and i think he recognized that the fannie mae and freddie mac of course, but if fannie mae and freddie mac actually became kind of supporters of low income housing, that would give them a strong backing in congress that would keep them in their superior franchise position where they were getting all kinds of support for the government and making quite a lot of money both of those institutions post that fannie and freddie even though they were essentially started by the government, they became like private entities? >> guest: they were privatized in 1968 eight in 1970 they were given authority to go from where they originally were which was only buying government back into the conventional market where they could begin to buy regular mortgages. that made them very important profit-making institutions. >> host: and they became publicly traded companies. >> guest: they were both on the new york stock exchange at some of the largest financial institutions in the united states at that time. all the way up until the time they became insolvent in 2008. but the political relationships became e

we didn't nationalize companies but we sort of nationalize fannie mae and freddie mac. they were half government anyway and they are still in that state of purgatory. we need to figure that out. we haven't talked about that. i rattled off at the beginning a bunch of guilty parties. i left out the rating each of these, which left a lot of these complicated and largely horrific securities with triple-a ratings, which means safe enough to recommend to grandma. they weren't and that problem has not been fixed. there was work there. a huge problem were talking about earlier was so horrible mortgages that were granted. that's a lot better now although you could start seeing crummy mortgages starting to creep back as the memory fades. we have to watch that. we have to supervise the government is to supervise the banks better than i had before in dodd-frank mandates that. the whole system has to leverage. we had all of this data was started without corporate households. big sur to leverage, security firms are to leverage, et cetera. that all looks much, much better now than it

he gave been terrible mantegna protected fannie mae and freddie mac.first of all as to the lungs by 1994, democrats got worried about those loans and pass the federal reserve to regulate them. alan greenspan said that's an interference i won't do that. then the republicans took over congress. we tried on several occasions to pass the laws to regulate predatory lending. the bush administration is federal powers to preempt dad and tell them they couldn't regulate banks. in 2004, democrats in the house tried to pass a bill to restrict subprime line and. when i became chairman in 2007 i did get a bill through the committee. tom was still there and voted for it on the floor that said no lending to people who can't pay you back. "the wall street journal" attacked me. why is mr. frank stopping islam to low income people? in other words, some of the republicans, alan greenspan in 2007. in the appendix. when he wrote about before the crash. he said i am aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk and not sub

we haven't figured out what to do with fannie mae or freddie mac we sort of nationalize them. they are still in the state of purgatory. we need to figure that out. we have not fixed the rating agencies but i rattle off guilty parties but i left out the rating agencies that left out the horrific securities with the aaa ratings. but they were not. that problem has not been fixed. there is work there. a huge problem was the horrible mortgages that was granted. as they start to creep back we have to supervise the banks better than dodd/frank. it has the leverage to so we did have all this debt the banks were too leveraged it all looks much better now than it did. the other job it was still part of the work ahead we did not do it with the tsunami of foreclosures. when the housing bubble burst in so many households were under water it was very clear a lot of people would lose their houses and it is a crying shame the government did not do more. the bubble burst by the time you get to 2015 it is too late to fix that problem. >> host: you are watching booktv on c-span2 talking to prof

fannie mae is creating the next crisis. excellent looking below the surface, researching a hunch... making a decision you are type e*. time for a change of menu. research and invest from any website. with e*trade's browser trading. e*trade. opportunity is everywhere. the pursuit of healthier. it begins from the second we're born. after all, healthier doesn't happen all by itself. it needs to be earned... every day... using wellness to keep away illness... and believing that a single life can be made better by millions of others. healthier takes somebody who can power modern health care... by connecting every single part of it. for as the world keeps on searching for healthier... we're here to make healthier happen. optum. healthier is here. >> neil: if homebuyers could have as little as 3 percent down what you call paying them? with a first-time home buyers get 3% rebate of their purchase price as a way to encourage them to buy a home to is that helps them or create another mill down? are we begging for a new crisis? you don't think that is the case. i do because i remember covering

so i was looking for the commission to look into what happened with fannie mae and freddie mac, whatight have played in the housing crisis and ultimately, the financial crisis. and i found that the commission was not interested in that, and day they wouldn't look at it. to the degree that i tried to interest them, i was just told that -- i was given all kinds of signals that that was not something they were going to do. so i decided that i would, i would dissent. now, my differences with the other republicans, i think, came from the fact that my view was that our responsibility on commission was to make sure that the american people understood what happened in the crisis that i was outside -- i thought -- the partisan differences between the republicans and the democrats. i'm afraid the republicans felt that they would not agree with anything the democrats said, and they didn't want to -- they didn't want to indict the bush administration. some of them actually had been in the bush administration. so i, i felt that i had to speak with an independent voice and that's why i dissent. >>

david: fannie mae starts another program to help homebuyers with housing costs. is it time for the government to pull back on subsidized housing? liz: they may be called kind bars but fda says they may not be so kind to their waistline even though their labels say they are. details ahead. david: what? if legalzoom has your back.s, over the last 10 years we've helped one million business owners get started. visit legalzoom today for the legal help you need to start and run your business. legalzoom. legal help is here. multiple medications, does your mouth often feel dry? a dry mouth can be a side effect of many medications. but it can also lead to tooth decay and bad breath. that's why there's biotene, available as an oral rinse, toothpaste, spray or gel. biotene can provide soothing relief and it helps keep your mouth healthy too. remember, while your medication is doing you good, a dry mouth isn't biotene, for people who suffer from a dry mouth. having a perfectly nice day, when out of nowhere a pick-up truck slams into your brand new car. one second it wasn't t

there is a risk that fannie mae or freddie mac could have the need to draw on a credit line they have the treasury department. diferdifference this time it is by design, part of a do-or-die gamble by officials too compel congress to act. neil: what do they have now? since the crisis, they were left out of dodd-frank the law. how have fannie and freddie fared since? >> remarkably. there is a combination of things. their natural ability to make profits, 5 trillion, book a business tweets to their guarantee fees or insurance premiums it bears out to big numbers, they made about 132 billion in 2013, they paid back full amount that government lent them they are up about 40 billion from amount they borrowed. a remarkable turn but you can't have that luck forever their earnings are moderateing, the big deal, of this new chattedder newer -- chatter, is the takeover the fannie and freddie essentially guts them, it takes all profits from organization, and makes them deplete their capital delve, i mean hand it to treasury department. neil: i also wonder about the idea to encourage more buying. t

how do we fix fannie mae and freddie mac? the two entities that helped a lot of people to buy homes in the past but have not mess before they cause potential mayhem? charlie gasparino coming down with one financial expert who knows exactly what to do. if you are a shareholder or a taxpayer or a homeowner or combination of both you need to pay attention. and breaking news a few minutes ago, nuclear talks with iran have been extended until tomorrow morning. the u.s. is still there. iran's supreme leader, that man, may hold the upper hand. we have israel's former ambassador to the united nations. is iran serious about the deal? deal the israelis come live with? stay tuned. the real question that needs to be asked is "what is it that we can do that is impactful?" what the cloud enables is computing to empower cancer researchers. it used to take two weeks to sequence and analyze a genome; with the microsoft cloud we can analyze 100 per day. whatever i can do to help compute a cure for cancer, that's what i'd like to do. the pursui

various people including libertarian economists have said for some years number one that fannie mae and freddie mac are in fact backed by the of full faith and credit of the u.s. treasury even though they swore on a stack of bibles they are not. we pondered actually in a study we did some years ago how could you convince the market that fannie mae and freddie mac are not backed up by -- there is a law that says they cannot draw on the credit of the united states. secretary of the treasury stand on the steps of the treasury wants the year and say i reaffirm no federal guarantee, but their loans always traded with a discount that indicated the market thought they were backed up by the u.s. government and they were and they got bailed out. but i did talk to a couple of economists who said stocks for loans or biggest banks. indicating the market doesn't believe the biggest banks would be allowed to go bankrupt in 2008, these bailout happening and we saw t.a.r.p. you cannot argue that they the tea party started was the day the bush administration announced $800 billion bailing out the big ba

and now government mortgage giant fannie mae is kicking in 3% of the closing costs for first-timers as well. so is this a good plan or are we heading right back to the government-sponsored housing freebies that help to cause the last financial collapse? steve? >> this is a bad sequel to a bad movie. the government has to give you money for closing costs and the down payment. that means you shouldn't be in there in the first place. and the u.s., for all of these programs that fannie and freddie do ranks 37th in the world in terms of the rate of home ownership. this is a case like most government programs less would be more. let the economy thrive and home ownership would go up. >> austin, is this history repeating itself? >> on this particular thing, i don't think so. i mean the closing costs are too high. they have ridiculous fees. in another context if you propose this, people would be saying, it's a crazy tax increase. so if it's not increasing the debt load of the consumers that could be a good idea. but i agree with steve, that if we just reinvent fannie and freddie in the way they

fha, the government ensurer of home loans lowered the premiums at the beginning of the year and fannie mae and freddie mac launched new loan products g 3% down. as of last month freddie mac allows the down payment to be gifted. in other words, no homeowner skim in the game. the new options are behind a jump in montgomery applications to buy a home compared to a year ago. applications for government backed loans are up 17% in the last month. but the new options are only going to the best borrowers with high credit scores and low debt levels. that part of lending has not loosened at all. >> i think we got too risky. you knock the barn after the horse has escaped and we're doing the same thing now and i think it has been done repetitively over time. >> to make matters worse. rents are pushing ever higher. seeing the strongest two-month stretch in four years. that is because more p int apartments pushing occupancy to the highest level since before the recession. on the bright side they are moving in because they are finally getting jobs. for "nighlty business report" dia in washington. >>> and

with private capital not returning to the mortgage market non-bank lenders largely have to sell to fannie mae and freddie mac. that should keep risks low but at the same time not limit creativity. for "nightly business report," i'm diana olick in washington. >>> all the controversy surrounding lumber liquidators weighed on sales. that's where we begin tonight's market focus. the hardwood flooring maker a dropoff in sales media reports accused of selling with higher levels of a known carcinogen. the company denies the allegation and manages to post better than expected results. up to $23.20. car max posted a big jump in fourth quarter profit as its used car sales, she tried to say, were strong. specifically luxury vehicle sales helped bolster the results. shares popped 9% to $74.73. auto nation also benefitting from a rise in new vehicle and luxury car sales. the ceo said one car in particular helped performance. >> if you look for the industry all the increase is in trucks and this is still with the number one selling vehicle the last 35 years, the ford f-150 in changeover. we still did not h

government over fannie mae and freddie mac.ackman and bill berkowitz say that the feds have illegally seized all of the company's post profits. remember the government did bail out these giants, put them into what is called conservatorship. but now it is not a matter of paying back the loan. the fed is paying itself devin nds and these investors have an issue with this. we will be joined by senator chuck grassley of iowa. senator grassley is with us now from capitol hill. senator grassley -- thank you very much by the way -- some people look at the questions you are raising about the divergence of profits from fannie and freddie and drawn the conclusion that you are on the side of the hedge funds. that you have been sucked into the bill ackman and bruce berkowitz orbit. senator grassley: let me suggest to those who say that that i do not care about any hedge funds. my concern is simply as a check and balance as you study in high school government, where a constitutional check on the executive branch of government and there are

i think the whole government was responsible with fannie mae and freddie mac for forcing banks to givethese worthless mortgages out and bundle them and then you blame the banks when they were forced to take these things and pass them on to somebody else. then when it hit the fan everybody is blaming the banks. i understand it was a community of reinvestment program back to carter that started this. you guys forget about segal and make heroes out of dodd-frank when they show who they were when they decided not to be in congress any more sfp >> let's let the congressman responds. >> first i voted against the repeal of glass stegal. as far as i'm concerned banks were part of the problem. if i had to put in order who was top, it was the unregulated financial services industry that was probably the number one villain in all this. >> i think what john is stories was congress was putting pressure on fannie mae and freddie mac to do more and more mortgages. >> i'll take the heat on. the pressure was never to bundle to give mortgages to people who didn't deserve it. that was never the pressure.

one of those days, a week before we needed to step in and put fannie mae and freddie mac in the conservatorship, i was visited by pro-democracy activists. he came to see me at treasury with his wife and young children. he came to thank me for what i had done in securing his release a year earlier. what i found is if you make progress with the chinese on the economic issues it is easier to deal with some others. we found common ground that had led to the release. charlie: you could do it case-by-case. mr. paulson: case-by-case, and in terms of the broader picture, he has been clear. he said i don't aspire to have western multiparty democracy. i'm not looking to have western values. he wants a good relationship with the u.s., but this is -- what he does instead, right now he is focusing on the things the chinese care most about. the corruption, the environment, the property rights, the income disparity. he has done away with the one child policy. as more people move up and become more prosperous, i think they are going have demands that he loosen up. charlie: he's an interesting man. he has writt

. >> nonbank lenders still have to y(rde by capital and underwriting standards by fannie mae and freddiereplace the penn branch site and it will open next year. >>> well, he wanted to bring attention to campaign finance reform. instead he brought securitye1 concerns to light. what man whow landed a gyrocopter on the lawn had to say about his stunt. >>> runnersÑi will take off in the boston marathon and we have a look at how police plan to keep everyone safe. >>> looking liv'y at storm te radar right now, take a looki all that green. the rain is starting to move out of our area for now.ñrqxd >>> looking at the stories making headlines at 5:30. another white house fence jumper is facing charges. the incident happened around 10:30 last night. this time on the south side of the white house complex. secret service tells us the individual was immediately arrested. >>> police trying to identify suspects who robbed the house while people were inside it in montgomery county. officers say several men arrangemed with guns kicked in a house in germantown. that happened before 11:00 has night. no one

if you look at dodd-frank, whatever you think, the results have been fannie mae and freddie mac, a bige of the financial crisis, continue without any reform. 10 banks to big to fail have become five. their position is stronger, not weaker. the risk is arguably stronger. the regulatory agencies that were supposed to be overseeing the financial system have not been reformed. we just added a new one. 3000 community banks have gone out of business. what happens with complicated and complex government is the big, the powerful, the wealthy and the well-connected thrive. the small get crushed. that is what happens. it matters when we are destroying community tanks because they are places that lend a helping hand to family-owned businesses and small businesses, which are still the engine of economic growth in this country. my husband started as a tow truck driver. that is how many americans start. when we crush small businesses and create a system where only the big and powerful can make it, we have economic growth at 2% and not 4%. we have stagnant wages and not enough jobs being created. tha

despite having a degree in math, he was unable to get a job until he connected with the program at fannie mae. >> other people there are things they may just let go someone with autism wouldn't. >> some bring unique analytical skills the ability to understand and dissect data. >> the autism program has been active at freddie mac for more than three years now. april is autism awareness month. >>> the library of congress has an i.t. problem. that's the verdict in a new report out today on the largest library in the world, home to 158 million books, manuscripts and other materials as well as the u.s. copyright office. but government investigators say the library's i.t. department is disorganized and lacks leadership, partly because the library's chief information officer does not have enough oversight or authority. the library has had five temporary cios in just the past three years. >>> a police officer caught verbally abusing and screaming insults at an uber driver in new york. >> i don't know where you're coming from or where you think you're appropriate in doing that. that is not the way it

not returning to the mortgage market nonbank lenders margely sell their loans to freddie mac and fannie mae> well here is a story that a lot of people are still talking about. a limited release of a lily pulitzer fashion collection for target caused quite a frenzy yesterday. the sale launched online early sunday at 3:00 a.m. but the website was down at several points overnight, so a few people were actually able to make any purchases. most stores sold out of the collection within minutes of the doors opening at 8:00 a.m. target says the lily collection was limited edition and stores won't be getting anymore of the product in. that happened a few years ago with ma sown ni and target. >>> a celebration of technology and innovation is under way. the fifth annual philly tech week presented by comcast is happening right now with more than 150 events going on throughout this week. here to talk about some of the programs going on is steven petties, who is the leader of mobile active development and wearable tech for creative tech works. steven, it is so great to have you here. >> thank you for hav

we're asking tim and a former fannie mae executive. thank you for coming in.ike a nightmare coming back to haunt us. you gave us these numbers, which i thought were fascinating. bank of america says that cashout refis are up 45%. lendingtree sees 40%. how come they're on fire here? is it just lenders doing more here or is there huge demand? >> a combination of things. i will pump the brakes a little bit. don't pull the fire alarm just yet. a lot of levels it's a positive sign that homeowners are getting enough confidence that the durability of this appreciation that they've gotten over the last years is here to say. now that they can take liberties not to the extent that they did during the housing run-up, but enough to pay off the debt they've accrued the five or six years. we've been in the recession. people haven't made any income. home improvements have been deferred. >> we have a lot of things that we'd like to buy. a lot of things on hold. tim tell us why people would opt for this product and what the problems were in particular in the past. why were the

use fannie mae as the example. >> exactly. so my question is what if you don't get there? what if the two of you -- because the two of you really do need to agree if you're going to actually transform the faa. so is there going to be a winner and a loser here? not saying that you're up against one another. but -- >> it's going to be up -- peter and i can have our disagreements. but the stakeholders out there have to be really engaged in this. and across the board from the air traffic controllers they went through 23 extensions three years out a pay raise, sequestration and government shutdown. they always seem to get hammered. they've had it with the system and they want to do something different. you're going to have to have the manufacturers, when you talk about the certification program, we've got to fix it. we've got a manufacturer of a business jet they told me they are three years ahead of their competition to get their jet out, three years ahead. that gives them a huge competitive advantage. but the faa at every step sl

been underwriting loans since the crisis, only with government backstop loans that get insured by fannie maeey may be able to push new lending standards with new types of scores. fair isaac announced a pilot program for fico scores that use alternative data to help set them. such as property and utility records. anyone who supports this kind of shifts says recon figured scores will only be used to help responsible borrowers. that may be the case. (?) but one critic, anthony, told me today, quote with weak wage growth changing credit scores would result in more households being put into homes that they can't really afford. that would create another bubble, particularly if the fed keeps juicing the market unless wage growth increases dramatically, we could see another big crash. >> peter, i have to tell you. i see this as seeing the same movie again and it doesn't have a happy ending. these credit scores could put millions of people in homes who otherwise -- >> yep. gerri: -- would be deemed not capable of affording one. it sounds crazy. >> and there's a reason why someone gets a low credit sc

. >> but one of those days, which is august 8th a week before i -- we needed to step in and put fannie maereddie mac in conservatorship i was visited by an anti--- excuse me a pro democracy activist, a man named yan, yan lee and he came to see me at treasury with his wife and two young children and came to thank me for what i had done in securing his release a year earlier. and what i found is if you make progress with the chinese on the economic issues, it is easier to deal with some others. so we found common ground that had led to the release of yanyan yang. >> and in terms of the broader picture, xipeng has been very very clear. he said i don't aspire to have western multiparty democracy. i am not looking to have western values. he wants a good relationship with the u.s. but this is -- and what he does instead right now, he is focusing on the things that chinese care most about, you know as we said before the corruption, the environment, the property rights the income disparity. he has effectively done away with the one child policy but ultimately i think as more people move up and bec

. >> and now banks, especially those who god burned only the only fannie mae or lehman brothers but that's the wrong lesson to draw from the crash. healthy skepticism is one thing, a total unwillingness to believe in anything positive is something else entirely. if you're going to own stocks you need to be willing to extend some measure of trust to the people who run the companies that you own shares of. what else could be going on to spur buying? had a massive amount of consolidation and a host of industries as of late. seen it in airlines rental cars, food telecommunications entertainment, perhaps these executives are buying stock because they hear the footsteps. maybe they have been contacted by some other company and turned that company down. spurred overtures happen all the time and if executives think they may be next could be a healthy and honest reason to buy. of course, they have to disclose anything that's a serious bid, but a lot of times you just get a phone call say no bye. then they do that because the company is worth more than they thought. maybe they think the company coul

host: i think what john is referring to, though, is congress putting pressure on fannie mae and freddieo do more. guest: and now will take the heat on that. it was never to bundle these things and sell junk bonds. the pressure that i participated in during the study get more people into home ownership. i am not ashamed of that. i do think that people like me might have pushed a little farther than we should have. but given the choice of seeing one or two people should get more than they shouldn't -- i think all motor ship is the main way in the middle class for most americans. visit a difficult balance -- is it a difficult balance? host: when did you cross the line? guest: by not being clear. i never knew they were giving out no documentation loans. that is crazy. at the same time, i would take my share of the responsibility for not stepping back and say oh, how did you meet the push we had? how did you meet that criteria? someone had said we did no documentation loans, i would've said, wait a minute. host: how were they able to do that without congress know what they are doing? guest:

we had a problem in the 1980's with fannie mae because it was so rely on portfolios and became insolventbut they function as the backbone of liquidity in the secondary mortgage market. they got off track with a business model and the ridiculously low capital requirements and with the use of the portfolios in the late 90's. they moved into the primary market. and that created the problem. to suggest that we can rub them up and replace them with the banks and a single mortgage securitization platform that is run by, let us say, they think. it does not seem to be a realistic option. how do we bring in private capital? that is the issue. no one has offered a really separable way to bring private capital in. is this hope and prayer. brendan: let me bring up a chart though. we are looking at basic as anti-data. for radio, you do not have -- basic s and p data. for radio, you have to look at it. are we too dependent on housing? >> people have to live somewhere. it is an important part. i think what happened in the crisis was that fannie and down too far in the credit and congress was pushing th

prior to coming to the irs, he served as the nominate of -- nominal chairman of fannie mae and freddie mac and chief executive officer in 2009. prior to that, he was the president of the u.s. soccer foundation. we have a lot to talk with you about on that one. he is the officer of deputy mayor and city administrator of washington d.c., assistant to the president's chair on the council dealing with the erosion and deputy manager of the office of management and budget. he has also had 21 years of experience in various private sector positions hoping to turn around troubled organizations. i'm detecting a pattern. the idea is for the commissioner to give a keynote page, and then we will follow up with a panel discussion moderated by howard gluckman. on that panel, we will hear from rosemary marcus and nina olson both from the irs, eric toter of the tax policy center, and david williams of intuit. all of their bios you should have received the packet when you came in this afternoon. with that, i will ask you to please join me in welcoming the commissioner to the podium. thank you. [applause

if you look at dodd-frank whatever you think, the results have been fannie mae and freddie mac, a big source of the financial crisis, continue without any reform. 10 banks to big to fail have become five. their position is stronger, not weaker. the risk is arguably stronger. the regulatory agencies that were supposed to be overseeing the financial system have not been reformed. we just added a new one. 3000 community banks have gone out of business. what happens with complicated and complex government is the big, the powerful, the wealthy and the well-connected thrive. the small get crushed. that is what happens. it matters when we are destroying community tanks because they are places that lend a helping hand to family-owned businesses and small businesses which are still the engine of economic growth in this country. my husband started as a tow truck driver. that is how many americans start. when we crush small businesses and create a system where only the big and powerful can make it we have economic growth at 2% and not 4%. we have stagnant wages and not there are soon many people

representative shuster: i would never use fannie mae as a model. fawn: what if you don't get there? the two of you really do need to agree if you're going to transform the f.a.a. system of is there going to be a winner and a loser here? not saying that you're up against one another but representative shuster: peter and i can have disagreements but the stake holders have to be -- the air traffic controllers went through 23 extensions three years without a pay raise, sequestration and government shutdown and they seem to get hammered. they've had it with the system. they want to try something different. you'll have to have the manufacturers, when you talk about the certification program, we've got to fix it. we've got a manufacturer of a business jet that they told me they are three years ahead of their competition to get their jet out. three years ahead that gives them a huge competitive advantage. the f.a.a. at every step slows it down. we've got to stop that. they've got to be, the component manufacturers, they're going to go to other countries and manufacture these things because

the average fico score on a fannie mae 30-year fixed rate mortgage is coming down.ccording to estimates from the federal reserve, americans have about $13 trillion in equity in their homes. that's up from 8 trillion at the bottom of the housing downturn. that's a lot of money sitting out there. as things start to circulate, people are more confident. they're making more money. this will be a good year for housing to be honest with you. >> we're in new york. what about housing? >> let's say this. it's what i tell people okay sustainable growth meaning we're not going to see what we saw across the country in pre-recession. where the prices. >> reporter: going up double digit. so they're going to go up i guess most economists say 2.5 to 5%, 6%. however, if they really spike, they become unaffordable. >> it was more than that last year. >> yes. i think you're going to see it level off with a growth but not over the top. >> chris, last word to you. a lot of people have been betting on the home builders. they've had a great run but they're lagging a little bit in recent s

housing finance agency $335 million for allegedly fraudulent sales of mortgage-backed securities to fannie maeand freddie mac. that's about 6% of what j.p. morgan chase paid in a public settlement with hf -- fhfa in very similar ways. in what ways did the actions of wells fargo differ from j.p. morgan. we'll never know because while the j.p. morgan settlement is public the much smaller wells fargo settlement is held confidential. the american people deserve better. these enforcement agencies don't work for the companies they investigate. they work for us. agencies should not be able to cut bad deals and then hide the embarrassing details. the public deserves transparency the truth in settlements act requires that transparency. it requires agencies making public statements about their settlements to include explanations of how those settlements are categorized for tax purposes and what specific conduct will generate that apply toward the sticker price. the bill also requires agencies to post text and basic information about their settlements on-line. and while the legislation does not prohibit

he's opposed to fannie mae and freddie mac. as the gentleman knows, those nevertheless enjoy broad-based support in this house to a greater or lesser degree. tria we passed knot withstanding the chairman's opposition to tria, on a bipartisan basis with overwhelming big numbers. i think that was the right thing to do. i would urge the majority leader to urge the chairman, who i think does not enjoy the support of the majority in this house on his position. i know you may share that position but i really do believe the house has a position that we ought to pass the export-import bank and we need to do it sooner rather than later to make sure that we continue the confidence that purchasers of u.s. goods whether they be airplanes or widgets will continue to keep doing so with the thought that we have in place what almost every country in the world has in place a facilitating of that export ability of our country. so i yield to my friend. mr. mccarthy: i thank the jelled for yielding. i do want to correct one part -- i thank the gen