most of the loans that we got on fha was pre2009.ha loan was after 2009, mortgage insurance could be more. again, get the opinion from the broker. see if the numbers work. >> brian: if you have any questions and you want to be part of the show, you can e-mail bob by logging on to our web site and clicking on the shattered dreams tab. we hopefully will be able to pick that up a little bit. >> ali: he'll remr. your dreams. thanks so much. >> thank you. >> brian: straight ahead, pizza no longer a cheap family meal. papa john's prices going up thanks to government's new healthcare law. a papa john's owner here to explain why next. >> ali: and he's been a country superstar forever and ever, amen. police just found randy travis crashed, wasted, they say, and naked under the honky-tonk moon. >> brian: wasn't he married to julia roberts? >> ali: no. not in this economy. we also have zero free time, and my dad moving in. so we went to fidelity. we looked at our family's goals and some ways to help us get there. they helped me fix my economy,

and then the bill that proposes refinancing those into fha is very close to the fha short refi program that we rolled out when i was in the administration. so there are things in play, and those could happen quickly if the kinks were worked out of them. as we all know, you have to take it all or nothing. so getting this right to a point where it could move forward is one option. but harp is really working. it's having an extraordinary influence. it is clearly improving the cash flow of millions of americans, and it streamlines and it is having an impact. and it takes a village of solutions here. >> and so the sponsors of the home for good campaign are offering to bring you each up a card here to sign off, as well as members of the audience. don't forget the channel of the home for good campaign to share the ideas as well. sorry, jim. >> i want to say i was not referring to those proposals. i thought you were referring to one that creates a new trust. i said 2015. i think realistically it would take a couple of years to put something like that into place. in addition to this that, i thi

, people on the margins, -- fha, and people on the margins.y careful about what happens going forward, and that is the fundamental dialogue we need to be happening -- having. enforcement is happening in a rapid weight. it will be a big foreclosure year because of lack of foreclosures last year. only 50% was for coast of what was expected. we need to have a serious debate. those who have low down payments, who need access, and should not be delayed by one decade, simply because we think it is time to be tough on crime and we have to over-exertion that force and create a huge, the. -- disparate impact by policy, not lending behavior. >> obviously, there is a lot of rich stuff to get into. before we get into those things, i would like to stick with the question you both talked about, a balanced housing problem -- policy. just to understand, we're not at a crossroads where we either have to support rentals, or foster home ownership, or is there some way to connect these dots in a holistic way? >> i would like to comment just to say that i think da

close to the fha short refie program we rolled out when i was in the administration. there are things in the play that could happily fairly quickly if the kinks were worked out of them because as we know, the challenge for legislation you have to take it all or nothing. getting this right to a point where it could potentially move forward is one option. >> harp is working. it has an extraordinary. it isn't a permanent solution. it is clearly improving the cash flow of more thans of medicals and streamlines through freddie and fannie. it takes a village of solutions. gltd -- the response or so the home for good campaign are offering to bring you a card to sign off as well as members of the audience not forget the channel of the home for good campaign to share the ideas. >> i was not referred to those proposals. i thought you were referring to the one that creates a new trust. and i did my say. i said 2015 it would take a couple of years to put something like that. right. and in addition to that it would distract the focus from doing stuff now. that's what i'm saying. g

and then the bill that proposes refinancing those into fha is very close to the fha short refi program that we rolled out when i was in the administration. so there are things in play, and those could happen quickly if the kinks were worked out of them. as we all know, you have to take it all or nothing. so getting this right to a point where it could move forward is one option. but harp is really working. it's having an extraordinary influence. it is clearly improving the cash flow of millions of americans, and it streamlines and it is having an impact. and it takes a village of solutions here. >> and so the sponsors of the home for good campaign are offering to bring you each up a card here to sign off, as well as members of the audience. don't forget the channel of the home for good campaign to share the ideas as well. sorry, jim. >> i want to say i was not referring to those proposals. i thought you were referring to one that creates a new trust. i said 2015. i think realistically it would take a couple of years to put something like that into place. in addition to this that, i thi

the fha and the administration has done a good job in implementing things that can work.d yet. we expect to take advantage of sort of their foresight in setting up the programs. existing programs to allow us to fund them. >> eliot: there's capital out there that would buy this debt if it were discounted to reflect the underlying value of the mortgage so there would actually be good debt with a payment structure. >> absolutely. now we have $190,000 mortgage with an fha guarantee on a $200,000 house is what people buy every day. >> eliot: to sounds to me like the opposition is from somebody who bought a lottery ticket thinking at the end of the day they would wait until the loans were worked out. the price would go up. they don't want to be forced to sell at what is today's market value. even though it is a market value because they think the payback down the road will be better. >> personally, i find that -- that's tough for me to understand. they're benefitted by a recovery of our economy. it is not just about this one loan or this one trust. if we can do this, you'll fin

people on the margin you have fha or pay day lending. people on the bar will not be impacted by these anyway. we have to be really careful about what happens going forward. the enforcement is occurring in a very rapid way. all of the data about foreclosures. it will be a big foreclosure year because of lack of activity last year. it will ultimately take its course. we really need to have a serious debate about those impacted through job loss, credit scores. those who have low down payments in need access to home ownership and should not be delayed because of the down payment layering requirements. we have to create this huge disparate impact of policy, not lending behavior. >> obviously very rich things to get into. i like to stay with the question you both talked about, the balanced housing policy. just to understand, does this imply america is at a crossroads where we have to either choose to support rental or continue to foster home ownership or is there some way to connect the dots and some holistic way? -- in some holistic way? ." p

in 2006, fha barely 3%. after millions of loans defaulted and close to no new private investment happened today they make up over 90% of new mortgage originations. there's an estimate of the private market will fall to 750 billion in 2014 and to 500 billion by the beginning of 2017. so, where are the investors? well, many, of course, were burned by subprime and the longer -- no longer trust the ratings agencies. but equally unappealing says the inside mortgage finance are very low yields thanks to low interest rates so the only private player left is redwood trust, largely cornering the jumbo market and getting in to agency backed mortgages. tyler? >> thanks very much. >>> let's turn to jim and ask him how he thinks this through the drop in the private label mortgages. is there a way for the individual investor to make money here, jim? >> i think there is. but first of all, the migration of loans from the private sector to fannie and freddie isn't a wonderful thing. so i don't love that. and the reason i thi

gains got an fha loan. >> this was our last resort.o other areas, but when we went to compton we were not too sure, but when i saw this house that was it, the yard is beautiful and the neighborhood is really nice. >> a lot of people are wondering compton may go bankrupt, will that affect utilities and the home market, most don't think so because they figure that's happening everywhere in california. >> by the way, we like your hair long, jane. harry potter trumped. why the boy wizard may want to whip up a horn spell. mamama it's something you're born with. and inspires the things you choose to do. you do what you do... because it matters. at hp we don't just believe in the power of technology. we believe in the power of people when technology works for you. to dream. to create. to work. if you're going to do something. make it matter. jonathan horton climbed all the way to the ceiling... in the middle of a department store. some parents might have scolded him. ♪ jonathan's parents gave him... gymnastics lessons. ♪ it's amazing how far

there is what's called a streamline fha, nva, by the way. that you always contact the mortgage broker to learn about it. but essentially what they could do, they being the fha, is they could streamline your mortgage down, not your reduction, not principle reduction, but your interest rate from where it was when you got it and they could streamline it down now to around present interest rates or maybe a little above. it's a great program that i wanted our viewers to know about. >> brian: now, you say streamline. what's unique about this, this is the layman talking here, is that you don't have to say, i want a new short go through the refinancing property, you can go through your current mortgage and make it work? >> you got it right. because you qualified, brian, originally for the fha, there is no qualification necessary. you literally could be unemployed, believe it or not. there is no credit reporting whatsoever. i actually just had it done for my son and in 30 days, the streamline fha was approved saved almost $300 a month and it's someth

we see quite a lo of fha which means that 3 1/2% down.course you see 20% down, you see 10%, but you're not seeing before where there was no money down. that's where everybody got into trouble. >> and the washington area is a good area, especially washington d.c. >> the washington area is great. i mean, and that's true of the whole metropolitan area because so many people want to buy in maryland or d.c. or virginia and commute. you've got the metro, you've got many opportunities. >> mary ludell from marion, long and foster, thank you. we need to talk after the show. >>> thanks for being with us. come back and visit us at 5:00ment don't forget to go to jc dr. parikh hayward.com. -- don't forget to go to jchayward.com.

you compounded the government era when you had things like fannie mae, freddie mac the fha putting guarantees on the mortgages that would not have been originated during a free market. they woulded have been worried about not getting paid back. they told the bangs you can lend money to people even though they won't pay you back. the taxpayer will. we had the hazard and it butter. bust. at love people like to blame the market for that. they like to blame wall street's fault. i'm not saying they're innocent. they drunk a lot of the alcohol that the fed was pour and acted irresponsible belie under the influence that have. you have to look to the source. why were so many people so foolish? simultaneously, not just on wall street, plenty of people on main street were lying about the income and buys housing they nude -- knew they couldn't afford. they were drunk on the cheap money. they kept repeating them instead of learning them. the bad monetary policy we have under bernanke are worse than green span. we have 0% interest rates. that's doing more damage than the 1% we got at the lows under green

between fanny made, frie mae an mac and fha, i do think left-ha lenders have imposed instructor creditactually lend to where we are, i think that can satisfy the market. >> but how account private market get back into the overall mortgage market? that is private label securities. right now as you said, you're over 90% of the market and that's not where you want to be. >> no, we need to shrink. >> how do you shrink that market when private investors are saying we can't compete with fanny, freddy and fha? >> private capital is sitting on the sidelines. i'm afraid we're not going to see them come back into the market until we have sustained home price improvement over an extended period of time. that's a reality of the way private capital is looking at the market. it why what fanny and freddy and fha is doing to sustain funding in the market but i don't think we're going to see private capital come rushing back into the market until we have stand home price improvement. >> post-election we'll start to hear about fanny and freddy restructuring your future. how would you like to see fannie

fha, fannie, standards -- and the mortgages are hufrting and pushing things down even though people wantbuy. i hate the media, not you of course, who says you have to have a 20% down payment which is not true. there are so many little factors holding people back -- >> by the way -- you should really have 20% to afford a home. that's a fact. if you go back to the '60s and '70s, 20% is the right number. >> what's the number for you? >> listen, here is the problem, 100% financing based on an appraisal, if the appraisals were any good we would not have this problem. >> fannie mae and freddy mack need to get rid of the hbcc, that will open up the markets. >> is it easier to get a mortgage or not, fred? >> test tougher. >> no, it's stupider. the underwriters are scared. >> is it easier or more difficult to get a mortgage. >> tougher, period. >> regardless of what you put down. >> i agree with fred, it is tougher. >> they are refis they won't do. >> they need to get a little better about the people that have done short sale that's have decent credit that should be able to buy a house again. the

it's not organic, subsidized by fha loans and -- >> there's no fha -- >> hold on one second.of tampa, who i would like to bring in. it's time to live... wider awake. only the beautyrest recharge sleep system combines the comfort of aircool memory foam layered on top of beautyrest pocketed coils to promote proper sleeping posture all night long. the revolutionary recharge sleep system from beautyrest... it's you, fully charged. receive up to a $300 beautyrest visa prepaid card when you buy select beautyrest mattress sets. more than 50 times a day? so brighten your smile a healthy way with listerine® whitening plus restoring rinse. it's the only rinse that makes your teeth two shades whiter and two times stronger. ♪ listerine® whitening... power to your mouth. >>> want to bring in tampa's mayor bob. where the things stand with the city's preparations for tropical storm isaac. >> we're in full preparation. we're implementing any plans we need to implement. as floridians, chris, we deal with this all the time. this is nothing new to us. this is a minor distraction as it relates t

the fha says the presence of chloride doesn't necessarily mean croargs is -- corrosion is imminent but it's still important to mention it. >>> a soldier who went awol two years ago has decided to turn himself in. he said he's living with post- traumatic stress disorder as well as depression. he was there at walter reed -- surae chainn was there when he surrendered. >> reporter: he has emerged from hiding in his mother's basement. >> it's a nightmare. >> reporter: he fell into a dark place after a 15-month deployment as a combat medic in iraq. >> i have nightmare abouts stuff i've seen over there. >> reporter: he furthered spiraled into mental illness when he learned he would be deployed to afghanistan. >> i was fearful of my personal demons getting in the way of how i would treat a fellow battle buddy. >> reporter: he sought help but says the military solution only masks the problem. >> medication, medication, medication. >> he's serving in a u.s. army hospital, the principle hospital in this country and the caregivers there aren't able to respond to what he needs. >> reporter: reports

you compounded the government era when you had things like fannie mae, freddie mac, the fha putting taxpayer guarantees on mortgages that never would have been originated in a free market because in a free-market people would have been worried about not getting paid back. the government basically told the banks you can lend money to people even though you know they're not point to pay you back because the taxpayer well. so we have this huge bubble based upon the moral hazard and based on cheap money and, of course, it burst. a lot of people like to blame the market for that. they like to blame wall street. it is not wall street's fall. i am not saying they're completely in a sense. they drank a lot of the alcohol that the fed was pouring, and they acted irresponsibly under the influence of that. you have to look to the source, look at why there are some many people that were so full is simultaneously, not just on wall street. plenty of people on main street were lying about their incomes in buying houses they cannot afford. there were just as strong on the cheap money. unfortunately, instead

used to thel the story of a business guy who went to college on the gi bill, bought a house with an fha loan and said he was voting for ronald reagan to get the government off his back. there's something very strange and very old about this argument they're making. >> well, how do they dress up the argument to make it look good to the american people? on one hand, they're railing against any kind of government help. on the other hand, they're going to put a person up there who has had success with the help of government. it almost illustrates exactly what the romney campaign is all about, doesn't it? >> you know, they have had this problem before. i think, if i'm not mistaken, this is the second or third business person they have pulled out to make the point that there was something terrible about obama's statement, where it turns out that that business did business with the government or got some help from government. maybe they'll put somebody out there who got help from the stimulus package. it's just very hard to find somebody in america who is totally pure and has never gotten any

fha. federal rules and bake regulators commanded they own mortgage-backed securities. the worst possible investment they could make federal regulators said they had to. that is responsible for bringing it down. this is my message to you. to restrain government put a muzzle and get rid of dodd/frank, regulations, tax increases our economy will flourish again. mom-and-pop investors will make money and government that built the so small we could drown it in the bathtub. [applause] >> closing statement. >> ladies and gentlemen, of the jury. i agree that government is part of the problem it made the rules to enable them to turn it into a casino. there were big pay-- the drawing talent away from other sectors. the government does need to be reined in and deserve blame. but what should be the rules that govern financial-services? you need to understand the housing bubble was not an accident by government stupidity exclusively. there would have been a housing bubble and financial crisis. from when do regulation permitted mortgage-backed securities to bundle the loans and sell

with just individuals without thinking about the laws and the lending policies and the banks and the fha and the redlining, you know, all the structures that one moves with them as an individual. so yes, for me, we need to remember that the individual -- but also the individual functions within certain structures. >> thank you. i think that is a very good question because we can approach freedom from different perspectives. there is negative freedom and positive freedom. there is freedom from and freedom to, and i think the basis of any justice system is first freedom from coercion and exploitation and mistreatment and the next step is to talk about the freedoms to do, what should be acceptable to a just society but today it's a very important question because we have these libertarian right-wing who believe that they should have, there should be very little government oversight, maybe two or three different aspects of government and then they should be free to do whatever else they want as long as in their mind they are not causing anyone else a problem. that is diametrically opposed to

the administration is trying through gmc's and fha to do their own programs. host: peter, welcome. caller: i have heard various things about chrysler's repayment of tarp -- the tenor of what i heard is the corporation has been restructured. i would like to hear anything you would have to say or give details on chrysler's repayment of tarp. guest: the of those has been another focus. it has not worked as easy or not a smooth as some of the large banks, but the government has been pretty active in getting the of those out. they are not there yet and have not indicated a time line as to when it what happened. host: tony is a democrat from winston-salem, north carolina. hi, tony. you are on the program. caller: thank you. host: what do you have to say for us? caller: it is just awful. you never heard anything like this back in my day. 1980's -- banks and the state right now. -- in this state right now. i don't trust nobody. you know what i'm saying? it is really just a sign of the times. everybody is just doing their own thing. host: view trust banks less than you did say five years ag

. >> the government wanted fannie mae and freddie mac and fha to buy loans from people who own houses have made the loans and the only who could get the loans are people who didn't have downpayments and didn't have income. the mortgage brokers were playing the game that the government was requiring them to play. >> wall street bankers played it, too, when they got involved. >> wall street bankers played in it, too. they could have said no, no, we're not going to play your game. that's a very dangerous thing to do, when you tell regulators we're not going to do what you want, they have a habit of getting back at you, it's called crony capitalism, when the government says you do this or we punish you. >> wall street actually took it to a higher level with the mortgage-backed securities and wrapping these things up and packaging them. i'm not arguing at all that the government set the ground rules for what happened there. >> aig enabled it all by writing insurance and not putting any reserves against it, and you could pass it all off as aaa and people -- what was three and four? >> that

. >> because the falling knife hams not fhas not finished falling? >> hasn't started falling.ere going to do privatization. they were going to take private 32 pieces of real estate, of which 28 they're going to lease back. that's not really the privatization. that gives you a little pop in the front, and now for years and years, you pay rent. >> is this all business? i mean were you going to which island? >> i went to a friend of mine has a little island. >> has an island? >> yes, yes. number of the shipowners have islands. >> there's a lot of islands. he doesn't own roads or anything, does he? >> no. the other thing that i noticed is that some of the local politicians are starting to play the ethnic card on germany. there's obviously a lot of resentment in greece to what happened in world war ii and some of the local pop tigs pol are piling in it's not just the eu, it's the germans being mean. >> are they using the nazi word? has it gone that bad yesterday? >> i haven't heard the nazi word but my greek isn't that good, so i don't know. >> you don't know, so that's interesting

if you go through the fha, which a lot of people are doing, it requires a smaller down payment, thenfew people can actually -- >> maybe maury is not talking about -- from the investor maybe that means private equity firms or larger investors. >> on that point i completely agree to it. >> there's scale to it. >> if you want to look at one of bright spots in housing, it's actually the fact that a lot of these multifamilies are being converted into rental units. there's been a dearth of rental units. in a single family home perspective we're not there yet. >> maury, let's talk about bullard. how much of what he saids tod s how much of what he saids todai was important? was it a walk-back of minutes that were overplayed themselves yesterday? what was your take? >> bullard is in a minority right now. i actually lean more toward what bullard is saying than what the consensus is saying. but it seemed like from reading their minutes and looking at the previous statement, that, yes, the senate was shifting toward easing. i wouldn't put the easing odds at any more than 50/50, though, right now

for today, not for in five hispanics purchasing a home are getting it through the fha it is a remarkable number. just to put it in perspective, that is compared to one in seven in 2004. the committees are depending upon government-backed lending. it is off the charts. it is just extremely important. another numberhat i find interesting in t abohe impact of the programs that we rolled out today, that helped of boards of 200,000 hispanic families modify their loans to a more sustainable path going forward. roughly, 1/4 of all beneficiaries of the program are hispanic. we rolled up the neighbors stabilization program a few years ago, which is $7 billion. and roughly2 in $3 are going to people of color. so, if you actually lay out the numbers that we rolled out,he degree to which they disproportionately help this community is always surprising me when i go lifted the numbers. again, if you go back to the opening frame is that this committee has been particularly hard hit in this market. sta reasoat it will be targeted in a way thall when think about the narratives that are missing in the hou

today four and five hispanic families purchasing a home with a mortgage are getting it through the fha, the agricultural department for 80% of hispanic. it's a remarkable number just to put it in perspective. that is compared to one in seven in 2004. so the degree to which the hispanic communities and latino communities are depending upon the government back lending is just off the charts, and because of the numbers i mentioned earlier about the household formation and expansion it's important not just the to that community but more broadly and economically. other number that i find interesting and telling about the impact of the programs we have about today in the camp program that has helped upwards of two entered thousand hispanic families modify their loans to a more sustainable path going forward. so an enormous number roughly a quarter of all beneficiaries of the program, the hispanics. and then as far as community direct assistance, we've rolled out the neighborhood stabilization program several years ago which is $7 billion going into the particular hardee communities just ment

of the british banks don't know who they're dealing with, are they dealing with a state agency, the fhanumber to accept, too. that seems like a big number. >> very big number especially that fast. >> only on a relative basis. >> remember in "the journal" piece they started out $250 billion and finally discovered it was maybe $300 million and standard charter. did you think this was, carl levin immediately said finally a regulator that doesn't take all day to do something before he xwets a pou gets a pound of flesh. >> i think they should have done it in a coordinated fashion. i never like when people go out -- we talked about this, i think when ags go out, i want nobody who is in this type of office to be able to actually become an elected official. there should be a four or five or six-year buffer. how do you think about regulators today, regulators on overseeing wall street, given your history? >> i think a lot of the rules need to be clarified. this is the problem. i think a lot of people are trying to play by the rules and people get in trouble for being too close to the line. the p

we have seen in the mortgage space the fha has south to create the conditions for responsible mortgage borrowers to refinance, and many responsible student lone borrowers see their credit profiles dramatically improve but the market may not be liquid enough to appropriately price their risk and allow them to have lower payments. so we look forward to providing any expertise the federal reserve board of governors and others as they monitor conditions. >> thank you. >> thank you, mr. chairman, and thank you again for being here. you know well the relationship between the investment and higher education at the state level and how that's been diminishing, but in many cases -- in most cases actually, because of the tremendous burden of investing in medicaid, which we have made happen in a big way at the federal level, but that has a direct relationship on what tuition levels are for students and that's one of the main drivers of why theirs so much student debt, is it not? >> so, it's certainly true the constrained state budgets, many of which were badly battered in 2008 as declining tax rev

the fha would reach the faa would face significant cuts and food safety and work place safety inspections would be cut back. the number of fbi agents, border patrol agents, and transportation safety staff would decline. the nih would have to cut or curtail vital scientific research such as research in cancer, and childhood diseases. the president's detailed submission to the deep for the present to the committee last september in its february budget both included a plan to responsibly avoid these cuts, making tough choices to reduce the deficit with a balanced package of spending cuts and revenue increases. the president's plan included $2.50 in spending cuts for every $1 in revenue. overall, over $4 trillion in debt as a reduction. that far exceeds the amount required by the joint committee to avoid sequestration. recently, attention in congress has focused on seeking information from the administration and planning and preparing for sequestration. i want to stress that in the very unfortunate event that congress fails to pass a balanced the deficit reduction package and avoid sequestrat

most recently on the public side as a former commissioner of the fha.dwig. he helped create affordable homes and rebuild communities. she has pretty -- priebus let a community development company as well as a large nonprofit lender to small business. she is recognized as one of the world's leading social entrepreneurs. to my right is jim kerr of the national community reinvestment coalition. he worked at fannie mae and the center for urban policy research at rutgers. he served on advisory boards that numerous colleges and is currently a visiting professor at columbia university. he is a deeply engaged academic. i would like to ask you to start us off. let's begin with foreclosures. the white paper being presented today reports 3.5 million foreclosures since 2008. that is less than the 3.7 million households that are either currently delinquent or in the process of foreclosure. housing economists are starting to talk about a bottom to the market and maybe even recovery on the horizon. how does this square with what you observed? >> that is an excellent w

. >> we believe the fha has the authority now in a way that is good for the taxpayer. our problem is that we do not have the ability to compel them this is our constraint. i would hope that we can make some progress. >> this is never going to get us back to the problem land. why fannie and why freddie seem to be on hold the ground, i do not know. >> again seymour of mitt romney's tries for hichoice for. mr. romney has nearly 400 appearances in the video library including his speeches from the house floor, his appearance at the 2004 national convention, and hearings he chaired as budget committee chairman. watch, clip, and share c-span videos your way at the library. >> try as for discussion about the challenges of moving from paper to electronic health records. i.t. officials from the health and human services department and the private sector will discuss protecting patient privacy and other security concerns. our live coverage begins at 12:15 p.m. eastern on c-span2. >> the idea that we're in this together regardless of who we are or where we come from or how much mo