward to hopefully bringing some fresh energy to this and to working with members of the committee who are willing to work to find a resolution. just to answer your question, i don't believe that the taxpayers are nearly as protected as they

but when you deliver it through these third party enterprises, fanny mae and freddie mac, when the subsidies through a public company with private shareholders and extract a lot can of that subsidy for themselves, good way ofa very subsidizing homeownership. our conversation sundaysr interviews in at eight. now available for a father's day gift at your favorite book seller. >> now on american artifacts, part two of our visit to the in langley,m virginia. begins inr toni hiley the directors gallery. >> this is the directors gallery. the director selects the artist who will do his portrait after he leaves office. standing here in front of the portrait of george herbert walker bush, who was director of central intelligence at a particularly difficult time in history, follow the pike and church committee hearings back in 1975. underency was investigation by congress and morale was pretty low here at time. he is the first member of congress to serve as director, over by the president to help repair those relationships between c.i.a. and congress. the oversight committees come out of this investig

. >> reporter: according to a recent survey by fannie mae, 90% of millennials wish to own a home, but 36% of americans under the age of 35 actually do. that's down from 42% in 2007, and the lowest level since 1982 when the agent began tracking homeownership by age. of note the homeownership rate of this group was as high as 43.6% in 2004. real estate h expert mark bloom is well aware of the challenge that those with student loan debt issue. >> banks are less liberal with what they're giving out in terms of loans and what they're looking for in terms of credit. what that borrower has to have is usually more than what that millennial can clear. >> reporter: millennial's inability to purchase homes could create a shift that could over time hurt the real estate market and slow the appreciation of homes on the market. >> it can stall the market. >> reporter: according to bloom to make the dream of homeownership more attainable. >> you want to pay down your debt, pay all your things on time. you want to save. >> reporter: marcus is all ears. he and his wife like to entertain guests, but-- >

throughn you deliver it these third-party enterprises, fannie mae and freddie mac, and you deliver thesidy through a public company with private shareholders and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. conversationof our and other featured interviews in "sundays at eight." now available for a father's day gift at your local bookseller. live coverage of the u.s. house on c-span and the senate on c-span2, we complement that coverage by showing you the most relevant congressional hearings and public affairs events. c-span3 is home to american history tv, with programs that tell our nation story. anniversary.s american artifacts, touring museums and historic sites to determine what articles reveal. the presidency, looking at the policies and legacies of our nation's commanders in chief. which is in history with top college professors delving into america's past. railamerica,ries, featuring archival government and informational films. c-span3, created by the cable tv industry and funded by your local provider

. >>> another high-profile investors betting big on fannie mae and freddie mac, carl icahn.he billionaire investors bought $51 million in common shares of the mortgage companies from mutual fund manager, fair home funds. bill ackman is another activist investor who has a large position in that company. shares of fanny up 4 1/2% to 4.64. freddie rose more than 3% to 4.59. >>> soaring green coffee costs is rising prices. the products will go gown 9%. smucker is the owner of folgers and dunkin' donuts. shares rose a fraction to $102.94. >>> and panera is changing up the recipe for its menu offerings. the company will remove all artificial colors, flavors, sweeteners and preservatives from its food by the year 2016. it didn't say how much the effort will cost or whether it will impact prices. shares were off slightly to $154 and change. >>> a changing landscape in the real estate market. the commercial sector is trying a new business approach to catch up with the housing sector where price and sales have been soaring. the number of office building landlords are now turning to te

but when you deliver it through these third-party enterprises, fannie mae and freddie mac, when you do it to a

. >> fueling fannie mae or freddie mac were the fed or great distortion on this event? blame fannie mae or freddie mac or the fed for the great distortion of this event? >> people trying to get their money out of their country into the united states. we did a 57 page paper. they are doing business in the u.s. and do not want to bring the prophet tom. so they put it in real estate. the chinese buyers coming in, or on the coast. blackstone buying properties for investment. we have the one percent. what about the average american young families? .> young family is dead -39 and has a seven percent lower homeownership rate than parent or grandparent of the exact same age. the 70's.orn in are going up.s >> double-digit? >> silicon valley will go up double-digit. the rest of the areas, people cannot handle it. lex what you are really saying is people who cannot afford to buy will rent. they will drive up rents but in gets- in theory, rent higher than fighting so it becomes attractive? quack to find a love of migration to a portable markets. you see a lot of people going to tex

bank of china massive margin call and to pay that margin call they're going to call up let's say fannie mae or freddie mac. or the s. and p. five hundred say we'd like you to send over the state of iowa please to meet our margin call our imploding real estate market or send over the state of california and barack obama will be like john was in bundle which means no dick you know surety all right well we got to go stacy thanks so much thank you stay tuned for the second half a whole lot more. there's a lido so we leave the. motions to the. for the there's a good. news that no one is there would be good but you deserve answers from. politics only on our team. i'm happy martin the stories we cover here you're not going to hear any right other big story the extra headlines and talk there is a reason they don't want internet on nothing that are important that we should all be completely out now let's break the set. right. first. and i think you're. since tellin. me in the live. on air and in the financial world. toxicities to moments cannot stop it is a very funny take no demand to discredit it

bank of china massive margin call and to pay that margin call they're going to call up let's say fannie mae or freddie mac. or the s. and p. five hundred say we'd like you to send over the state of iowa please meet our margin call on our imploding real estate market or send over the state of california and barack obama will be like changing fond john's inveigle which means. no dick you know shorty all right well we got to go stacey thanks so much thank you my state and for the second half a whole lot more. crosstalk rules in effect that means you can jump in anytime you want. there's a media leave us so we leave that maybe. by the same motions to tour the play your party there's a bill. for shoes that no one is asking with the guests that you deserve answers from it's all on politics only on our team. on marriage and the financial world. seems to moments cannot stop it is the only take no demand to credit not going to get. in life there are and there are fucked. dramas that can't be ignored to. stories others refused to notice. faces change the world lights never. told pictures of today's e

bank of china massive margin call and to pay the margin call they're going to call up let's say fannie mae or freddie mac. or the s. and p. five hundred say we'd like you to send over the state of iowa please meet our margin call on our imploding real estate market or send over the state of california and barack obama will be like thing. which means. no dick you know shorty all right well we got to go stacey thanks so much thank you and stay tuned for the second half a whole lot more. please it was a. very hard take i. want to get along here a lot has never had sex with the perfect there's no. place. to. live live. a . welcome back to the kaiser report imax keyser time now to turn to ronnie mo asked of standpoint research dot com and now philanthropy and philosophy dot com running welcome in person to the kaiser report thank you for having me write this is fantastic opportunity for us we have a lot to talk about the first thing i want to mention though is as a stock down a list even shooting the lights out for the sense two thousand and eight if ad over four hundred a floor under stock pic

bank of china massive margin call and to pay that margin call they're going to call up let's say fannie mae or freddie mac. or the s. and p. five hundred say we'd like you to send over the state of iowa please meet our margin call our imploding real estate market or send over the state of california and barack obama will be like changing following jiang zemin bundle which means no dick you know surety all right well we've got to go stacy thanks so much thank you stay tuned for the second half a whole lot more. stories we cover here we're not going to hear any other big story line there's a reason they don't want to. now let's break the set. i'm marinated in the financial world. dr who seems to moments i mean it's time to only take in the demand to produce enough good to get any economic benefit in life they're on and they're off. right on the scene. first for you and i think you're. on our reporters. in. the in the. welcome back to the kaiser report imax kaiser time now to turn to ronnie mo asked of standpoint research dot com and now philanthropy and philosophy dot com running welcome in p

bank of china massive margin call and to pay that margin call they're going to call up let's say fannie maeor freddie mac. or the s. and p. five hundred say we'd like you to send over the state of iowa please meet our margin call on our imploding real estate market or send over the state of california and barack obama will be like ching ching chong jiang zemin bundle which means. no jake you know shorty all right well we got to go stacey thanks so much thank you states and for the second half a whole lot more. i marinate join me. for in-depth impartial and financial reporting commentary can from news and much much. only on bombast and only on a. plane will go to the. show thirty full control spend over fifteen billion euros on culture that says to be one hundred fifty million degrees with some token mark still to sell something peacefully to friends we travel in search of the song. knowledge young we've got the future of coverage. of the. place it was terrible take place very hard to make a plan to get on here played live happily ever had sex with her great care no. place. to. live please.

that fhfa had an ig providing strong oversight of the fhfa's work relating to conserve toreship of fannie mae and fannie mac. he also has an important roll monitoring the fhfa's oversight of the federal home loan banks. ms. wertheimer will bring extensive experience to the position of sector general to ensure that fhfa has fulfilled its mandates set forth by congress. i now turn to ranking member tore his opening statement. >> thank you mr. chairman. before us today are two nominees to two very important positions. mayor castro to be secretary of housing and urban develop emt and ms. laura wertheimer to be the inspector general of the federaled financial agency. both positions will have strong impact on housing and housing finance in this country. i look forward to learning what the nominees will bring to each of those issues. mayor castro, two of the critical issues that this committee has spent expensive time agreysing in this congress are among those i want to bring to your attention today. the future of housing finance reform and the fiscal solvency of the housing administration. we need

it is costing, but when you deliver it into these third-party enterprises, freddie mae in the -- fannie mae and freddie mac, extract a lot of subsidy for themselves, that is good way of subsidizing homeownership. whites read more of our conversation with gretchen mortenson another featured interviews from our book notes and "q&a" programs in "sundays at eight," now available from your favorite booksellers. >> all weekend long, american history tv is

the big one is the future of fannie mae and freddie mac to set up the degree of uncertainty that impactsle who are building in the sectors so the combination for the of builders and the buyers in addition the recovery has not been as robust as we would want. gdp growth in the 2% range means jobs are not coming back where wages are not coming back. neil: i think that is the problem unless jobs to have no home buyers or have bar workers do not feel secure enough to take out a loan. >> and i was where of san antonio he said tommy the employment growth numbers i will take the housing market numbers. as i said at the outset a combination of things on the employment -- employment and rules and confidence. the key is to get the housing sector going in and the new hud secretary. neil: and is sent to the eyes with the san antonio? >> it now goes under the city shield. [laughter] neil: but banks could turn around to say we are returning to lending standards we had prior to the meltdown everybody thinks we are hard about it but this is a credit -- a good credit score a. >> all that is true we must

but when you deliver it through these third-party enterprises, fannie mae and freddie mac, when you do it to a public company to private shareholders and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. >> read more of our conversation with wretch and morgan seven -- morganson in at eight. >> a conversation with nsa director mike rogers periods as part of a daylong summit on cyber security challenges. admiral rogers also discussed edward snowden and privacy concerns raised by his disclosure of nsa practices. this is 40 minutes. >> you're taking over the agency at a very critical time for this country. it very critical time for corporate america, as we see ed snowden's revelations and an increasing number of cyber attacks happening to u.s. companies. by asking, how do you think business and the nsa can best work together to try to solve some of these cyber threats that exist right now? >> let me start off by saying thank you for taking the time, bloomberg government and all of you who are taking time out of your b

but when you deliver it through these third party enterprises -- fannie mae and freddie mac -- when you deliver the subsidy through a public company with private shareholders and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing home ownership. >> read more of our conversation with gretchen morganson and other featured interviews in c-span's "sundays at eight." from public affairs books, now available for a father's day gift at your favorite bookseller. >> booktv covers hundreds of author programs throughout the country all year long. here's a look at some of the events we'll be attending this week. look for these programs to air in the near future on booktv on c-span2. tuesday we're at the harvard bookstore in cambridge, massachusetts, for constitutional law professor lawrence tribe and his thoughts on the roberts court from his new book, "uncertain justice." that same evening, history professor christy mcrackis looks at the use of invisible ink. the international club of atlanta. then on thursday in new york city, claudio assan

the most profitable company is fanny mae, shy of $84 billion, a 67% profit margin. an improved housing market head the government-sponsored mortgage giant quadruple profits in a year. the forward un 500 -- fortune 500s were up 22% from 2012. despite the profits employment in the 500 companies barely moved. c.e.o.s say they are spending less because of an uncertain economy. fortune says it's a political fight, the white house urging them to spend more. google topped the list of best companies, but 4th in revenues. yar how dropped out -- 46th in revenues. yahoo! dropped out. facebook had $1.5 billion in profits. not bad for a company around 10 years. coming up, how do some foods suddenly get trendy and who decides what foodsened up on your plate -- foods end up on your plate? >> this, is what we. >> al jazeera america. >>> have you wondered why we choose to eat what we do. have you eaten more cupcakes in the last decade or did you drink a kale smoothy because someone swore it tasted good and was good for you. do you like bacon? if you answered yes, you may have fallen

fannie mae still requires a seven-year wait.tive, it is a tiny fraction of the around 7 million homes that were lost to foreclosure or short sale since 2007. more online, realtycheck.cnbc.com. tyler? >> thanks very much, diana. >>> julia boorstin, jon fortt, priceline buying opentable. 2.6 billion, $103 a share. yahoo finance question of the day we asked if all reservations aren't made, is that good? 13% said yesterday, 14% said no. julia, what do you think on this? >> i think priceline is trying to buy growth. it makes sense. open table has 15 million people using the platform every month, those are people perhaps being lured over to priceline and 31,000 restaurants locked into their system. i think there's a huge potential for synergy, cross-promotion, and particularly overseas and on mobile devices. >> i used it, i like it, it works for me. >>> world's biggest chip maker boosting outlook. jon, the death of the pc exaggerated? >> alternates bit, but hey, it's still dying out. you can't put too much on this. this is business pc

when you deliberate through these third-party enterprises, fannie mae and freddie mac, and you deliverubsidy through a public company with private shareholders, and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. >> read more of our conversation with gretchen morgenson and "ther features from our "q&a program. >> next queen elizabeth ii. at 11:00 p.m. another chance to see q&a with california congressman george miller. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2014]

first up today, fannie mae and freddie mac, carl icahn with a position in the names.hat including bruce work paulson, ackman and ralph nader. >> this is interesting. but you need to dig a little bit deeper. he went in and bought these shares down around $4 a share. you don't know why they were being sold, they needed to raise cash and that why he's in there? stocks have a nice move since. i would be careful chasing these names sitting at home. >> dollar general leading the s&p despite missing on the top and the bottom. >> yeah, misses, traded below 53 in the pre-market and zoomed up to 57. off of that high, but looking good. >> at&t raising guidance for the year because of stronger trends in wireless, joe. >> at the lower end of the previous guidance. their financing plan, the installment plan right now is hindering a lot of what they're seeing coming in in terms of eps. i would say verizon and at&t has that their run, but i think the run in both is better. >> delta, trading at all-time highs. >> i think this is going to at higher. i don't know this is the end. you lo

and you deliver through these third-party enterprises, fannie mae and freddie mac, when you deliver the subsidy to a private company with shareholders and we can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. >> read more on our conversation with gretchen mortenson and other programs on c-span sundays at eight. now available for a father's day gift at your favorite book s eller. bush'snel of george h.w. former advisers recall the 1990 clean air act and the negotiation between george bush and capitol hill democrats that made it possible. this marks the 25th anniversary presidency.w. bush's . it is about an hour. [ applause ] it's a delight for us to join many in celebrating the 20th anniversary of george h.w. bush. the panel is going to focus on environmental policy, in particular, the clean air act, and i'm delighted to be joined by two people who played pivotal roles in the passage of that legislation bob grady and senator alan simpson. we're going to try to do three things in this panel. first, we're going pose the question, did

you can still get it, it just takes what fannie mae requires for her own, more credit, bigger rating, fico score. >> those are all things small businesses have to deal with. captain moak, you want to make a comment. >> only thing i would add, going back to 2008 with the collapse. the u.s. congress over a few days in 2008 was able to deal with that and come out with legislation. i'm confident this body can address reform in less than 90 days on this issue. >> mr. chairman, if i can make a comment. we're focusing on something here that is a symptom with regulatory environment we live in and trying to reauthorize a bank that isn't part of the solution. we should be focusing on the environment we have. >> the time of the gentlemen has expired. no others in the queue. we thank you for your testimony. we would excuse the first panel at this time. we would invite the members of the second panel to please make their way to the witness table. >>> committee will come to order. we'll now turn to our second panel of witnesses, many of whom are familiar faces to this committee, so my introductions

and for fannie mae and freddie mac. because there is no -- nothing is specified in law and we do those on a fair value basis. >> this is probably outside your area of expertise -- and i think we had some testimony earlier today. certainly i've seen evidence. doesn't almost every other private bank or private company that is subject to gap use fair value accounting? >> private financial institutions generally use fair value accounting, yes, mr. chairman. >> mr. hochberg, we had had a gentleman here on the earlier panel, as you well know, one of the recipients of an xm credit guarantee. i think your latest figure is that you're supporting roughly 3,000, 3,500 small businesses. is that correct? >> correct. >> well, earlier witness takes some exception to your definition. we'll accept the definition for the moment. i've got information from the sba. by their definition -- i don't know the definitional differences -- there are roughly 30 million small businesses across america. so if i'm doing the math right, you are in some

you can still get it, it just takes what fannie mae requires for her own, more credit, bigger rating, fico score. >> those are all things small businesses have to deal with. captain moak, you want to make a comment. >> only thing i would add, going back to 2008 with the collapse. the u.s. congress over a few days in 2008 was able to deal with that and come out with legislation. i'm confident this body can address reform in less than 90 days on this issue. >> mr. chairman, if i can make a comment. we're focusing on something here that is a symptom with regulatory environment we live in and trying to reauthorize a bank that isn't part of the solution. we should be focusing on the environment we have. >> the time of the gentlemen has expired. no others in the queue. we thank you for your testimony. we would excuse the first panel at this time. we would invite the members of the second panel to please make their way to the witness table. >>> committee will come to order. we'll now turn to our second panel of witnesses, many of whom are familiar faces to this committee, so my introductions

fannie mae, freddie mac housing, are we seen a bevel?ere is a concern out there and clearly the private sector has to take on the risks and they should not be an overload of risk on those institutions. so we very much hope going forward with a combination of you know, supervision as well as availability as credit the housing market can be made as strong, but also as self-sufficient as possible without ovulating those two. liz: thank you so much. here's the question, will the fed, will the obama administration take any of these suggestions and run with that ball? guess what, we are a member nation, we pay into the imf, but so do a lot of other countries and christine lagarde did concede to me that they should listen and frankly i have to remind you share, last year at this very time i sat with christine lagarde and she anticipated a late second half slow down and sure enough that's exactly what we had. she attributed to the problem of sequestration, who knows if that was the reason, but she was right and. will she be right this year? comi

today, fannie mae and freddie mac., we're showing some big time investors, in fact, ackman and icahn investing together, not together, but in the same company in the same direction. are you optimistic on the names? >> no, i see this as a very speculative play. this is really a repeat of the story we saw back in march where we saw that a bill was proposed to wind down fannie and freddie over the next five years. so this is much more akin to gambling than actually investing. and i could talk about they're only using six cents per share versus 12 cents per share, but really about whether the government is going to step in and wind these companies down or let it go to the private sector. and quite frankly, i would rather make a bet on the stanley cup. >> that's telling it straight. what about the technicals. do they tell a straight story as well? >> you know, manny, technical analysis is based upon -- technical analysis is founded upon the belief that history repeats itself. and if past is prologue, i think the stock is go

but when you deliver it through these third-party enterprises, fannie mae and freddie mac, when you deliverthe subsidy through a public company with private shareholders and executives who can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. >> read more of the conversation with gretchen morgan some from our book notes and "q and a" programs. from public affairs books, now available for a father's day gift at your favorite bookseller. >> coming next, "newsmakers" with senator john barrasso. that is held by president obama anniversary in france. >> this week on "newsmakers," joining us from capitol hill, john barrasso. thank you for being with us. >> thanks for having me. >> in studio with us we have bob sack of the hill, and the national journal. >> the big news this week this of course was the prisoner swap for bowe bergdahl. dave administration first said that that's helped was a concern, but now there are reports that there is a different reason, and a death threat involved. is that a credible excuse?

i think draghi's forceful by any means necessary approach has turned fannie mae, and lender of firstropean consumer economy. he's a remarkable man who has single-handedly saved europe from the lost decade and yet his job is still not finished. he's being helped by stimulus from all over the world including china, japan and india and he's not being helped by the united states. and our gridlock do-nothing government where the administration is constantly at lagger heads with congress. a big part of the reason is not helpful is that we've been saved. the federal reserve has done everything it can to keep interest rates low and our economy is in much better shape. i wish our government was capable of doing something to address the still-high levels of unemployment and when i look at the foolish things the government has been doing, and at least when the government can't do anything, that means it can't make catastrophic mistakes. winston churchill was dead right when he said that democracy is the worst form of government except for all the others. the the unelected ben bernanke was a god

but when you deliver it through these third-party enterprises like fannie mae and freddie mac and deliver the subsidies through a public company with private shareholders and executives who can extract a lot of that for themselves, that is not a very good way of subsidizing homeownership. >> read more of our programsions from our in the book now available at your favorite bookseller. wait until the thing shows up as the cheaper alternative, you have waited too long. when it shows up, it is better and less expensive. in the case of the navigation thatle, we had companies knew the smartphone was starting to take off. they understood it was possible somebody else could launch a said weon app, but they don't see a threat yet so we will wait and respond when it does. when it did respond, it took off. you had millions of people saying this is better and cheaper. this is worse and more expensive. which will i choose? by then it was too late for them to respond. businesses need to look earlier in the lifecycle of new technology and life cycle of new technologies and recognize even before there wi

he talked to us and fannie mae and freddie mac award in reform and he was given the authority he wanted in the first two years of democratic control. you have is general deregulatory view. in 2006, as we were about to become chairs after the 2006 election, i was asked to go to a chamber of commerce conference at which they were discussing the serious problem facing the american financial community. over regulation. people go back and look at it. they were complaining that they were never be again initial public offerings in america because we were too stringent. chuck schumer and mike bloomberg commissioned a report. as we took office, there was a staunch defense on the part of people who said they were the market defenders of an unrestricted subprime regime. i claim that we had to cut down further on deregulation. we started below zero. >> there clearly came a time where you agreed you had to move forward. >> people like hank paulson -- people have been talking about reforming the financial architecture of the country for a long time. it is a classic case. congress never acts until the

but when you deliver it through these third-party enterprises, fannie mae and freddie mac, when you deliverlic company with private shareholders and executives can extract a lot of that subsidy for themselves, that is not a very good way of subsidizing homeownership. >> read more of our conversation with gretchen morgenson from our programs in c-span's "sundays at eight," now available for a father's day gift at your favorite book seller. >> john podesta now on issues facing the obama administration -- the epa recently announced power plant emissions rule, the release of bergdahl, and hillary clinton. mr. podesta served as white house chief of staff from 1998 until 2001. his comments are an hour. >> our guest is john podesta, his fourth visit of the group. the last was in 2009 when he was president and chief executive officer for the center for american progress. he grew up in chicago, earned a bachelor's degree from knox college, and is an alumni from georgetown. he spent his early career on capitol hill. he worked with ted kennedy and

leaders in pushing banks afraid of losing their franchise to make laws that were bound to fail in fannie mae and freddie mac into. some of the talk in metaphors. just personal curiosity. do any of your books mention the government and the creation of this man's? thank you. >> refer to take another question i want to remind you books are for sale upstairs and we will be signing across the way. in 10 minutes. lady right over here. >> yes, my question is in regard to the student loan system. the student loan system is on it anniversary next year and has cost a trillion dollars it says to. it is not uncommon to find in it does of people having social security tax garnished for student loan payment and you have close to 50% of all students not taking out student loans and increased the number of 20%, 30% of delinquency are not making any payments at all. is it possible this could be the next great financial crisis in the u.s.? >> absolutely. i'm pretty convinced this will get solved until students are immersed in the and brand-new relief at this point. while they notice the problem is both growin

the fannie mae for s four home price increases is six percent. we are still way above that. lower than people had forecast. if you look month-to-month, not seasonably adjusted, there is an increase for the month. it is not too bad but you want to you and i on the trend. home prices are not rising very this is a remember is three month rolling average that ends in april. you have march and have your e-house rices in the number. is asnot clear how are it far as what is happening now. we look at cities that have seen the most price appreciation last year. it is still the same city we have talked about. it is the cities that suffered the most that have seen increases. that is starting to level off. >> thank you. david about the day after here. the dow and s&p are those reaching more miles down. you have 2000 for the s&p. julie hyman has been talking to investors. traders tend to care about the numbers. for big investors, do they mean any and? mean something in that they have a big and momentous implication. in other words, there is a psychological effect. my colleague in bloombe