once she becomes fanny's personal mate and this her way from her mother and into fanny found. it will derive an cecilia amore. she is who she wants. cecelia is not, but cecelia was going to have a role in getting fanny dressed and passing messages back and forth from different households about who is interested, who she likes, who she doesn't like, what such and such is wearing. so it's going to drive home the difference really profoundly between what the slaves life is like and what a free person's life is like. that will drive a wedge between any two people. and then there is always cecilia's uncertainty that is the married in the side of the house, that changes her life entirely, separate her mother. who knows if she has domestic service and going to sell her off. so it injects a lot of uncertainty and distressed into their relationship. >> wended the family take their trip to niagara falls? >> in 1846, fanny had spent the summer -- i'm sorry, the winter with relatives in washington d.c. since there was a wedding involved, a cousin of hers was getting married, it was a chan

from fanny. you ask about your mother and she tells her,about the differen her life and how they are doing and all this stuff and then she says your mother is still in our house considered, etc. and she longs to see you and all this stuff. so she gets the information and you get the gist of the letters from fanny that fanny treats it more like a regular correspondence where there is a sense of urgency or desperation from her side. she wants to -- when she skate she had to leave her mother and her brother actually behind. and so she loses that family connection and that tears at her and so she is trying to use those letters and correspondence and that friendship if you will to move through her. >> what was her life like in toronto? >> it seems to be pretty good. i mean, she moved pretty quickly through the kind of conventional milestones that we associate with slaves who have gained their freedom. she adopts a name for herself and keeps them cecilia but of office the last name which she had not ha

letters from fanny. she goes, you ask about your mother, and she tells her, but then fanny's letter are very chatty, talk about the different people in her life and how they are doing and all this stuff. then she finally says you ask about your mother, she is still in her house, et cetera, et cetera, et cetera. she longs to see you and all this stuff. so she gets the information. you get the gist but fanny treats it more like a regular correspondence where's there's a sense of urgency or desperation from cecelia side. she wants to, when she escaped she had to leave her mother and her brother behind. so she loses that family connection. that tears after. so she is trying to use those letters, that corresponds with fanny, that friendship if you will, to move through her to get back to her family and to maintain that connection. >> what was her life like it seems to be pretty good. she moved pretty quickly to the kind of conventional milestone with slaves have gained their freedom. she adopts an impartial.

he says had fannie been flexible, he'd still be in the house and fannie would not be facing a loss. >never even dream about that i was going to lose the house this way. >> reporter: it's one of nearly 136,000 homes fannie mae will have to unload. elaine quijano, cbs news, cleveland, ohio. >> pelley: we're not taking our eye off the hurricane. back with an update in a moment. moment. from my worst allergy symptoms. so lily and i are back on the road again. with zyrtec® i can love the air®. jjtoi switched to a complete0, multivitamin with more. so lily and i are back on the road again. only one a day women's 50+ advantage has ginkgo for memory and concentration, plus support for bone and breast health. a great addition to my routine. [ female announcer ] one a day women's. and i was a pack-a-day smoker for 25 years. i do remember sitting down with my boys, and i'm like, "oh, promise mommy you'll never ever pick up a cigarette." i had to quit. ♪ my doctor gave me a prescription for chantix, a medication i could take and still smoke, while it built up in my system. [ male announcer ] chan

we will freddie, fannie mae have more information. we can tell you a lot about how mortgages perform in any economic circumstances in markets all overthe united states. but to be honest, brokers analysis of the various options proposed it seems to me we ought to be very careful not to have a proposal ourselves. so we are prepared and have been prepared in discussions with the administration and the congress to consider any option from one end of the spectrum of putting everything into a huge federal, to we go away and you have a private sector solution. thus far, it's worked well and people have been comfortable that we will give them a straight answer as to the pros and cons of any permutation on those themes across the spectrum. what's clear in the politics of washington and has been for some time, there won't be much movement on the question until after the presidential election. which means we have another two years to go. even the republicans talking about l.e.t. get rid of family and freddie have a footnote that says we shouldn'

once she becomes fanny's personal maid, really it moves her away from her mother into fanny's realm. and it's going to drive home the contradictions of slavery, i think, to cecelia a lot more. fanny is free to court who she wants, cecelia is not. but cecelia is probably going to have a role in getting fanny dressed and in passing messages back and forth from different households about who's interested, who she likes, what such and such a wearing and all of that stuff. it's going to drive home the difference really profoundly between what the slaves life is like and what a free person's life is like. i think that's going to drive a wedge between any two people. and then there's always cecelia uncertainty, i think, if she gets married and moves out of the house, that changes her life. separates her from her mother. who knows what the husband will be like, who knows if he already has domestic servants and is going to tell her off. it injects a lot of uncertainty and distrust into the relationship. >> when does the family take their trip to niagara falls? >> 1846. they -- fanny has spent

they back up loans of fannie and. loan captioned by closed captioning services, inc s they should haven't made, trillions of dollars worth that caused a lot of housing problems. >> dana: part of it is boaster star kept giving them the go ahead. >> bob: that is right. the reality is for people who own, freddie and fannie now because the interest rate on the treasury note are not going up, because of this downgrade, then that means that fannie and freddie will continue to loan money. is there a moment in your life, eric, where you don't think a nightmare of barack obama? is there? >> eric: 2012, november 1. get over it. >> bob: where the bachmann administration is taking over? >> eric: yeah. >> dana: moms and dads, what do you think it means? >> kimberly: they are worried about this. who wouldn't be. the stock market we saw drop off before and after president obama spoke is a real indication of the concern here. you had fannie and freddie what guarantee how much? guarantee $5 trillion in home loans in the united states.

to move it away from fannie mae? >> there is no reason why the gse's can start working to set up these markets. there is the reason they cannot set up a credit default swap markets. they sell off some of those credit risks. as a transition, we can start building by the capital markets even within the current structure. >> some of the technology already exists that some of the agencies. the fact that to transfer that technology and transfer it into the markets. transparency in, the agency spent 40 years building that up. the reason we should not use that same information to create a market to disperse the credit market on the other side and reduce the burden on the taxpayer. >> these would be ancillary new markets as opposed to disrupting the tba market. if not disrupt the current process. >> thanks. no further questions. >> people care about this issue. the market is really nothing different than a futures market that exists. why is it that we must have this government guarantee year there to make it work, when it wo

the debate is fannie and freddie as fannie and freddie or the mortgage banks as the next. think really is the question is should either of those groups be the mechanisms for social policy delivery, or should they really be nothing more than mortgage market structure, financial market intermediaries to the mortgage finance system? and, you know, the likelihood that fannie and freddie at this point is going to come out the other side, it seems. not with the same names or structure. i think some of the franchise value will be retained. it still unclaire as to what matter. >> thank you. >> thank you very much, gretchen and josh. it was a marvelous evening. >> coming up next. >> this weekend, holiday weekend on booktv. former new york's mayor of the storms after the storm. harvard law professor looks at the influence of racial politics on the first african-american president. and live sunday, three hours in depth. former editor and columnist on race and the media. look for the complete booktv schedule at booktv.org and sign up for booktv alerts, weekend schedules, in your inbox

fannie s. executives understood how to defend its regulator, how to co-opt congress, and a congress congress its regulator and therefore they could by congress and had everything under control. for years, this regulatory infrastructure over fannie and freddie was a weakling and punished. whenever our see how talked about safety and soundness issues, it was drummed out of town. congress would get up in my legs and say, we don't have a safety and soundness issue here. we need housing. and so, it was no big elated well and aggressively because of the very proactive, you know, chicks of cne made and freddie mac. so i think looking back on the you can't really say that she had a good regulatory structure. now what we would do now -- i mean, i think you have to have a somewhat adversarial relationship with these companies you are overseen. when interviewed ernie frank for this book, we asked him, you know, why are we taking the side of the companies all these years when you could have been really hop

any doubt that fannie and freddie were going to get downgraded?e been funneling hundreds of billions of dollars to these two, i don't know, quasi government agencies for years? >> well, good morning, steve, and eric. my answer to your question is what took them so long when it comes to fannie and freddie? the big losses that fannie and freddie took back in 2008 and 2009 when the market really collapsed. what's scary about this story is how it impacts the average american, i was looking at the statistics. 90% of the mortgages over the last year that have been initiated are either guaranteed by fannie and freddie or fha on the government presence in housing is enormous right now. >> yeah, when you're talking about things being guaranteed, you are talking about our money is backing up. great. >> exactly. trillions of dollars of mortgages that are being guaranteed by taxpayer dollars and, you know, if the housing market continues to slide, that means more americans are underwater. more foreclosures and unfortunately steve, what that means is your and

fannie and freddie have a combined ceo chairman. so when zakaria calls and asked me to come in and restructure the board and to go for the company as they went into conservatorship, the regulator asked them that they wanted to segregate the title for the first time so you will see the determination and the chairman of the board the vana executive chairman which is i'm not the ceo, the executive leadership of the management is the ceo, chief executive officer. the, executive chairman is an independent board chair who actually controls the operation of the board of management. i've never seen the term either until i was one to be on was the chairman of the board which is what i normally see people and don't know we might the ceo or just the chairman of the board soon on executive is in fact diminutive and i am just the chairman of the board. >> what do you think about reverse mortgages offered to senior citizens? >> well reverse mortgages to the senior citizens are attractive, a little like the trademark phenomenon. you've got an equi

. >> standard & poor's shifted its focus today to the debt of fannie mae and freddie mac the mortgage finance companies were lowered one notch from triple a to double a plus. s&p said the loss of the federal government's triple-a status was directly responsible for the downgrades. don't forget the two companies have depended on uncle sam's support for nearly three years, when they were seized during the financial crisis. >> reporter: fannie and freddie own or guarantee more than half of the nation's $11 trillion in mortgage debt. so it's no wonder that homeowners and potential homebuyers are nervous. but, experts point out that today's downgrade of fannie and freddie applies to their corporate bonds, not their mortgage-backed securities. that may be why mortgage rates today remained at historic lows, although experts say the rally in government bonds was also a factor. mortgage rates take their lead from the 10-year treasury bond. still, interest rate strategist mike schumacher says the downgrades are unlikely to move mortgage rates. >> now they're really wards of the state, so if the

we just heard you mention fannie mae and freddie mac. clearly, a lot of conjecture about their future. but clearly, nick, the administration is treading carefully here as well, right? >> absolutely. in some ways, ironically, there is consensus on both sides of the aisle that fannie mae and freddie mac can continue any way, shape or form similar to their current structure. on the other hand the housing finance system and the housing market is so fragile, these entities are providing life support. they're between a rock and a hard place in determining how to proceed and when to proceed. >> is that what you see happening, guy? >> yes. in the first half of this year, we tracked numbers and fannie and freddy were accounting for 70% of all new mortgages being made. >> brown: still that high? >> still that high. >> brown: even after all these years of the problems. >> exactly. when they're doing that, you really can't talk about dialing them back or changing them dramatically. i think it puts a serious debate on that on hold for a year or two.

fannie and freddie have a combined ceo chairman. so when zakaria calls and asked me to come in and restructure the board and to go for the company as they went into conservatorship, the regulator asked them that they wanted to segregate the title for the first time so you will see the determination and the chairman of the board the vana executive chaian which is i'm not the ceo, the executive leadership of the management is the ceo, chief executive officer. the, executive chairman is an independent board chair who actually controls the operation ofhe board of management. i've never seen the term either until i was one to be on was the chairman of the board which is what i norally see people and don't know we might the ceo or just the chairman of the board soon on executive is in fact diminutive and i am just the chairman of the board. >> what do you think about reverse mortgages offered to senior citizens? >> well reverse mortgages to the senior citizens are attractive, a little like the trademark phenomenon. you've got an equity bu

we have unique fannie mae and freddie mac and f.h.a. servicer guidelines, we have proposed risk retention under dodd frank which includes servicing standards. we have fhfa, fannie mae and freddie mac and ginny may setting a new compensation servicing model that reflects performing loans and nonperforming loans. we have the treasury undermaking home affordable offered recent directtives on a one-year forbearance plans, note that does not apply to fannie mae and freddie mac or v.a. loans. state attorneys general are under kfrl discusses to discuss practices and processes that will indeed lead to standards. the soon to be cfpb efforts and interagency guidelines are also being looked at to affect standards. all these efforts must be evaluated before any decisions made on any single uniform standard. just a quick note, i did visit a shop recently and wanted to see what they had implemented on the single point of contact. hundreds of people were being trained to handle the single point of contact rule, training lasted up for six weeks. once t

a little bit different for fannie and freddie. the effect of the increase or the downgrade in their credit rating could actually have a material effect either in their ability to secure all of the money that they need to guarantee the mortgages that people get. >> right. >> or cause it to become more expensive so this is where the rubber starts to hit the road and where we might actually see a tick up in interest rates. >> what does that mean for us, ali? it will be harder to get a home loan now? >> well, this is one of these things that we've never been down this road before so we're learning as we go along moment by moment. we have not seen an increase in either treasury rates. we have not seen an increase in bond yields, the interest rate. we have not seen an increase in home mortgages, in fact, we've seen nothing, but a decrease. here's a short answer to your question. over time we than our interest rates whether it's for home mortgages or treasurys are historically low and likely to go up. if i were somebody taking a mortgage

and i'm not pleased to learn that fannie and freddie have been downgraded as of today.rs are going to be very shake y very worried. when investors, are not investing money in mortgages, that means less jobs, less opportunities. so, this is something we all have to be concerned about. we have to do everything that we possibly can to create jobs. you're absolutely correct. the unemployment situation is out of hand. >> in fact, you're going to start -- >> african-american community -- >> you're going to start this eveland, but have you efforts all over the country. the goal, as i understand it, is to get 10,000 people hired, but when you look at what's happening right now, is that really possible in this economy? >> well, we think so. we think that there are a lot of employers out there that are looking for good people, a lot of good people are trying to get connected. so, we are all over the country. we start here in cleveland, but we're going to detroit and atlanta and miami and to los angeles, where the jobs -- unemployment numbers are off the scales. we believe we can

arriba las mujeres claro que si...y bueno le deseamos mucha suerte a fanny lu ya que manana se esperacana. )) y ahorita todo lo que haga larry hernandez aguas!!! porque este hombre se ha convertido en la maxima sensacion de la musica regional mexicana y nos entereamos que para los premios billboard que veran por telemundo el proximo 27 de octubre.. larry es el artista mas nominado a lo mejor e la musica regional mexicana. esta nominado al artista del ano.. al artista masculino del ano y mas.. )) y anoche en los mtv video music awards.. beyonce nos dio la gran sorpresa de que esta embarazada y se robo la noche y no tuvo ni que bailar....la cantante quien esta casada con jay-z dijo estar muy feliz con la llegada sera su primer bebe. )) es todo de mi parte..soy nancy leal y esto fue acceso total --gracias nancy ! --y bueno no solo el publico en general medio trae de bajada a la cantante ninel conde con tantos chistes sobre ella, pero tambien niurka marcos no quita el dedo del renglon y pide que conde demuestre que es digna del personaje de aventurera pues, niurka asegura que ella ha sido

gay lovers as a financial analyst at fannie mae? as a libertarian i have no objection whatsoever to his sexual preferences. i have a serious objection to corruption. we're talking about a deeply, deeply corrupt man whose corruption very nearly destroyed the world. another villain from "atlas shrugged" alive and well in the world is alan greenspan. what character in "atlas shrugged" is alan greenspan like? anybody remember dr. robert statler? kind of a minor character what a very key character. he was one of two college professors who was a mentor to the young john galt. and when golf was a young man, statler left academia to found the state science institute. so he could do his experimental physics free of the support of capitalist and people who pay tuition and things like that. and john galt disowned him. he damned him. at the climax of "atlas shrugged" when the world find it totally goes down the drain, the climactic scene is when the government, having expropriated dr. starr's work to create about -- create a weapon of mass dest

my name is fannie. [speaking spanish] >> i'm a mother, a single mother of kids and i'm here to ask for your support to develop constructive site because this is important for families like mine. i have a child that's 2 years old and it's difficult for a family like mine. we're low income. we're low income, and it's hard for children to be contained in a small room, four walls but no place to go. this is a big opportunity for our community creating a park. i know as a mother that it will benefit mothers like me, families like mine, especially for children that are in that development age between 0 and 3 years old. open space, parks are very important for their development so they become -- development into the future. you know, just like we heard earlier that parks and open space are tools for kids to develop themselves. therapy, development. also, for adults it's a huge benefit. we have the capacity to be like kids again. kids see this example. kids follow and mimic when they see parents and adults doin

. >>> y fanny fanfarrÓn no se lo pierdan es una primicia fanfarrÓn no se lo pierdan es una primicia .iliaron des nueva york tony de amplia. >>> a william levy no hay quien lo pare, videos y ahora pelÍculas lo quiere todo y dice estar listo para hollywood. >>> es un sueÑo que siempre he tenido desde chiquito, poner el nombre de latino. >>> la entrevista a people en espaÑol cuya portada inc engalana.>>> sentimentalmente estoy bien, con elizabeth, tenemos una relaciÓn linda, nos llevamos sÚper bien, por encima de cualquier cosa tenemos una familia hermoss increÍbles se han especulado muchas cosas que si hay una mujer, que si un hijo, nada es cierto. a veces como ser humano uno necesita un tiempo. >>> finalmente explica, se distanciaron por la rutina, trabajo y rumores de supuesta infidelidad tambiÉn afectaron la relaciÓn. >>> si el dÍa de maÑana pasa algo con otra persona o lo que sea pasarÁ. >>> nada tuvo que ver en la separaciÓn de jennifer lÓpez marc anthony y asegura. >>> mis hijos son mi vida, yo veo a otra skrez travÉs de ellos, tra acomodar todo por ellos. >>> a las novelas no les

and the standard & poor's decision to downgrade freddie mac and fannie mae credit rating and what iteans for people trying to buy or refinance a house right now. "7 on your side" put airport baggage scale to the test. michael finney checks out the accuracy. are the extra airline fees warranted? we have those stories and more at 4:00 and 5:00. >>> get your best costume out, the winchester mystery house is holding open audition for boogie men, zombie and chain saw wielders for the halloween festivities. >> to name a few. it's at the center for performing arts recital hall at 6:00. they will work for the fright night event in september. >> it's known for strange architecture, staircases to nowhere, winding hallway and secret passage ways. built in the late 1800s. the kids love it. >> fun. before we go, take a last look at the big board, the dow jones average. way down, 534 points right now. update you on all of the day's activities there at abc7 news at 4:00, 5:00, 6:00. >> below 11,000 mark and falling. thank you for joining us on abc7 news. >> "who wants to be a millionaire" is up nex

and fanny and freddi's down grade could mean mortgage rates are higher. investors hoping the fed will be able to calm some fears. >> and amid doom and gloom, standard and poors points out the u.s. still has one of the highest possible ratings. the system something most of us haven't thought about until recently. and it bears a little bit of explaining. >> triple a, what does this mean? this is a grade, and an opinion given out by one of three agencies. standard and poor's is probably the most recognizable name in its the one that issue that had down grade on friday. more on that in just a moment. and there is moody's and fish. and from is the reason they do this is to tell investors how risky it s before making its decision to down grade u.s. debt, saying it's now slightly more risky to buy than before, s and p considered five fact years and says political environment in the u.s. was most concerning in z.he was on its decision. and s and p looked at the real economy, the physical side of the economy, what the u.s. is producing and how fast it's growing. o

fannie's at aig and at and freddie. we did not have all the tools we need it. >> a question over here. >> thank you very much. i have a follow up on moral hazard within the firms. you talked a lot about regulations of firms themselves, but as someone who ran goldman, it seems henceforth we will always have a situation where traders and managers and the firm are doing extremely convoluted and, but things and nobody at the top can fully understand what they're doing with the firm's money, and since those people are paid on commission, heads i win and tails, the farmer loses. within the firm how the man is the risk? -- how can we do a better job of managing the risk? >> that is a huge issue. people focused on the compensation and the amount because of some of the amounts are obscene. but more important is the system. this is something we focused on and i focused on very hard at goldman sachs. first of all, people paid traders formulaic compensation and give them a percentage of the trade and profits -- i would say get what

other downgrades to follow today from fannie mae and freddie mac. from fannie mae and freddie mac.ck in a moment... and a choice. take advil now and maybe up to four in a day. or choose aleve and two pills for a day free of pain. way to go, coach. ♪ how'd you learn to do that? what'd you use? every project we finish comes with a story built-in. it's how our rough ideas become "you did that yourself?" so when we can save more on the projects that let us fix, make, and do more... that just makes the stories even better. more saving. more doing. that's the power of the home depot. right now get this vanity and matching mirror for just $99. >>> you're watching live pictures of the white house, we're expecting the president at any minute to be talking about the economy, the s&p downgrade, the jobs numbers and of course, afghanistan. meanwhile, other stories making headlines right now, right here on msnbc, massive riots in north london left 160 people behind bars this weekend. groups of young people damaged cars and set several fires after police shot and killed a 29-year-old man over a

. >> another downgrade this time lowering the rating of mortgage giants fannie mae and freddie mac and the ripple effect keeps coming. >> now about 552 points down, the dow jones industrial. >> another horrendous day. >> goes down, goes up. very unusual for us. >> president obama says washington knows how to solve the problem. that politicians need to put the good of the nation ahead of the good of their parties. here's more. >> markets will rise and fall, but this is the united states of america. no matter what some agency may say, we've always been and always will be a aaa country. >> well s&p doesn't see it that way. congressional leaders must appoint members to super committee of congress by a week from today. they will be looking for more ways to reduce the deficit. president obama said he'll be giving them ideas in the coming weeks. what else can he do? he wants to extend certain unemployment benefits and tax cuts. his former chair told cnn told john king the president should go bigger and bolder. >> if i were advising the president i would say take the next couple of weeks and m

fannie and freddie have a combined ceo chairman. zakaria calls and asked me to come in and restructure the board and to go for the company as they went into conservatorship, the regulator asked them that they wanted to segregate the title for the first time so you will see the determination and the chairman of the board the vana executive chairman which is i'm not the ceo, the executive leadership of the management is the ceo, chief executive officer. the, executive chairman is an independent board chair who actually controls the operation of the board of management. i've never seen the term either until i was one to be on was the chairman of the board which is what i normally see people and don't know we might the ceo or just the chairman of the board soon on executive is in fact diminutive and i am just the chairman of the board. >> what do you think about reverse mortgages offered to senior citizens? >> well reverse mortgages to the senior citizens are attractive, a little like the trademark phenomenon. you've got an equity built

mae who was in charge of fannie mae, barn from y. frank who is putting in the onerous. barney frank. you have got to love it? >> they did nothing to fannie mae and freddie mac in this bill. the guys who pride overruled the disaster write a bill to -- if we don't have strategies and the republicans are going to have to come up with them because it's clear the left wing democrats just don't understand free enterprise. they don't understand small business. >> not that they don't understand it they don't like it. they don't want it. they want to have distribution. if you were the speaker of the house, first of all, rate boehner. did boehner do a good job here? >> i think boehner comes out of this as the strongest person in the entire system. he was methodical. >> bill: would you have had to do the same thing as boehner did? if you say yes, you would have had to cracked whip on the tea party guys. >> you can't second-guess it he was in a totally different environ. i was. in bill clinton was dra mat tickly more reasonable person than barac

is it because of the downgrading of fannie and freddie or standard & poor's?> yes, and also in europe and the support of italy and other countries in stress. this is a difficult time, and as alan greenspan said on "meet the press" that this is a blow to the psyche of the united states, and we are seeing it in the market, and the president trying to come out to strike a can-do optimism and saying there is nothing wrong with the country that we can't fix if we have the political will to do it. and he invoked the spirit of those who lost their lives in afghanistan over the weekend saying we need courage that is worthy of their sacrifice. >> and he quoted warren buffett who said that we deserved a aaaa rating. and the president had to acknowledge the melee that we witnessed over the debt ceiling debate. >> yes, and he tried to put the negative into the positive energy, and surfed it by saying that on the heels of the growngrade, this means more that congress has to come together, and make a grand bargain and the kind he struck with john boehner, and the republican

mae who was in charge of fannie mae, barn from y. frank who is putting in the onerous. barney frank. you have got to love it? >> they did nothing to fannie mae and freddie mac in this bill. the guys who pride overruled the disaster write a bill to -- if we don't have strategies and the republicans are going to have to come up with them because it's clear the left wing democrats just don't understand free enterprise. they don't understand small business. >> not that they don't understand it they don't like it. they don't want it. they want to have distribution. if you were the speaker of the house, first of all, rate boehner. did boehner do a good job here? >> i think boehner comes out of this as the strongest person in the entire system. he was methodical. >> bill: would you have had to do the same thing as boehner did? if you say yes, you would have had to cracked whip on the tea party guys. >> you can't second-guess it he was in a totally different environ. i was. in bill clinton was dra mat tickly more reasonable person than barac