fannie mae is bigger today than it was three years ago which speaks directly to that mentality receivetalking about. >> is there anything that's going to stop this. >> certainly not in the case of that so-called consumer agency. they just write a blink check on the federal reserve. >> sabrina, what do you think? >> it's funny i agree with john we want to keep the focus on the larger picture what's of what's so frustrating it makes us less free. when businesses decide to not have a big fancy building and let people work remotely it gives working women more choices, it actually decreases congestion on the highways actually allows people to make choices that are more sensible and that's part of what's so upsetting here. the government just spends money blindly without thinking of the unintended consequences. >> the "cashin' in" gang by the way getting ready to roll at the bottom of the hour eric what's on tap? >> the white house won't pete with israel's leader when he comes to d.c. in march, but government officials did meet with muslim brotherhood supporters when they were here. what mes

i believe fannie mae and freddie mac share important goals such as sharing liquidity in the market to promote home ownership but due to financial trouble we have seen attempts to wind it down completely and i don't agree with that. i would like to go right into the questions and president obama expressed he would see fit in may and freddie mac to be replaced by a mortgage-backed insurance. where do you stand on the proposal and where will that negatively or positively affect the home buying market? >> that is the subject i will not express an opinion that is a legislative congressional opinion. and to put into perspective when i got that fhfa there were multiple visions of gsa reform -- gse reform and i took fhfa out of that because we were sending mixed messages it was not part of the statutory mission that fhfa has to guarantee the liquidity and safety and soundness in the market it is a congressional decision. >> i respect your answer but i want to commend you because since fhfa conservatorship of fannie mae and freddie mac we have seen a change for the better a and we thank you fo

fannie mae says it plans to move its headquarters to 15th and l streets northwest in downtown d.c. where the "washington post" is currently located. the new building is about to go up at that corner. fannie mae which is now on wisconsin avenue wants to consolidate all of its employees in to one building. the "washington post" plans to vacate that 15th street location early next year. >>> today you can weigh in on the future of the prince william county land fill. plans are in the works to trabs form it into an eco park. lawmakers want to use the property to produce green energy, but they also want to build an education center to teach students about the environment. you can learn more at two meetings one at 3:00 and within at 7:00 at the department of parks and recreation. >>> here at the live desk, we're just getting reports that an alleged american isis commander has been killed. this photo provided to us by nbc news. look to your lower right. that is isis commander who claims to have lived in the u.s.. now, according to jihadis the high ranking figure is word on how or where he

for years fannie mae has been located on wisconsin avenue.t wants to consolidate its employees into one building while "the washington post" plans to vacate its 15th street location early next week. >>> new details about the man who crashed a drone near the white house. a source tells nbc news that man told investigators he was drinking before the accident. the man is a government worker and turned himself in to the secret service yesterday. he reportedly admitted to investigators that he lost control of the drone while testing it during bad weather. the man is cooperating with authorities. no word yet on whether charges will be filed. >>> a view of the winter storm you don't often see thanks to a drone. ipts a view of the blizzard as it blew through harlem. jonathan harper was operating the drone. he's gotten hundreds of views of his video after he posted it on youtube and social media. >>> a sinkhole swallowed a family's car. we have learned whether we're seeing more water main breaks than usual in our area for this time of year. >>> police

not so fannie mae, and jamie cold by is -- colby is ready to tear the roof down.w debuts this monday on fox business, we're changing television as you know it, so set your i'd rather do anything else than sit at a dealership. it's a lot of haggling and it takes so long. craig's experience is completely different than mine. yeah. yes, mike has used truecar. at truecar, we'll show you how much others paid for the car you want and how much you should. because i used truecar there was no haggling about the price. they treated me so well, and it was just such a quick, easy experience. get your car, and get back to the life you love. welcome to the future of car-buying. ♪ ♪ neil: all right. in fits and starts, now people wondering a jump in existing home sales topping off a week of strong housing data, but analysts say home buyers getting as low as 3% down could drag this market down and interrupt a good thing. greg rand says this is the start of a boom. so, jason, you're not as confident. why not? >> we had, after the housing bust we had prices go up way taos neil. --

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fannie mae and freddie mac announced new lowdown payment homes for borrowers. what the fha cannot afford to lose. >> this is great for the fha. they've been losing market share to fannie and freddie. this allows them to solidify their position in the market to rebuild their finances. and it opens the door for a lot more people to enter the housing market. >> reporter: the president will address new efforts for fha lenders when they will and will not be held responsible for loans that default. i'm diana olick. >>> premiums good news for shares of home builders today, but not for those insurers. shares of builders like kb homes, denard hol ton, up 5%. beezer also seeing solid gains as you see there, but essence group, radian group and mgic came in with substantial losses. >>> well still ahead. shares of ultra meez for schizophrenia, an area of the marketal tough for >>> some action today in the newly republican controlled congress. the house overwhelmingly approved a bill today that would extend the terrorism risk insurance act until the year 2020. the program exp

not so fannie mae, and jamie cold by is -- colby is ready to tear the roof down.debuts this monday on fox business, we're changing television as you know it, so set your@? mom! dear! announcer: in your new role, we help you help. visit aarp.org/caregiving for information on how to provide even better care for the person who once took care of you. ♪ ♪ neil: all right. in fits and starts, now people wondering a jump in existing home sales topping off a week of strong housing data, but analysts say home buyers getting as low as 3% down could drag this market down and interrupt a good thing. greg rand says this is the start of a boom. so, jason, you're not as confident. why not? >> we had, after the housing bust we had prices go up way taos neil. -- too fast neil. neil: not in my neighborhood. >> we have deflation in europe i'm not talking about de-flategate i'm talking actually deflation. but you had prices propped up by investors, institutional investors, mom and pop investors, people think they're going to make a lot of money on buying houses and the government was

no problems with the 20% but there are targeted markets and targets programs offered by both fannie mae and freddie mac, the to largest lenders to banks like ours that allow 3% down. it's a great opportunity for a first time home buyer to get in. even a second time home buyer that maybe had some problems, i don't want to say lost their house but had to sell their house during the recession, rented for a while to get back on their feet. they're back on their feet. they haven't quite saved as much as they'd like yet. it's so expensive in this area. and they have the 3% down payment and all sorts of closing costs concessions and the like to get them into the house. >> that's an income level you have to meet to get that loan? >> not always but generally the loan amount has to be below $417,000 and you've got to have pretty good credit to do it. >> how have loans changed? remember in the wild west of 2008 when it seemed like anybody could get a mortgage if they could make an x on a piece of paper. then we went the other way. it went incredibly strict. would you say they're starting to ease?

adding to the momentum fannie mae's new 3% down payment loan and an announcement that it would cut annual insurance premiums by half a percent. that doesn't go into effect for a few weeks but borrowers are applying and absolutely lowing. that is huge. one lender in northern virginia calls the response unbelievable. he says people who have been debating buying a home are now going ahead with prequalifications in the homes they'll find the house while rates are still low. all bodes well for the spring housing market with one caveat. more people may want to buy homes at the new rate but still two few homes for sale. they don't want to list their home if they can't get something else to buy, "nightly business report," diana olick. >>> trying to reverse immigration policy and wall street banks. john harwood joining us from washington now. john let's start with the efforts to roll back or postpone i guess, some of the provisions of the dodd frank law. what does today's house vote try to do here? >> well what they're trying to do is delay by two years the imposition of the boca rule. this was so

he answers the questions on the future of fannie mae and freddie mac, immigration and his own political future. this is an hour. >> good afternoon and welcome. before we begin our program, i would like to ask all of you to stand and observe a minute of silence in memory of the terrorist attack on the french publication were among those killed at the newspaper last wednesday. we honor the memories in the contributions to our profession to freedom of the press. as a market special respect to those who died, we observe a mark of silence every day this week and concluding this friday. thank you. please be seated. welcome.

fannie mae and freddie mac recently announced their new low downpayment loans. borrowers the fha cannot afford to lose. >> this is great for the fha. they've been losing market share to fannie and freddie. this allows them to solidify their position in the market to rebuild their finances and it opens the door for a lot more people to enter the housing market. >> reporter: the president will also address new efforts to assure fha lenders of when they will and will not be held responsible for loans that default. diana diana olik cnbc washington. >>> right now, the senate is moving forward with plans to vote on the keystone xl pipeline. you're look live as the energy and natural resources community get the bill ready to vote on the senate floor. the controversial pipeline that would run from canada through the u.s. to the gulf of mexico has been debated for several years now. many republicans say it will create needed jobs. democrats have raised environmental concerns. president obama has threatened to veto that bill. >>> well the deadly attack yesterday at a frenc

. >> what about fannie mae and freddie mac? you were big critics about them before the financial crisis. what about the plan to unwind them? >> we will address that and see how far we can go. we need bipartisan support in the senate to do that, but i do not want to bill just for the sake of a bill. i am not interested in any bill with an explicit guarantee. i would like to get fannie and freddie up and running on their own without the government help. is that possible? we don't know. >> it's a big bipartisan left. >> -- big bipartisan lift. . >> that is what we are here for. >> let me ask you about dodd frank. you were an opponent. where would you like to move.-frank? >> i think the consumer agency created by dodd-frank ought to be under a consumer agency. also, i would like to move the support to something like the ftse, federal reserve, and others where you do not just have onesne czar. >> do you think there is political will for democrats to join you in that? >> i don't know. we will find out. >> all right, thank you senator

find where fanny mae is moving. >> from tax free to taxable. we get a look at the changes >> car properties is expected to redevelop the 700,000 foot property in washington after the post moves out. no date has been announced the move is expected to happen in the next few years. well the president is calling for a tax on 529 funds to raise $320 billion of added revenue for the government. >> christine outlines that plan and gets some reaction. >> are you ready buddy? am i going to be the penguin? >> he hasn't even started kiut like many his are already thinking about college. >> when i wept to college i didn't have any saving at all. but for nate she and her husband opened up a 529 college savings plan. >> as soon as he was born. >> it's at same plan president obama has proposed to change taxing the previously tax exempt college savings account when the money is taken out. >> this is an assault on the american dream. >> ryan is the tax policy director and worries the proposal will disincentivize people. >> no one in their right mind would save

fannie mae and freddie mac are lowering. have the federal housing authority lowering the insurance premium. again, the government is getting bigger in housing, and horton played both in the early stage. they also have a presence in the high end. in both markets. they'll benefit from the explosion of first-time buyers. they'll benefit from the -- charles: you're expecting them -- do you think the millennials will step up? >> i think this is exactly what the millennials need to step up with. they are positioning themselves perfectly with this. they're outpacing the industry overall about 10%. i like the stock. charles: do you think millennials will step up? >> i do. we talked abouthe student debt, but the student debt numbers are being managed i think better than a lot of people think they are. there is a big pent-up demand by millennials for home ownership. yes. long-term. i don't know if they'll bust out -- charles: a lot of people are saying that zillow, all the guys are saying this is the year 2015. whatever reason, all th

bill clinton did notto regulate fannie mae and freddie mac.two republicans who put that in in the bill. guest: i'm not familiar with the specifics. but it probably wasn't a budget, though. host: will move on to dan in new york, a republican. hi, dan, you are on the air. caller: hello, i have a question concerning one of the first executive actions the president __ that president clinton took in 1993 concerning moving the red line rules of the investment act of 1977. __ threatening the banks with national lawsuits to relax their lending rules. what you think that had to do, with anything come with the class or creation of the housing bubble? thank you. guest: it is a good question, and a point of big disagreement. peter, for example, felt that it had a lot to do with the crisis. others disagreed. i was in the skeptical camp. there is nothing that changed about the reinvestment act. nothing changed about it between the 1970's, the 1980's, and then in 1990's and the housing bubble. it had been around before. it was doing what it was doing. so i d

they have aided and abetted, but watch this, the cbo also found fannie mae getting new solyndras style offices now getting brand-new offices. >> government spending is taxes, spending is taxation. and that is how we have to drive this story home to the viewers that are already part of it. >> 47% of that is medicare and medicaid and social security and we have yet to follow a politician to step up and say we have to reform this. no jobs -- we are all going to be living on this. >> the last time that we did this we talked about the growth. >> that is where you have to be really careful, no politicians will touch it because their art touchy issues for the base, that is the difficulty with anything. twenty-five years from now, the cbo projects 100% of the gdp will be equal to our data. neil: meanwhile, let's talk about another waste of time. >> i'm just saying. it's a waste of time. a waste of time. >> so what we need to do is define the executive branch. neil: get ready for round two. ♪ ♪ they challenge us. they take us to worlds full of heroes and titans. for respawn, building the best t

orphan knee orphan or fannie mae or freddie mac.going and saying you know what, let's undo literally everything, that's what the chairman of the bank committee said shelby, let's repeal it. by undoing every safeguard, every protection and every rule that we put in to make sure they did them in a reasonable way, by making it clear that that's their position they helped bring the issue clearly to the people. >> congressman barney frank, thank you so much for your time tonight. >> you're welcome. >>> still ahead, mitt romney and binders full of ambition. how the brewing fight between him and jeb bush could affect other republicans and hillary clinton. you show up. you stay up. you listen. you laugh. you worry. you do whatever it takes to take care of your family. and when it's time to plan for your family's future we're here for you. we're legalzoom, and for over 10 years we've helped families just like yours with wills, living trusts and more. visit us today for legal help you can count on. legalzoom. legal help is here. ♪ the nissan

. >> it was five%, now three percent, fannie mae and freddie mac back loans that banks underright, and they're willing to back loans with a here to% down and that's easier for people to hit. >> three forcibly a house? >> three percent down. >> sounds dangerous. >> could be a replay of what we saw during the housing crisis where so many people couldn't afford the loans they had. i know a lot of people out there who want to buy a home and the opportunity now is historic look at interest rates. look at availability out there where prices are. just fell this morning, news on that from kay shiller. a good time to buy if you can. >> looks like housing is going to go up, up up. >> that would be good. >> happy "snowpocalypse." >> i survived. i did you? >> i did. i'm not on nantucket. see how that goes. >>> the feds now admit they've been tracking our every single move by keeping records on millions and millions of our vehicles in real-time. if you're driving through the tunnel, they know about it. now there's word that officials are trying to expand the program even further. that's coming up.

fha has had 3.5% down payments available for decades and performed relatively better than fannie maefreddie mac who requiredtypically larger down payments. it is the full package, fully qualified buyers. when you are overcharging on the premium and you can adjust that back safely and soundly it will have a kick in a positive sense to the housing market. it is not going to create this robust sort of scare effect that will make people think we have overdone it. this is a marginal move. it is a smart move. it is a good time to do it. >> i hope so. david and diana thank you for your time today. >>> we have two huge ceo interviews coming your way. first heading out to ceos in las vegas for intel ceo. >> big company. >> i have heard of that company before. >> you have had good intel. >>> we will speak with the ceo of alkermes. it is about access to information. stick around, friends. we are back after this. 798 fico score, d? i kna thanks to the tools and help on experian.com. kaboom... well, i just have a few other questions. >>chuck, the only other question you need to ask is, "what else

instead the loans backed by fannie mae and freddie mac as well as the f h a and the department of agriculture would be protected under the new rules. another special provision assures thousands of small creditors like community banks and credit unions can do the kind of responsible lending they have always done to serve their markets across the country. in these ways we protected key elements of the mortgage market even as we installed new guard rails to prevent irresponsible bending long after members of the crisis may have faded. the mortgage market continues to yield from the great damage by the financial crisis with foreclosure rates and delinquency continuing gradually to fall. home values have been improving and the volume of homes that are underwater with more than it is worth remain on an encouraging but gradual downward trajectory. there are growing signs of and demand among help first-time home buyers which could be a key point. this is a slow segment of the market for several years but give it a definite boost. the core purpose of the rule was to restore reliability to the mortgage

don't forget, back then, the gse, fannie mae and freddie mac, fha had about a 45% market share. they've got a 95% market share. we'd better be doing this eyes wide open. >> i'm not sure all people would agree with your statement that housing is the last remaining path to wealth creation in america. particularly after the decade we've come through. rick, i guess i begin to worry along that same line when so many people seem to all be saying the same thing. money is cheap. it is stable. we're making housing available to more people. but we didn't learn the lessons of the past crash. and that is exactly what it was, rick. >> no, i do think we've learned the lessons of the last crash. i'm more concerned about what lessons we haven't learned yet that might surprise you next time. >> why do you say that? why do you say we have learned them if we're making housing available to, again, low down payments with virtually -- the insurance premiums are going down. why? >> there's a lot of history that shows that a low down payment by itself is not an indication that you're going to have high

he also had losses tied to a failed merger with freddie mayc and fannie mae.ionaires -- is set to be the richest person in asia. he stands at $30.8 billion. that puts him almost $3 billion ahead of alibaba chairman. >> it has been five years since the 7.0 magnitude earthquake brought down haiti and killed hundreds of thousands of people. stephanie ruhle just returned from haiti. they want to tell the world they are open for business. >> they want to be open for business. the earthquake happened to five years ago. over $9 billion in government aid has made its way down there. the rubble is gone, but 90% of the people do not have running water. there is a horrible power grid. no public transportation. >> this is a vast swarm all of 100,000 people that did not exist before the earthquake. what do they need? >> jobs and infrastructure and coordination. i spoke to people on the street. all you can do is buy i swore to dollars a day. -- all you can do is buy ice for two dollars a day. >> how much is that cost? >> two dollars. a piece of ice in the house is a luxury.

fannie mae and freddie mac working with homeowners but it's still a buyers market. out. a new book on how to get an edge right now in the housing market. i have one solution for you guys. what is it? why don't we just let the chinese come in and by the housing market? -- and buy the housing market? seriously, shares in their markets have gone from 5% to 16%. guess how much they pay on average? $500,000 almost four times of the costs of a house in the united states. it got a lot of money. why not open the market to them? >> and i've been hearing about these chinese corporate partners buying up which will -- buying up bushwick. it's incredible. >> then come the chinese. but they are the next trend here. what -- >> they are the next trend here. and another indicator, by near a starbucks. with i would never -- >> i would never buy based on proximity to a starbucks. >> which comes first, the chicken or the egg. collect the good news is, there are two on every block in manhattan. make sure to tune into that he's interview with spencer prescott -- spencer raskcoff coming u

the finance agency accuses rbs of selling faulty mortgage runs to freddie mac and fannie mae. as much as $8 billion. espn personality stuart scott died after a battle with cancer. he joined the network in 19 93. he hosted nfl in nba programming . he was 49 years old. those are your top headlines. we have not mentioned brendan greeley yet. he is on assignment nursing out at the american economic association conference in boston. no jet lag. he is checking out what is puzzling academic economists. it's not so much the fed or the normalization of rates, its wealth inequality. it sounds like 2014. >> it's all about thomas the caddy. they are wrapping their heads around this book. i went to one session where he answered three critics. it was jampacked. there were people taking selfies with him. it the one way to look at all the arguments that are gathering about this book is are you more worried about the .1%? then you are talking about capital gains taxes or are you worried about the 1%? that is income inequality. the solutions are better education and better social mobility. >> t

adam: we shouldn't be in the business fannie mae and freddie mac should be in the business of promotingwnership. when we promote home ownership we have things like bubbles. adam: let me ask you quickly you don't know the algorithm, we're talking real world example in new york city my apartment which has different some of valuations that are crazy all over the board, it swings $1 million is crazy. does anyone trust in the real-estate world there are valuations? we all go to what this is worth. >> it is not going to be very scientific. it is not scientific enough. >> the value $2 million, what on earth over 1 million. >> and that is coming. >> thank you very much, appreciate it. energy tighten harold hammer says he can't pay that $1 billion divorce settlement. all thanks to the drop in oil. we have a divorce attorney talking about it after the break. these ally bank ira cds really do sound like a sure thing but i'm a bit skeptical of sure things. why's that? look what daddy's got... ahhhhhhhhhh!!!!! growth you can count on from the bank where no branches equals great rates. if you take mu

adding to momentum fannie mae's new 3% loan.by the fha that it would cut the annual insurance premiums by 50. but borrowers i'm told are applying for this. >> diana, i've heard so many ads on the radio to try toe get you to come in and refinance. >> and we thought there was such a small pool of people who haven't refinanced and benefit from the lower rates. given that we've got home equity, there are a lot more people able to get back into that refinance market and lock it in on very low rates. >> diana, thank you. >>> coming up canada getting crushed by the drop in crude. ryan sullivan is going to join us from calgary after the break. >>> then we have nobody well laureate robert shiller going to join us. and taking a look at jpmorgan. shares are down after they took an expected legal number. we'll talk about that coming up. >>> welcome back to "squawk box," everyone. a huge drop in oil prices is having a big impact on our neighbors to the north. ryan sullivan joins us from calgary. in what is known as the houston of canada. is

instead, we included a provision so that loaned backed by fannie mae andtyyd freddie mack would be protectedousands of small creditors such as community banks and credit unions can continue to do the kind of responsible lending they've always done to serve their markets across this country. in these ways, we protected key elements of the current mortgage market, even as we installed new guardrails to prevent irresponsible lending long after memories of the crisis may have faded. the mortgage market continues to heal from the great damage done by the financial crisis, with foreclosure rates and delinquencies continuing gradually to fall. home values have been improving and the volume of homes underwater with more owed on the mortgage than the home is worth remain on an encouraging, but gradual downward trajectory. there are also growing sign of pent up demand of first time home buyers. this has been a slow sediment of the market for several years, but would give it a definite boost. so a core purpose of the rule was to help restore reliability to the mortgage market. when people take out a lo

as you may recall fannie mae and fred mac announced talo down payment mortgage product. at 3%. lose significant volume if all of that business went to fanny and freddy. by lowering the premium they are making themselves competitive again with fanny and fred di-dy. and that is important to keep the fha healthy. president to announce tomorrow. >> thanks dianna for that. keeping an eye on the markets for that. we are in rally mode here. the s&p off five straight days of losses getting a nice bounce. we are you have a high we are off the highs of the session. nasdaq clearly in the lead. we'll have mur in the market action after the break. >>> welcome back to squawk on the street. we're seeing three big macroeconomic themes show up in the data. strong u.s. growth. weak foreign growth and lower oil prices. fourth quarter gdp revised up 0.4%. we're now over 3%. this number had been hovering around 2% after the strong two quarters in the is second and third. looks like the fourth is above 3%. deustche bank the perennial optimist. and the goldman sachs at just 2 and a half percent. why

maybe the rest used for deficit reduction, as i said with dividend coming in from fannie mae, freddielse. the larger question is who won? how much did they spend? we may very well get that today from the fcc. if we don't get it today, we'll certainly get it monday. that is, we will be told by the fcc, the winning bidders for different spectrum that was up for auction. so we will be able to determine how much was spent by at&t how much by verizon, how much by t-mobile, how much if anything by dish and any other unexpected participants in this highly successful auction. but what we are not going to get is a great deal of information from the companies in question. while they may welcome out and confirm that the fcc's numbers are correct, and they did pay this, they are not going to be allowed, under the fcc rules to actually offer us any more information about their strategy, about what they were thinking, why they spent what they spent, for another, let's call it at least ten days. that's due to the anti-collusion rules instituted for the auction by the fcc. the fcc says we still don't

instead we included a decision so that owns act by freddie mac and fannie mae would be protected under the new rules. another special division ensures thousand creditors can continue to be the kind of responsible lending they have always done. in these ways we protect a key element of the current mortgage market even as we install new guardrails to prevent irresponsible lending may -- long after the crisis may have faded. the mortgage market continues to heal when foreclosure rates and delinquencies continuing gradually to fall. home values have been improving and the level of mortgage lawyers underwater remain on a current downward trajectory. this has been a slow segment of the market for several years that would give it a definite boost. the core purpose was to help restore reliability to the mortgage market. when people take out a loan they deserve to have confidence they are not the senate to fail. with such confidence they can be more actively engaged in a good outcome. they can shoot -- choose the lender and the product that best serves their vision of a good budget. making thes

including efforts to roll back the dodd frank law and the future of fannie mae and freddie mac.akers 10:00 a.m. on c-span. we are you some speakers from the iowa freedom summit in des moines. ted cruz is next. this is 25 minutes. [applause] >> wow! god bless the great state of iowa! i want to thank each and every one of you for being here. i want to thank citizens united, my good friend steve king for putting this on. [applause] >> you know, steve and i spent all week in washington, d.c. so it is great to be back in america. [applause] >> we're living in remarkable times, just a couple of weeks ago walking down the hall of the capital i ran into a janitor carrying a screwdriver who was coming to change the sign on harry reid's door. [applause] >> and iowa played a big part in that by sending use them and i'm glad we have a judiciary -- sending us joni ernst. today is the 50th anniversary of winston churchill's passing. churchill stood as a lion in winter, a voice against the darkness that was sweeping the globe. and i'll tell you 50 years later we are facing threats every bit as

expected in congress in 2015 including efforts to roll back the dodd frank law and the future of fannie maeat 6:00 p.m. on c-span. >> we are showing you some of the speakers from the iowa freedom summit in des moines. the next, chris christie and mike huckabee. [applause] >> thank you. thank you. thank you very much. thank you all for being here today. i want to thank my friend, steve king. and i wanted to you something about him. -- want to tell you something about him. he made me sound like a hero in front of that congressional committee in 2009. on that committee that day there was just one republican who sat there the entire time during that hearing while they were beating me up, and beat them up right back. that was steve king. [applause] when i, when i left that hearing room that day, he waited for me in the hallway. i said to him, congressman, i never met him in my life. i said, with the way you stood up for me, anything you ever need from me again in my career, if anything comes of my career you just pick up the phone and call. he's a good man and a great friend. and i'm happy to be

and that is why i'm called on congress to wind down the government back companies known as fannie mae and freddie mac. we don't think there is anything wrong of pursuing a profit but the day of making bad debts on the backs of others and then getting bailed out after that, we're not going back to that. we've worked too hard and everything we've done to heal the housing markets we want to preserve. but we do want to make sure that the housing market is strong and that responsible homeowners can get a good deal. or people who have saved, done the right thing, now are looking to buy their first home. we want to make sure they get a little bit of help. in the end, everything we've done to heal the housing market is about more than just restoring housing values, it is about restoring our common values. it is about who we are as a country and who we are as communities. and i want to just tell you a quick story. lorraine kona from sun city, next door, she did everything right. she had a good job as a librarian, she bought a home she could afford and she wanted to retire in that home and made

a lot of banks -- they take the loan, they just give it to fanny mae and freddie. but this was shocking to me. when i got there, i said all right, another bad housing. i said, wait a second. wait a second. good numbers. >> but how do you square it -- >> the less than sanguine news. >> inexpensive homes relative to lenar. >> raw costs meaning land. >> well land. but also kph just had bad margins. i still can't figure out how kph makes a house and doesn't make as much money as everybody else. this is important. it signifies that there's industry that we know as stewart miller said the ceo of lenar, is in recession mold. >> we are getting breaking news. mattel has earnings on friday a company now saying that brian stockton resigning as chairman and ceo. just getting this across the tape now. >> they've been challenged. it's been all hasbro. we're going to hear from microsoft. it's been all gaming. these companies that are traditional non-gaming toy companies not doing nearly as well as ea which has downgraded. >> also earnings this week. >> but i think take two is hav

housing secretary answered questions about the rise of condo sales in major cities the future of fannie mae and freddie mac as well as whether he would consider running for vice president in the 2016 presidential election. secretary castro spoke at the national press club. >> good afternoon and welcome. before we begin our formal program, i would like to ask all of to you stand amid silence in memory of the terrorist attack on "charlie hebdo," the french publication whose editor were among 12 killed at the newspaper last wednesday. we honor their memories and their contributions to their profession and to freedom of the press. as a mark of special respect to those who died, we at the national press club will observe a minute silence in their memory at the start of every event at the club this week concluding with our annual general membership meeting this friday, january 16th. >> thank you. please be seated. >> good afternoon and welcome. my name is myron belkin, i'm an adjust professor at the george washington university studio of media and public affairs, former international bureau chief

the future of fannie mae and freddie mac and whether he'll consider running for vice president in the election. this is about an hour. >> good afternoon. welcome. before we begin our formal program, i would like to ask all of you to stand and observe a minute silence in memory of the terrorist attack on charlie habdo the french satirical publication whose editor a and four leading cartoonists were among the four killed in the newspaper last wednesday. we honor their memories and contributions to our profession and to freedom of the press. as a park of special respect to those who died, we at the national press club will observe a minute silence in their memory at the start of every event at the club this week, concluding with our annual general membership meeting this friday, january 16. >> thank you. please be seated. good afternoon welcome. my name is myron, add juppingt professor at the george washington university school and media public affairs, a former international bureau chief with the associated press. and the 107th president of the national press club. the national press cl

when we came out of bankruptcy, we got a call from our mortgage company offering us a fannie mae or freddie loan. who offers somebody who just came out of bankruptcy alone? are federal government did. we decided it was not right for our neighbors to be bailing us out when we were opposed to the tarp bill from 2008. we did not take that. we were actually cleaning our neighbors houses at the time. that is how we were working to make our ends meet. when he had this rant, a couple of weeks later and he called for people to have tea parties like our founding fathers did, i heard that on the radio and i said, i'm going to do that. i don't know exactly what a tea party or a protest is, but i'm going to get involved because what i think what the government is doing is wrong. i was doing it because i had a problem with the direction that this company was going in. millions of other people are involved in our movement and that is how tea party patriots get involved. host: erin from illinois. caller: i was wondering how you feel about our airport security, tsa? they are government under homeland secur

really don't you have to do this because you're in danger of losing some of your best borrowers to fannie mae'sou need those borrowers or you can go back into the red again. >> certainly director watt and the folks at the gse are doing some noteworthy things. but that's not the ultimate driver of this decision. the driver is two things. what's in the best interest of keeping it strong and the mission that fha has historically, you know furthered which is to provide middle class families and first-time home buyers with the opportunity to own a home. >> what you're talking about really is a savings of 84 bucks a month for a borrower who has a $200,000 loan. is that really enough? it's going to help people to refinance and save a little. but is it really enough to get those first-time home buyers when we need off the fence and into home ownership or is there something else fha and the government have up their sleeve to help? >> first let me say that i think this helps. secondly if you look at what's happening, this is a confluence out there you mentioned rates at a 24 month low in that time period

fannie mae and freddie mac have new lending guidelines with lower income including the reduction of the minimum down payment down at 3%. . .