but the actual note was owned by fannie mae. noreen and shawn put in an offer.he note was sold. >> at which time, when fannie mae realized they made a mistake, there was an offer on the table. they had to buy it back. >> and over the course of a few months, noreen and shawn went back and forth to the bank with offers and counteroffers. >> so much frustration. lot of emotions. >> we're -- we're just a -- a -- a piece of paper on somebody's desk. they don't know us. they don't care about us. >> finally, an offer was accepted. but the same day noreen and shawn sent in their signed paperwork, the note was sold yet again. >> the owner accepted it. we accepted it. we all signed on it. the bank didn't. at which time, they sold it again. it's been, uh, an emotional roller-coaster. we have storage units full. we're -- we're ready to go. and, uh, this house, this note, the piece of paper just gets shifted from, uh, financial institution to another one to another one. >> even though the seller agreed to their offer, it still has to be proved by the new holder of the note.

and freddie mac. >> they underwrite mortgages. >> all these folks have mortgages because of fannie mae and freddie mac. and the republican party won't back their own presidency up. if you want to understand where the fault lines in the gop emerge and split open, summer of '08 is really that moment. >> let's come back to continue this conversation because i want to talk about how it's affecting the decisions we're making right now politically. we're out of time today. >> it would be my pleasure. >> a history professor and author of "crashed." >>> happening right now, the prosecution is preparing its rebuttal after the defense's closing arguments in the manafort trial, and soon the whole thing goes to the jury. paul manafort is facing 18 charges, all banking and tax fraud related. the charges are related to his work with the trump campaign. but this trial is the first test for the special counsel's office and the prosecutor has repeatedly sparred with the judge. our national security and justice reporter, julia ainsley, joins us now from the courtroom. julia, the -- are we maybe two hour

that fannie mae and freddie mac were stabilized.o middle class american owns that house and refocus couldn't -- so it into -- to's really does crucially depend on the one party and its capacity to build coalitions that are necessary. that is fragile and they face for ocean opposition from republicans who are nothing if ready -- come with -- political combatants. >> they no longer resemble what they once did. >> one of the great legacies of 2008, between the globalist elite and the republican party, it snapped over fannie mae and freddie mac and they never got it together again. the chamber of commerce is out against a republican candidate. >> wonderful insight. thank you for being with us. author of the new book "crashed." thank you for joining us. time now for the stock of the hour. following the most since itsuary after spinoff of wrangler jeans business p are joining us with more is remain. so why are jeans out and at leisure in? because the company wants to focus on some of its higher growth bands -- brands. the jeans business f

a new report from fannie maes showewer americans think n is a time to buy or sell a home.er said they fell sure of keeping their job in the coming year. for millennials, that means waiting. >> what they're telling us is we have to have a good job. that jas to have a good growing income. we have to have our credit innd shapee're probably going to get married and have a baby before we're in a position to buy that house. >> none of this hodes well for sales in the second half of this year especially if mortgage rates move higher which the could potentially do, weakening affordability even further. for "nightly business report" i'm diana olickon in washin. >> general electric will sell its power conversion business for much less than what we paid for it. that's where we begin tonight's market focus. >> ge is, workingisith credit bankers for $1.3 billion and ge bought it for more than $3 billion. shares oflwe f 1% at 1277. the fda has approved its first drug which is intendedo treat a rare and often fatal hereditary disease. it is also the first approved treatment in a new clas

fannie mae and freddie mac, the republicans will not give their own president of the.ing when the gop becomes a party of protest rather than government, that moment there encapsulates it. going forward, that is the big question for global economic governance. is the united states still a cooperative player in the game? will it be able to cooperate with china if china comes under pressure the way it did in 2015. protest,ve got this you've got president trump, and china trying to engineer a soft landing. how do those in iraq? adam: -- how do those two interact? adam: it looked like the china boom was going to break that. -- break bad. yellen had a decision to make in december 2015 to raise rates, and she does not. she explicitly justifies this in terms of global credit conditions. the fret internalized china as part of its decision-making process. three years on we have a president who tweets celebratory about the collapse of the shanghai market as a symptom of his trade war against china. differenttwo political environment. guy: is everything in the same bucket now for

bill, fannie mae or freddie mac, we do have a blended economy, and we're not going to get away from thatng to a point to be talking about free everything, but republicans also need to reckon with the fact that there are people who are looking for a social safety net and and other things for the federal government to do. charles: who's really missing it are the elites. listen, i bring on a lot of wall street folks all the time, and we battle over the use of tariffs when everything else has failed and so many other things. and when i listen to them, and i've said this b you know, adam smith wrote a good book, but it wasn't the bible. you know, things have changed. you know, you have a group of americans, millennials, who feel like something is wrong. they're supposed to be the first group that does worse than their parents. and i think there could be some ugly political consequences. one day we might elect somebody who could really be a nut. >> well, look, but i also think they're a result of what has happened over the last 20 years, that dynamic of how the future looks can change, of cour

>> is being provided by fannie mae and freddie mac.me of the criteria you mentioned. fannie mae has no income -- [inaudible] >> that is the low mortgage loan program. they only require psycho score of 580. at least one of the borrowers with no income, no geography wanted. ashley: have they been down this road before? stuart: steve forbes sitting next to me says you're wringing your hands in despair here. >> we've seen this movie before. the amazing thing is other countries have higher master subsidies that would send up with a huge like 2008. could've been a trying to resurrect an old bad movie how about privatizing cnn friday. let them go out in the marketplace and that the government pulling back and let the housing market flourish on their own. it is not the lack of funding. it's all the local regulations that make it difficult to get permissions to build houses in an efficient and cheap way. stuart: we have an interest in this development. southwest airlines changing their policy for service animals on flight. first of all, what ar

that from a new report from fannie mae it shows fewer americans think now is the good time to buy or sell a home. and fewer also said they felt sure about keeping their jobs in the coming year. none of that bodes well for the second half of the housing market this year especially if mortgage rates move higher although we are starting to hear more theories that inflation could delay that rise in interest rates >> maybe a little. thank you, diana we've got ten minutes before the closing bell we see the s&p and nasdaq and russell all in negative territory as well. >>> when we come back a new lawsuit claims nike fostered a hostile work environment and discriminated against woil that's coming up on "closing bell." let's get started. show of hands. who wants customizable options chains? ones that make it fast and easy to analyze and take action? how about some of the lowest options fees? are you raising your hand? good then it's time for power e*trade the platform, price and service that gives you the edge you need. alright one quick game of rock, paper, scissors. 1, 2, 3, go. e*trade. the

fannie mae executive and chairman of the collingwood group on all of this.mortgage rates but applications and numbers and some of the more recent water economic data and housing data, is something wrong? restarting see cracks in housing market here? >> nice to see you, charles. if your seen volume and momentum come out of the housing market but bearing in mind within six years of blistering pace and looking at one measure if you get home price appreciation are still looking at a six and a half% procedure he on a year-over-year basis. permits slow and start slow and existing homes feel slow but it's a result of a couple different things. one is the inventory that is out there is obsolete for most of the buyers. not something that we could buy. the there too far out needs to much work and affordability continues to be an issue. of course, again 35% appreciation rates last five or six years catches up to you and that's also with the outpacing rate of income increases. those are major things. interest rates are more of a psychological thing than they are financi

a new report from fanny mae showed few americans think it's time to buy or sell a home fewer said theyelt sure about keeping jobs if the future none of this bodes well for housing in the second half especially if mortgage rates move higher and that would weaken affordable further. >> bringing the good news on friday thank you so much diane aire appreciate aire. >> sunshine. >> we need the reality check >>> coming up on the second hour of power a big drop in prices of soybean. we talk to a soybean farmer how his livelihood could be impacted and cot turkey tubls spill over for the global economy. >> in kansas city? >>> i'm bill griffeth here is the men u this hour. turkish as crashing currency rippling through the markets here and abroad. could this be the spark that unsettling the wall street waters plus down on the farm, president trump's escalating trade war has taken a toll on the mid-west but we talk to a soybean farmer who doesn't want the aid he wants the trade and the big retailers are on the clock now. the last big group to report earnings is the consumer still shopping and spen

. >>> now this, fannie mae will offer loans if you just put 3%down, how about that?b massi: the property man" joining us right now. when i saw that, first thing crossed my mind, here we go again. that kind of loan, with small amount of money down, that started the financial crisis 10 years ago. what say you? >> we, stuart it is happening all over again. i have a saying a pig swells, a hog chokes. people want to own homes, if they can meet the criteria fannie will let them in and we have this going on not only with fannie, you and i chatted a couple weeks ago, wall street is back in the business. they're doing home equity loans all over again, seven-year calls. the same thing is happening. they know there is appetite for people that want to own again. as a result they're making it easier again. that is frightening to me. stuart: suppose you put 3% down, fannie will look at you and say, can you afford the 97% monthly payments? and they're going to look at your income. they will not take liar loans any longer, look at your income, if you can meet the monthly payment, th

data -- natalie andrews saying a federal employee sued the director of the agency that oversees fannie maend freddie mac, accusing mel watt of denying her a raise and promotion after he -- she rejected his sexual advances. filed and equal pay lawsuit on monday in a washington-based federal court seeking damages, back pay, and relief from claims of retaliation. the lawsuit alleges mr. watt asked ms. grimes to meet him outside the office to discuss job opportunities. ms. grimes was "disturbed by what was unfolding, especially in put in contact with mr. watt's continued unwelcome and on wanted sexual advances toward her." jeff is next from wisconsin, democrats line. caller: hi. have we talked about overstaying visa? my understanding is we have more people doing that than coming in over the border. plus, we need to make either mandatory, right now it is voluntary. people come in and say they want -- emma kratz want the illegal immigrants -- democrats want the illegal immigrants. republicans put companies in jail or fire them from hiring illegals, they stopped enforcing it. that is where the mo

app new report from fannie mae shows fewer americans believe now is the time to buy or sell a home fewer sure about keeping their jobs in the coming year. none of this bodes well for housing in the second half of the year especially if mortgage rates move any higher which they could very well do and that would weaken affordability even further back to you, guys. >> all right thank you. the president is weighing in now. i've got half of his -- fizz tweet on the n apple i don't know if we made a board. here we have it. the nfl players are at it again taking a knee when they should be standing proud by for the anthem numerous players from different teams wanted to show their outrage at something most of them are unable to define. they make a fortune doing what they love. and we have the rest of the tweet. dot dot dot usually means another one is coming? >> stay tuned for more. what he's effectively saying >> you know nfl is starting again. >> i'm aware of that i've heard >> i think the giants lost -- did they lose to cleveland but saquon's first run was what? 39 yards that's pretty good you