the first thing, we're talking about mortgages that are owned and guaranteed by fannie mae or freddie mac. that is the universe of borrowers. then we are talking about borrowers with mortgages owned by fannie mae and freddie mac whose current loan gamma value ratio is above 80% and who obtained their mortgage sometime before june 2009. we announced several changes to the program to make this program more accessible to these borrowers, and it is really hard to say exactly how many folks will take advantage of it, but given the changes we have made, we estimate we may be doubling what we have already seen come through the program, and this will help folks to have been locked into not being able to take advantage of today's lower mortgage rates to be able to do so and to also reduce the credit risk to fannie mae and freddie mac. >> some not getting on board, they saw some barriers to the program. you worked to remove some of the risks involved. do you expect the mortgage industry to get on board now? >> that is a great point. in fact, part of the friction i mentioned was making things appear

you could give us a sense of when fannie and freddie might do on a real estate owned to rental program. >> a little background for viewers. fannie mae and freddie mac do have over 200,000 properties in their portfolio. these are properties that have gone through foreclosure and then fannie and freddie need to sell they will back in the marketplace. usually this is done a single property at a time. what we did is as you noted we invited public comment in august as to whether there were ways of packaging multiple properties -- maybes, maybe hundreds -- doing geographically - based way and put them out as a group particularly styling the offering to the marketplace in a way that is attuned to the local market conditions. so there is a strong rental demand in a particular market it may be a i attractive to sell them -- it may be attractive to sell them to a group that is interested in rent being the houses in the marketplace. 4,000 noted, we receive 4,0d comments and we think we will have good ideas come out of it. i can't say which ones or when but now that we have the harp announcement out we are turning to this as the next priority. >> in terms of t

are going to go to refinance because those less fees are going to take away money from fannie mae and freddie mac. and every quarter fannie mae and freddie mac. take money from the taxpayers because they lose money so then it's a vicious cycle because i think you know you could say if the government at the same time maybe they're not so worried maybe they just want people to have lower fees so they can then have more disposable income so they can spend it and then you know you get to count that as part of a reinvigorating the economy and consumers are buying again and then we get this impression that things are going just fine but then consumers are. going to take and i mean i i it's overall it's a weak attempt at a huge problem i think that's the biggest thing the takeaway is we need if you're going to take bold actions if you want to make bold proposals to congress you can make you can make bold steps when it comes to dealing with fannie mae freddie mac. this is a weak attempt is but overall if you look at the obama administration's policy and the way they've tried to tackle everything you talk

>> what i missed in 2005 was just how bad fannie mae and freddie mac had distorted the housing market. that's why i said what i said in '05 that i further learned later in terms of fannie mae and freddie mac. i honestly did not realize just how bad it was, just how bad the whole bonding and derivatives thing was and we were on the brink of a total financial meltdown. i learned later on by looking into it deeper that the situation was a lot worse than i thought in 2005. >> well, in 2008, this is september 1st, 2008, another column you wrote about the economy, and it reads as follows. you wrote the supposed failure of bush's economic policies has been a constant theme of the zks since the 2006 elections when the democrats regained control by convincing enough of the voters that the economic sky was falling and the war in iraq could not be won. they plan to continue those themes right through election day on november 4. economic sky was falling september 1, 2008. 15 days later, the lehman brothers collapse. we know what happened after that, a total near sky is falling moment. so how -- i

those who have mortgages owned or guaranteed by government lenders fannie mae and freddie mac, loans made on or before may 31, 2009, and are current on their payments for the past six months with no more than one late payment in the last year. the program would allow homeowners to refinance, no matter how much they owe, eliminate appraisals and many underwriting requirements and waive many expensive up-front fees. government officials were hesitant to say how many homeowners are eligible. unestimated as many as 4 million while independent economists estimated as few as 250,000. the government acknowledges the program will not help 6 million americans already facing or in foreclosure. >> we've got to do more to help the communities that have been hardest hit that are struggling with vacant and foreclosed properties. >> reporter: las vegas resident dennis smith is nearing retirement but feels trapped by his mortgage. he thinks he could save as much as $500 a month with this program. >> it's a very, very stressful situation for my generation who has always looked at the home as a safe i

his leverage to affect those services not affected, loans that are not affected by the fannie mae and freddie mac. >> we'll take a quick break here and be back with more press pass conversation with maryland congressman elijah cummings. woe talk politics including why the tea party supports herman cain. now, is the way to create a better tomorrow. that's why we're announcing, that with the planned merger with t-mobile, at&t will begin bringing five thousand jobs to america from overseas. we will invest eight billion dollars more... and deploy the next generation of wireless broadband to nearly everyone in america. this investment will create as many as ninety-six thousand american jobs. here at at&t, we believe in the future. we're not hesitating. we're investing in america now. why? well, we know it's good business. because america has always been... and always will be a smart investment. at&t. >>> and we are back as we continue our weekly "press pass" conversation with congressman elijah cummings. let me ask you, first of all this fast and furious issue that's come before your committee. do you

malas noticias para las organizaciones comunitrias que reciben financiamiento de fannie mae y freddie macara su programas... esos gigantes en el campo de la vivienda han manifestado que reduciran aun mas la ayuda que otorgan...las donaciones de fannie mae y freddie mac alcanzaron a unos 100 millones de dolares en los ultimos cuatro anos..los receptores de la ayuda temen que el gobierno ordene a las dos companias supender la ayuda que otorgan. la comision que regula el funcionamiento de los taxis en el distrito de columbia suspendera el limite de 19 dolares que pueden cobrar los taxistas en la capital... esto quiere decir que los taximetros continuaran sumando durante todo el tiempo que el pasajero utilice los vehiculos sin importar la duracion del viaje... igualmente el cobro de un dolar adicional por concepto del pasado aumento de los precios de la gasolina seguira en efecto hasta mediados de noviembre, y pese a que el costo del carburante ha estado bajando constantemente... @@@@@@@... en alabama las duras en washington continua la batalla de los trabajadores del sector de limpieza que b

contributions from fannie mae and freddie mac will cease to exist. h what this means now for nonprofits, mel. >>> fanny and freddie have been the two largest corporate donors, nationally and locally but the implosion of the housing market means their finances and roles are dramatically changed local charities may not be able to rely on them any more. >> reporter: fannie mae money helped build this day care at martha's table. freddie mac money sustains bit but contributions could be going away. >>> succession of shoes that keep dropping. >>> martha's table is one of hundreds of local nonprofits, that have counted on funds from fannie mae and freddie mac. in 2007 the two housing finance titans contributed, $65 million to charities nationwide then the housing market collapsed the companies lost money and their donations dropped 40%. >>> we are still dealing with demand for grocery, that quadrupled over the last two years, 260 kids are on our waiting list for day care. >>> a new report predicts what this political climate, fannie mae and freddie mac will

and because fannie mae and freddie mac was corrupt at the core, you know, two of the people that probablyto jail first, barney frank and chris dodd. because their committees had oversight of fannie mae and freddie mac and it's documented that they turned the other way, put it under the rug. they didn't do their job. >> give me a very quick pie. here's a pie. how much is obama's fault, how much is wall street's a fault, how much is the fault of the people themselves? >> i would say that 50% of it is obama's fault, 25% of it is wall street's fault and 25% of it is the individual's fault. >> that's a straight answer, from a politician. >> i'm not a politician. >> thank you for reminding me. i need a break to recover from that honest answer from a near politician. >>> when we come back, i want to talk about your views on the personal >>> if i am fortunate enough to become the republican nominee, it's going to be the problem solver who fixes versus the president who has not fixed anything in this country. >> back with herman cain, i want to get your personal views, is the all encompassing them

>> income independent, the critical components your loans are guaranteed by fannie mae or freddie mac most people don't know that, fannie mae and freddie mac have web based tools to allow the borrower to find out if they have one. so you can go see if you have a loan. and for harp specifically you have to have an ltv of 08% or higher but -- 80% or higher but we have refinance initiatives. >> it is an election period as we know there will be critics of this harsh -- of the obama administration who made this an executive order now let me ask you, they say this is just prolonging the pain that in several years down the road you will still be facing this same problem, how does this look to the future? >> well, i think one of the other criteria, for eligibility is they have a good pay history and currently current harp is for those people who have been making payments on their loans there are a lot of issues in the foreclosure space harp is not focused on that, it is for people who through no fault of their own the loan has lost value they can refinance get into a more stable loan get a lo

ken's loan is held by the bank of new york and not by fannie mae or freddie mac. at a time when lower interest rates could save him $2,500 a year, he says the bank has blocked his request to refinance. >> basically they've said, we don't have program for you. i don't apparently fit into this program either. and that's my dilemma thus far is i keep running into a roadblock of this might help others, but it doesn't necessarily help me. >> reporter: and ken lalonde has a lot of company. while the administration could be helping as many as one million people with government-backed loans, estimates say there are seven million homeowners like ken lalonde, who are underwater on their bank loans, are up to date in their payments and who could benefit from lower interest rates. until the banks help refinance that larger group of homeowners, economist dean baker says the president's plan will have limited impact. >> it's difficult for president obama to do very much without help from congress. he can try to pressure the banks, but thus far at least that's not been very succ

was fannie mae and freddie mac. and because fannie mae and freddie mac was corrupt at the core -- do you know two of the people that probably should have gone to jail first? barney frank and chris dodd. because their committees had oversight of fannie mae and freddie mac, and it is documented that they turned the other way, put it under the rug. they didn't do their job. >> give me a very quick pie. here's a pie. how much is obama's fault, how much is wall street's fault, how much is the fault of the people themselves? >> i would say that 50% of it is obama's fault, 25% of it is wall street's fault, and 25% of it is the individuals' fault. >> that's a straight answer, from a politician. >> i'm not a politician. >> so you keep reminding me. i need to have a break to recover from that honest answer from a near politician. when we come back, i want to get stuck into about your personal views on the burning issues of the day. >> okay. >> be prepared. >> you might get a straight answer. >>> if i am fortunate enough to bec

>>shepard: freddie mac has a resignation going on, the head of the place, and i didn't realize, but gerri is us with. freddie mac and fannie maeogether, absorbed more than $141 billion of taxpayer money. >>gerri: a big black hole. >>shepard: $141 billion. >>gerri: $55 billion for freddie mac, a big black hole. the last report for the quarter inned in june they lost $2.1 billion, a nightmare for the country because this company, fannie mae and freddie mac together back or work with the vast majority of motors and they have major, major, financial problems. the guy you mentioned came if to clean up after. >>shepard: in 2009. >>gerri: didn't work we are still fighting the fight. >>shepard: try the "swiffer." helps to clean. a prominent wall street executive on charges of the biggest leaking of corporate secrets to a hedge fund. >>gerri: and proctor and gamble, one of the biggest in the country, called "procter and god," a shocking revelation, you did not expect the board to engage in this. this guy would have been known in boardrooms all over the country, running a global business and gave information to a fellow names rah and he

the banks did that and said the loans or goods, and then sold them and fannie mae and freddie mac. why are we not getting our money back at 100% on the agreement? guest: you brought up a lot of good points. with regard to the refinancing, i believe fannie mae and freddie mac programs have been much too complex and slow to get regulations. my office sees hundreds of people that have a very difficult time working through the process. a group of about 20 members of congress have gone to gather a few times and mr. memarco is pursuing suing the banks and try to get some of our tax dollars back. you are absolutely right. very few of the fannie mae and freddie mac clones were of the subprime provided that caused the crisis. area i represent is a hotbed of subprime lending. there was a lot of fraud, the so-called wire loans were prevalent. i have had realtors --and i used to be realtor -- before i came to the state legislature -- there are calling me up and giving me the first warnings about how bad this was in late 2007 and early 2008. they had this concern that the loans had been given to

no one believes the government is competent to do this foreclosure mess, fannie mae and freddie mac are incompetent. >>neil: but you have to be current. so, if you are in arrears, and maybe that is a new twist, here, it is not going to help you. it only helps you if you are just underwater in your home which could be a fine idea but i wonder how par and who it benefits. >>guest: a few hundred thousand people, maybe. last time on the last housing stuff, the more important stuff what steve wynn said, the president goes out to the politicians and they try to make a silk purse out of a this will be another continuation and its is follow meanwhile, we need the leadership, and there is the sense that he is not leading and he can attack congress all he wants but now the country is looking for a leader and if a country feels this decline, they will not go gently. >>neil: the president is more astute politically than critics give him credit. if you offer a program now, with the president arriving in las vegas and you give him the average american an option to take advantage of the mortgage relie

the practice of fannie mae and freddie mac make it too easy for banks to sell them bad mortgages thatnie mae and freddie mac have not received the oversight they should have received for at least a decade because chris dodd, head of the oversight committee in the senate. barney frank, head of the overtight committee in the house of representists, yes, i'm naming names, because they did not do their job. martha: he stands atop the gop pile in the crucial state of iowa. joined now by byron york, chief political correspondent for the washington examiner. he's also a fox news contributor. there is lots to talk about. let's start with what he just said. we haven't heard a lot of this with gop candidates putting the focus back on government. perhaps some of the blame needs to be shared by government? >> part of what herman cain wanted to do was push his economic plan. he started the day with an appearance at the american enterprise institute devoted to his 9-9-9 plan, then went to the national press club where he was asked questions about the case. then many more questions about 9-9-9 and w

this applies to those who have a fannie mae or freddie mac loan since before 2009. the payments on the loan have to be current and you have to be at least 25% upside down in the loan. the program will last through 2013. >>> steve jobs' biography is now out on store shelves and it offers plenty of insight into his life and the unique way he viewed the tech industry and its biggest players. >> reporter: it is on sale now, the steve jobs biography. it will probably be the most download book ever. he cooperated with walter isaacson. he had an intense dislike of google. >> he did not feel it was in their dna to have dignity in their product. jobs said i'm going to destroy android because it's stolen product. and the android brand could take a hit especially as jobs' public esteem has risen in the past few weeks. for now, more than 550,000 devices running on android are activated each day. meanwhile, apple sells about three million fewer iphones than anticipated contributing tie slight drop in the company's stock. the latest android challenger is the galaxy nexus from sam

one of the more destructive products that was outside of bernie madoff and -- any day and freddie mac. -- fannie maeeach month you owed more on your house. it was bad because you could qualify at $500 so you could buy a much bigger house. these products work very popular in places like california, nevada, southern florida. house prices had been rising very rapidly. the theory was go by a big house and refinance in five years. they were not subprime targets. they were targeting mostly young people in the expectations that their income would go up. it turned out to be a very destructive product. people had massive losses in their mortgages. guess to the big players were. washington mutual, countrywide, all large financial institutions that financed those loan portfolios with fdic insurance. they could not have raised the capital and the private marketplace. in addition, they got into a vicious cycle with higher rates that they paid on specific deposits. it became a vicious cycle using fdic insurance. bb&t chose not to offer a bad product. we chose not to offer it over ethics, not economics. however, w

a local report predicts contributions from freddie mac and fannie mae will cease to exist leaving a $20e to fill. fox 5 money reporter melanie alnwick explains what it could mean for nonprofit. >> reporter: fannie mae money helped build this daycare martha's table. freddie mac money sustains, it but those cricks could be going away. >> it's a -- contributions could be going away. >> it's a succession of shoes that keep going of. >> reporter: martha's table is one of hundreds of local nonprofits that counted on funds from fannie and freddy. in 2007 the two -- freddiy. in 2007 the two contributed to charities. >> there's 260 kids on the waiting list for our day air. >> reporter: now they've been taken over by the federal government and a new report predicts with this political climate fannie mae and freddie mac will soon disappear as we know. the ceo of washington grantmaker says the clock has been ticking. >> it's a bit of a wakeup call because now we know. >> reporter: that means nonprofits need to find ways to get more money from tape lot of places. >> we're -- a lot of places. >> we'r

he has served on housing advisory boards for both fannie mae and freddie mac. and, susan wachter is professor of real estate and finance at the wharton school at the university of pennsylvania. i'm going to start with you, susan wachter. we just heard-- and i believe you were able to hear him-- jon ralston in nevada describing the situation out there. he said what people want is a light at the end of the tunnel, some kind of help. do you see in this new plan that the administration rolled out today something that homeowners like them will be able to grab on to? >> yes, i do. i think it's a win-win. i don't think it's a game- changer but i think it does help get to that light at the end of the tunnel. i think it's a help. it's a help not only for the homeowners who will be able to take advantage of the historically low interest rates, who could not before because they were underwater far too far. of course nevada will have many of those homeowners. but it also will help markets because fewer homes will come on to the market continuing downward pressure. >> john

bottom and the middle is getting squeezed, not because the rich succeed but because of fannie mae and freddie mac and government. i would say to my friend, ron, one of the main reasons we're in trouble, is because of government and fannie mae and freddie mac. so government calls this and now you want to give more power to government? are you kidding me? >> it's interesting. deregulation of wall street that created the mess. you have consumer protection and you have bank of america trying to charge people $5 from their own account. same people who created the mess now have people like gingrich saying dodd-franks want to get rit rid of it. come on, ron. >> raped? >> as the crime, a corporate crime. i do not want to take it back. >> i want to ask you a question. >> anybody who has a mortgage and unemployed, how much occupied wall street. >> they pay property taxes, how much should i keep of every dollar i make? >> we want fair taxation. >> he won't answer that. [ talking over each other ] >> we have a system that works. >> i pay 40% is plenty. 1% pay 40, top 70% pay all the taxes. half pay nothing.

the previously wanted this to stop, given the uncertainty with the federal government, fannie mae and freddie mac. so we have gone back and said if this other city or county can do this, can you please revisit whether we can do it, and we're thinking specifically for this program, although there may also be an advantage to take effort of it for solar. we are waiting, but we're hopeful that we will have good news. with respect to any future bond, i certainly think that has to be on the table for discussion for financing possibilities. that is why it is so important to keep having these conversations, keep getting out there, talking to any interested groups, making sure that everyone understands how important this is. so if we get to a point where we do say, you know, this is an element of this program that we really have to seek approval for general obligation bonds to finance it, hopefully we will have that groundswell of support and understanding of the importance that will allow us to have a successful bond campaign, as opposed to what happened last year with prop a. commissioner walker: thank

the new rules apply to fannie mae and freddie mac mortgage holders.could begin as soon as december 1st. >>> we are following breaking news in capitol hill. nine people were evacuated following an acid spill. it happened at the aquatic center. shomari is at the scene with details. >> reporter: it is closed right now expected to reopen in 30 minutes. d.c. fire and ems are saying nine people were treated for coming into contact with acid commonly used to maintain, clean and keep pools clear. what's unclear is how and why they came into contact with this acid, why it was being used here at the pool while they were people here. it's closed and a lot of people waiting to go inside. one adult was transported to the hospital. they have not released the conditions of all nine people involved. i asked the manager what happened. he said quote, everything is cool, end quote. i said what's that mean? he said everything is cool. people breathed in the acid. if you come into contact with it, it can cause fluid in the lungs, breathing difficulty, severe burns. in wor

. >> reporter: the program is aimed at fannie mae and freddie mac loans taken before 2009 and whose payments are current, harp will now last through end of 2013, borrow 25% or more upside down, homeowners who qualify would get lower interest rates, but some private mortgage brokers have concerns. >> we are going to make money on it because it will be more loans but i think it is a bad move. >> reporter: kerry green of alleyed mortgage in an non-dale virginia is president of national lenders alliance and critical of the changes he says the housing market needs to stabilize on its own without any more government interference. >> let it seek its own bottom if it isn't already there it will repair itself every time the government gets involved and intervenes all they do is delay the ultimate repair of the housing market. >> reporter: but among the top ten states in foreclosure, are maryland, 24% and virginia, 23% federal regulators say opening up the harp program will ensure more homeowners stay off the foreclosure role. >> one thing we have really done is try to make stream lined refinance oppo

to glom on to this, and the republicans are saying, no, no, no, it is 19 family -- about fannie mae and freddie mace saying well, it is wall street? >>guest: but the president got the money from wall street and i don't know why the republicans depth say anything, they are defending wall street opposed to main street. look the anger against wall street extends from the far left to the far right. i have said this before. it is an issue that unites the wall street like nothing i have ever seen. but the problem is, if this blows up like what happened. >>neil: in 1968 with 9 -- the demonstrators it escalated after martin luther king's assassination and that of bobby kennedy, it took on a life its own and it was over-the-top in chicago. could we be looking at that? do they escalate? >>guest: if they are not properly organized. this is a free-floating situation, where people are coming from all their reasons. well, remember when this first started when the war was popular people listened because they were concerned about it and as it became more radical and more violent that was the beginning of negativit

. >>> according to the washington poarveghts [speaker/audio fannie mae and freddie mac gave money toty but said they probably won't donate that much again, that federal officials could order both to stop making doe nailings all together. >>> the anticipation is high for the announcement from apple. not much is known about the new phone including what it will look like or the features. when it is finally announced, the iphone 5 is expected to run consumers about $200. not half bad. >>> police say cars are being stolen at a very high rate in baltimore county. what types of cars and what you can do to prevent yours from being taken. that's coming up at 6:00 which starts right now. >>> a gunman forces the social security administration on lockdown. >>> do you want neon? do you want revolving? know this. it's going to be huge. we'll show both sides of the sign. eat right and exercise. you can make baltimore healthy. are you up to the challenge. right when social security breaks, there was a shooting. it did not happen on the social securitied a strags campus, offer, the campus was locked