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so we've kind of offset a little bit with fha. so it's not, it's like a silver, you know -- richard smith and i were at a conference last week at harvard's joint center -- [inaudible] and larry summers was speaking there. he made quite an impassioned plea. not from 2005, but from how it prevailed before, please, bring it to me and policymakers because we haven't seen i. -- seen i. >> when i talk to the realtors in my area, they talk about numerous impediments. they can't figure out who owns the home, the servicers are a problem. you have a legitimate buyer that can qualify for a loan, but thebacks oftentimes -- the banks oftentimes would rather sell it to someone who can buy it in a short sale or on the county steps because it's a quicker process than going through the loan process. ron can probably talk about this in more detail because he's talking to his pokes and living -- folk folks and living it every day. but in the distressed markets we hardly have a sign-up because the banks are holding 10, sometimes 20% inventory waiting

. >> reporter: those people who are buying have the 20% down or can qualify for the 3% fha governmentbacked loans. >> the person hard to finance is the person that wants to put down 20% or does not want an fha loan. >> reporter: the fact is right now 90% of all home loans are federally guaranteed to the fha, fannie mae or freddie mac. the banks helped out by the government are simply not stepping up. >> i feel like when john lennon died. just this emptiness in your step. >>> this is just one of the memorials that have popped up to remember steve jobs. how one of his closest friends is responding to his death. >>> this fast moving storm left one bay area resident without a way to get home after a lightning strike. >>> and a little bit of everything today. we did see some lightning. we saw even a funnel cloud out on the bay. i'll tell you what you can expect coming up tomorrow. >>> news chopper 2 live over the scene of breaking news. a gunman shutdown the freeway, but looks like it is now opening back up. [ male announcer ] sizzler's steak fest! a tri-tip sirloin, and endless salad bar,

does fha's think they will reconsider this in this way? >> the idea of reducing principal, forgiving principal for borrowers under water on their mortgage has been widely discussed really since the start of the housing crisis and certainly has received a lot of attention in the last 12 to 18 months. the position that the federal housing finance agency has taken with regard to providing principal forgiveness as a form of assisting borrowers with their payment is this. we have looked at the array of tools available to help borrowers who are in difficulty with their mortgage. we have a legal responsibility as the conservative of fannie mae and freddie mac to conserve their assets and assets. we need to minimize the losses on these troubled mortgages that we have. we have evaluated principal forgiveness programs relative to the tools we have in place today, and the conclusion we have reached is that on a stand- alone basis, principal forgiveness does not accomplish our conservative mandate relative to the loan modifications tools and technique

moving sooner than that in case prices do go down just a little bit you should be just fine but the fhas adjusting because prices have fallen, not the other way around. >> an e-mail question. this one from lauren. she writes "my daughter is in college and needs more money for school which we don't have. she's been working several jobs but with her apartment and car she often doesn't have enough money. she has tried getting loans but needs a cosigner which we can't do. >> how do you get free money. the federal pell grant program. that is -- you can get a grant from the government for up to $5500 per student needs. you have to qualify. the website to go to is fosa.ed.gov. a true grant. the perkins loan is low interest. she has to qualify for it but she probably can and should go to that website again to check out both of those options but the best one is the grant because you don't have to pay it back. >> even better is the scholarship, right? look for tons of scripts and start early. figure out what they have in there that you may qualify for and figure out how to get your resume up to s

local o estatl para la vivienda y el desarrollo urbano para mas informacion debe llamar al 1 800 call fha 800 225 5342 en washington, alfredo miranda, univision. los pasajeros del metro enfrentaran retrasos de consideracion en este fin de semana extendido, especialment e en las lineas verde, y naranja..como parte de los trabajos de mantenimiento de los rieles las estacions shaw, de la u y columbia heights han sido cerrados a las 10 de la noche hasta el martes en la manana..el metro ha desplazado autobuses para transportar a los afectados entre las estaciones mount vernon square y la avenida georgia... en falls church, los pasajeros de la linea narajanda igualmente deberan utilizar autobuses entre las estaciones east falls church y west falls church..este cambio se debe a los trabajos de construccion de la extension al aeropuerto dulles el ex presidente de la liga de football juvenil del condado loundaoun, raymond j. taylor, de 44 anos, de purcellville, virginia, fue acusado de desfalcar a la liga con 50-mil dolares... mientras taylor fue presidente, los miembros de la junta de la liga des

this was all entirely already insured fha loans. this improved packaging of them. so at the end of the day, we're not going to rock institutions like fannie and freddie without some government push, especially now when the large banks have such better access to the capital markets than the smaller lenders do. there are many reasons that we should give smaller banks -- thank you. >> thank you. >> what elements in the market must be preserved to ensure the availability of the 30-year fixed mortgage where borrowers in rural areas like those in south dakota? >> entity like ginnie mae, i don't think there's any threat with the removal of ginnie mae. something like fannie and freddie and their successors for the conventional market. that is a substantial piece. to turn loans into liquid securities through an entity like them. >> dr. willen, we have seen the credit markets dry up an increasing percentage of 30- year fixed rate products. how with the availability of credit to average americans change in times of economic turmoil? >> their two separate questions. -- i think

demarco, the head of fha, using 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 issu

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tight credit standards and overlays on fha are limiting loans in the market today. the threat to the future of affordable lending has as most concerned. the idea of a wealth standard. critics of fannie and freddie are pushing for a complete dismantling of our current secondary market system, even though lenders say they would not be able to offer fully amortizing loans in a completely private system. we should work together to preserve those aspects of our system that work well. i have attached to my statement something signed by 16 other civil-rights organizations. i offer three specific recommendations today. maintain this the secondary market liquidity for affordable loans and made available to all qualified families. support pre purchased housing council. reduce barriers to purchasing a home by reducing -- thank you and i would be happy to answer any questions. >> thank you. mr. fenton, you can proceed. >> good morning. my name is john fenton. we appreciate the opportunity to share our views on housing finance reforms and the value of the 30-year fixed mortgage.

flanigan, under the advice of former fha administrator neil peterson, decided against recommending a warning that grant. >> tonight, m.t.a. subway stations have been reopened after the smell of gas caused the shutdown. during the investigation, metro's service was not running from the johns hopkins stations to west cold springs. the mta says it used buses to bridge the service disruption. >> you could smell the gas down the hallway. >> denied kallanna reports of anyone getting sick and service was up and run -- to night, no reports of anyone getting sick and servers with up and running by 6:00 p.m. >> you might be the government would be careful not to spend money it does not have in recent days. but as a sally kidd explained, that is not the case, according to the inspectors general. >> the federal government says it has paid out billions of dollars by mistake. and recipient include delinquent contractors, convicted felons, and even dead people. the federal government is doling out staggering amounts of money it does not ago, sending it to the wrong person in the wrong amount or for

come on, man. >> the fha didn't do this. >> of course not.f course not. >> the single biggest contributors to the deficit are number one the bush tax cuts. >> and two wars off-budget you conceded that we had saul of this job creation under the clinton administration with higher marginal tax rates on the wealthy, which is what the president is asking for. by the way -- >> i didn't concede anything. i didn't concede anything. >> michael, that's what you want. >> all i'm saying -- >> if you don't count the jobs because of the bush economics collapse. >> i'm not conceding anything. less with the republican congress and newt gingrich with the house and clinton in the white house, they cut the spending and the government to allow that -- >> the spending caps going up, but higher marginal tax rates. >> excuse me -- >> michael, they were higher than today. >> whoa, whoa, whoa, let michael try to walk this back. >> i'm not walking anything back. look, you guys can live in your fairy tale land about the economy, but if we continue to spend the way we'r

. >> one of the things that we found out in these workshops, in having fha there, fannie and freddie there, we are able to get the banks that would be able to work closer with the program to interact with the fha is. that might be an area where we can improve upon. >> that makes sense. although we have had only a little over 800,000 people, it is 400,000 people in the marketplace. a big reduction in the month the marketplace. we have a lot more risk that we need to work to avoid. we will do everything we can. >> thank you so much. i appreciate your appreciating the job they are doing. >> secretary, nice to see you. back in april, another secretary testified before the committee. he said he would make it a top priority to make sure that the regulation process was well coordinated. in fact, i think that you said this morning that a failure to coordinate will making will be enormously expensive to the economy. as the overseer of that process, what you're doing to go above and beyond and get this coordination? >> under the laws passed by congress, i was given the responsibility to try to

the vests for 60 are availability at most fha maintenance facility -- vests for availability are availableilities. >>> the 2011 drunk driving act won't into effect october 1st requiring more breath a lieser machines to be installed in offend -- breathalyzer machines to be installed in offenders' vehicles. that's tonight's fox 5 top five. >>> most people have heard of sleep walking and sleep eating. how about sleep texting? it's real straight ahead. >>> bus first you've seen him play a hitman to a jedi, samuel l. jackson's prolific movie career has earned him the title of the highest grossing actor in all time appearing in more than 100 films. those films have brought in nearly $7.5 billion. jackson is slated to release seven new movies often the next three years. >>> you've heard of sleep walking, sleep eating, even sleep driving. now you can add sleep texting to the list. fox 5's sarah simmons shows us this newest nocturnal activity are affecting young people who are seriously attached to their cell phones. >> sometimes i just fall asleep with it in my hand because i'm just like so tired.

incredibly powerful in the story how the black middle class tried to get a foothold in society when the fha federal housing administration is often shutting blacks out of homes. >> where did you grow up and go to school? >> i grew up partly in detroit where i went to school for college or -- >> ucla. my family moved all of the country and we went to carnegie mellon a into yale. >> what you teach your? >> i the african-american history professor and because of my research on motown i teach a lot of courses on a music and from this book of course i can teach about the history of death in america as well as the movement. >> to the often expect african-american professor? >> the do and it's one of the things i love about my job i love surprising students, i will helping them learn that the color of one's body does not define the body of knowledge and i often told students if i go to the classroom and i talked chinese history they wouldn't say that as much or all learning should be about something beyond what you know but i've had african-american students tell me a the end of my semester one ca

reports show that 85% of students passed the fha. >> students understand that goal. they are staying in school. we want to make sure that happens. our teachers are doing a better job of delivering instruction. i think you see that reflected in what we feel are positive steps. >> you the report for yourself on our web site wbaltv.com. maryland senior senator in a brand new class this weekend. we are on the road as she is honored for breaking ground on capitol hill. going to the reagans came sunday, pack some patients. new nfl rules could lead to long lines. >> if you have a photo of the first lady out of context, there is a big of a wow factor. >> was it more than just an errand? >> rain falling in parts of a western maryland ' is a weekend forecast coming up next. 61 degrees at the w. i. marshall. she de >> if you are planning on attending the game on sunday, and you might want to leave yourself some extra time. the nfl has ordered more extensive pat downs of the fans entering football stadiums. it will include the entire upper body and a need to ankle searches. beca

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incredibly powerful story of how the black middle class tries to get a foothold in american society when the fha, the federal housing administration is often shutting blacks out of regular home loans. >> host: ready to grow up and go to school? >> guest: i grew up partly in detroit. where i went to school for college or -- >> host: college. >> guest: ucla. my family moved all over the country and i went to ucla as an undergrad, carnegie-mellon from master's degree and for my ph.d. >> guest: and what do you teach your george mason university? >> guest: i am the african american. i teach african american history. because of my research on motown i teach a lot of courses on the history of american popular music. from this book, of course, i cannot teach about the history of death in america as well as the history of civil rights. >> host: when people walk into your class to the often expect an african american professor? >> guest: yes, they do, and it's one of the things i love about my job. allows uprising students. i love helping them to learn that the color of one's body does not define the body

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so the fha, conventional wisdom says invented a new type of mortgage which is a long term fixed rate mortgage and the point of it was the payment of our were made never changed until loan was paid off. london available to payment shop. i think the conventional wisdom used the mortgages in something as a safety mortgage, sort of the safety elevator came along before the safety of the dirt of the cable in the elevator stopped the passengers plunged hundreds of feet to certain deaths if the city mortgaged of something that was risky like the previous elevators and there was something inherently safe. the conventional wisdom goes on to say that in the 2000, the lenders forgot the lessons of the 30's and started shooting complex, exotic adjustable rate mortgages. borrowers were hit with the payment shocks and the critical number of co-payment shocks is what raises the chris assembly to take on the conventional instead argue them don't fit the fact. the mortgage was not invented 1930 by evin trey i actually noticed an earlier but they were not some niche player in the alvan will market. th

the fha has adjusted because prices have already gone down.er than that, in case prices go down a little bit, you should be just fine. but the fha is adjusting because prices have fallen, not the other way around. >> thanks, deb for the question. we got an e-mail question comes in from lauren. she writes, my daughter is in college. needs more money. she's been working several jobs but often does have enough money. she's tried to get loans and needs a co-signer which we can't do. >> i like free money. >> who doesn't? >> how do you do that? there's a program called the federal pell grant program. that is you can get a grant from the government for up to $5500 for student needs. you have to try to qualify. the website to go to is fafsa.ed.gov. that's a true grant. not a loan. the other thing is a perkins loan. it's a low interest rate loan. she's got to qualify for it. she probably can. she should go to that website, again, to check out both options. the best one is obviously the grant because you don't have to pay it back. >> the better one is a

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if you have an fm a loan, which is -- fha or va loan, then you have three years.entional loan and you want to get an fha loan, fha says if it was your primary residence and three years past, then they'll look at it. it's important to understand that these guidelines, like with freddie mac and fannie mae, there is exceptions within some of these things. these are general guidelines put out by freddie mac and fannie mae and hud also. >> steve: it's a number of years. it's interesting that some of them you have to wait longer than others. it flies in the face of conventional wisdom. >> it does. one that's interesting that people shake their head is if you file bankruptcy, chapter 7 bankruptcy, it says you actually, with fha and va you could potentially get a new loan after two years. which is good, but the reason behind it is this: number one, they know you can't file another bankruptcy for ten years. and number two, they assume that a lot of your unsecured debts have been wiped off from a bankruptcy. and as a result, that's why they sort of lower it down. but at lea

everybody is going for fha. they've gone from the 2% of the market 15 years ago, to 40 or more percent of the market today. they can't stand the pressure. we've got to great a way non-government insurance financing, maybe government-backed financing, for the marketplace to come back either 95, 90, 85% level or whatever as long as its minimum 5% down payment. there are many things that could be done. we could take all the agencies that deal with housing, fha, va, freddie, fannie, roll them all together and get the consolidation, the economies of scale but have a government entity that is a single one-stop shopping for backing or securitizing or ensuring loans. that's one. cycle you could take a declining balance sinking fund were you actually charge fees set by the early panel and terms for the government sponsorship. you let those build up in a sinking fund and develop the cash reserves sufficient to back up the insurance so overtime to insurance on the paper dissipates 10% a year down to do. after 10 years you

the fha cannot stand the pressure is on today. because it is exempt from all of the dodd-frank rules and because there isn't a down payment requirement of more than less than three half% you have to put 3.5% down everybody is going to the fha. they've gone from 2% of the market 15 years ago to 40 or more per cent of the market today and can't stand the pressure. we have to create a way in the conventional financing on government insurance financing but miti government-backed financing so that market place to come back into the 95, might become a 80% level or whatever loan to the value they have as long as its minimum 5% down payment. we took all the agencies that deal with the fha cassini, friday, roll them all together and get the consolidation in the economies of scale and have the government entity that is a single one stop shop for backing for secure rising or insuring loans that's one. second you can take the declining balance sinking fund where you actually charge fees as was said by the early panelists and return to the gov

the f 88 has done well --fha has done a difficult role. why is there one government entities that serves as the lending arm for the government? think about organizing that under fannie with a new mission and a new charter and spinning off or otherwise dispensing with freddie mac? that opens the private market, creates the need. the absence of freddie would create the opportunity for private capital to flow into the marketplace under certain circumstances. that could be accomplished over several years. accomplishes reduction in redundant costs in the government and create a focus and a mission that the new 3 chartered fanny and get rid of excess capacity that the private sector would have to take in the form of disposing freddie through a spinoff or some other structure that would repay the taxpayer overtime. seemingly good business structure makes sense with the explicit guarantee, not the implied guarantee. >> i was going to suggest the issue is a bit like the qrm debate. neither of those is having a direct impact on the housing issue but

fha 22heny ssd the warrant jor h of2he rres t >>ssuearbynt the u h attorn ses ce i>>uetaheha u arn alakikiwily me fse a inment awiliti f fse sspo rt.smentn withti f h stl of hethstl o ant,he t nt did c,an r hp. >> was d c rueed >> tasoss rue tirnvtigation bpug tss cordn the tomtenvratgaaonbag arcordnhe atel-awatkia. >awhaan you tl aaw abt dhe recor h rorthdk stem yorebt rerng to y t text system?re r t itasex thet sje s rteecord th wasut nt for ahe l rwlakerd as they a iedor uso p the rorakd ey the a edd a usoar pnt t fo fo hserreshe a nd the wand toake surrr, t t h w beedn tootif and hur w,ld t been if a h arrte >> sthelockas ticking. rrig beut sn ehelyck tki.octo ut elyornato s, astoronhed that ahe theha atttorney pns to ll thearnttt.or t o >> ilewn dve le meet an dvehe .he attney m o aice wch clesttney u.e wchssta aesorney. >>u y.ou mentiedhe w aory. keepg y thien whera wt tive heaiblitep shoulde wra ed.end he ror sr:uld ue.s attneyid esnotndan. t alk u or:n xea urnltt t t jus k ptm prov oed west ea stament t ntho whtt tamhey tre w oonoheyho ehtvidenc t w asteutenohe case bau ede t eso

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with the hamp program and go to the table where the fha is. that might be an area where we can improve upon. >> that make sense. although we only have a little over 800,000 people under, if you look at the broad range, its 4 million people across the broad market place. that's a lot of people in a big reduction on monthly payments and 4 million foreclosures avoided. we have a lot more risk we need to try to work to avoid and we're going to do everything we can to avoid that. >> thank you very much and i appreciate the job that they are doing. >> thank you. back in april, we had testimony before the oversight committee. the chair of fsoc, you were to make that a top priority that the regulation process was well coordinated. in fact, i think you said this morning that failure to coordinate rulemaking will be enormously expensive to the economy and create opportunities for regulatory arbitrage as. as the overseer of that process, what are you doing to go above and beyond to get these agencies to coordinate? >> under the law congress passed, i was

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that is incredibly powerful how the black middle class tries to get a foothold when the fha is shiftinglacks out of regular home loans. >> host: where did you grow up? >> guest: partly in detour eight. i went to ucla. my family moved all over the country ucla as the undergrad and carnegie-mellon for her master's and yale for my ph.d. >> host: what do you teach at georgia rest -- george mason? >> african-american history because of my research on motown phi eight teach a lot of courses on the history of popular music and now i can teach about the history of death in america as well as the history of civil-rights. >> host: to they expect an african-american professor run their walk into your class? >> guest: that is what i love about my job. lo surprising students in helping them to learn the color of one's body does not define the body of knowledge and say if i walked into the classroom you would not ask the question and nobody who teaches a medieval history above all learning should be about something beyond what you know, . but i have had african route american students tell me when i

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that were available at most county fha maintenance facilities on thursday, friday, and on monday morning8:00 a.m. until 4:00 p.m. and you have to return the vest by friday. go to www.myfoxdc.com for a complete list where to pick them up. >>> christmas is less than two months away. and does that make your blood pressure go up? >> buy newing pay later with no need to worry about credit card interest piling up. there are some things you need to know before signing up. fox news consumer reporter steve novialeo joined us today with tips. >> there is a different between i can't afford this at all and i can't afford this all right now. if you fall into the category of the latter, look at the rules you will need to familiarize yourself with. a layaway will ask to you put down between $5 and 10, even 25% down at the beginning of your layaway. you have it about 60 days to pay yet off. we're 59 until christmas day. comb that layaway programs won't end on the 24th. many will require you to pick up your purchases a week in advance. make sure you know about that when you're setting up your weekly or b

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