bush's view today on freddie and -- @@ fannie and freddie? well, i'm not surewhat his view would be but o much ownership. part of that. ddie were huge and bill clinton had a huge role in lowering mortgage standardsí >>both parties political a pointe who made far @@too much [everyone talking at once] friend by the obama administration, through congress, that will wind @@@@do these government entities. >> what is in the public interest, major? should they be -- >> more rental property. >> seously,@@i'm not kidding. the idea -- [everyone talking at ce] >> the homeownership can be a@ universal@american aspiration, yes. reality, no. bad@thingsappen. >> tre's another player in the scene@that hasn'$ been mentioned, alan@greenspaní >> he pushedterest rates . @@ down in @@2001 when when had th dot-com @@bubble bursting d he was worried@the financial markets may come apart d then those interest rates were kept down for1% for three or four years. atlowered mortgagerates and everyby jumped into the mortge market. >> you thinthey should be terminated? >>

fannie and freddie were a partner in that, and as much as fannie and freddie were at odds in many ways with the investment banks in the private market, they also had a partnership with them. so what you saw was fannie and freddie by 2000 was innovating low down payment programs, was innovating the move from traditional underwriting where you would walk into a bank in your community, you'd look that banker in the face, he would look at your credit history, he would look at your employment history, he would look and think about the regional economics of the community in which you were borrowing and where your job was, and he would make a loan decision. and fannie and freddie realized for efficiency in an instant gratification world, we can move to automated underwriting, we could really change the structure and dynamics of the housing and mortgage finance system. and they did. and we're here. and so even now as we're watching the discussion about, under or dodd-frank there's a rule on risk retention where any securitizations the issuer and/or the originator are supposed to hold proportio

he is author of a book about fannie mae and freddy imagine and -- freddie mac and why the two shu never have gotten married. republican michel bachmann has surged above president obama. the key to the success progrowth agenda, adherence to the founding fathers principles and something special. >> analysts say her uncompromising views on homosexuality are one of big reasons she's gaining traction in iowa. >> jon: what? why would iowans be so concerned about what happens three inches below the corn belt? [laughter] since the iowa supreme court legalized same-sex marriage in 2009 they've noticed real changes in the state's cash crop! [laughter] yes, their worst fears corn destroyed by a (bleep) playing. [laughter] a -- (bleep) plague. movie about iowa field of -- if you build it they will -- you know. [laughter] it's no surprising the message is resonating to conservatives there. unless you think she's pandering rest april sured she's be on this message for years. >> if you are involved in the gay and lesbian lifestyle it's bondage. it's personal bondage, personal despair and enslavement.

fannie and freddy were part -- freddie were a partner in that, and as much as they were at odds in manys with the incestment -- investment banks and private market, they also had a partnership with them, and so what you saw was fannie and freddie by 2000 was innovating low down payment programs, was innovating the move from traditional underwriting where you walk into a bank in the community, look the banker in the face, he looked at your history, your employment history, look and think about the regional economics of the community in which you were borrowing and where your job was and make a loan decision, and fannie and freddie realized for efficiency, we can move to automated underwriting, underwriting processes, really change the structure and die namics of the -- die namics of the housing and mortgage finance system, and they did, and we're here. even now as we watch the discussion about dodd-frank, there's a rule on risk retention where any securitizations the issuer or originator have to hold 5% of the structure. unless the loans in that pool are what's called qualified residenti

fannie mae and freddie mac. i am impressed with the on- again, off-again nature of this with my colleagues on the house. my republican colleagues in the house talked tough about fannie mae and freddie mac when they were in the minority. when they are in the majority, something happened. they are affected by a strange kind of paralysis. last year when we dealt with this bill in conference, the republicans offered the hensarling bill, as amended. we said it was not germane. we it has been seven months into the session with republicans in the majority. arling is a member of the majority. said. what mr. bauchus we would like a comprehensive bill. can we get a comprehensive bill? i do not think so. republicans in power in the house are much less certain. where are we? i will say i am somewhat embarrassed by this failure of memory, once he became a member of the majority. the gentleman from alabama blamed the obama administration. i feel like humphrey bogart, when it comes to fannie mae and freddie mac, republicans ca

fannie and freddie were smack in the middle of this.k the two firms with public government backing. they went from just a little bitty players in the early 1980's to at the time of the crisis they owned 50% of mortgage market, $5 trillion of mortgage debt at risk with little capital underneath it and we're paying for it. you're paying for it. i'm paying for it. the audience is paying for it. >> jon: the idea is that the trick they were pulling was they go to congress and say, don't worry you're not on the hook for this. and they would go to wall street and say don't worry congress will pay if this goes south. >> that's exactly correct. they were a private firm. they make the profits but the rest was borne by the taxpayer, again, all of us, you combine those together it's a nasty mix. >> jon: how do they privatize profit. i'm curious as to how profit gets privatized and losses get socialized. how does that seem to work? >> they're guaranteed to fail. they have no capital underneath them. they control a huge amount of mortgage market. if

you saw me smiling this morning as i embraced this man, freddie carter. he is part of the construction team here. freddie was certified when i was the director of the human rights commission. he had a joint venture. it was a small firm, and they had to get some beer projects, and i remember, you went out and bought yourself a red truck. do you still have that truck? freddie is part of the kck general contractors team that formed the property bid on the dpw and library bid process. they ultimately won the right to build this. and guess what, he is local, right here in the bayview. that is important to me, personally, it is important to the city. that is why the library director works so hard with dpw, our human rights commission, to do it right. this is the right way to do it. i know reverend walker knows that. it is so important to this community that we not only buildings for the future, but in a way that everyone in the community participates. so that they know that we, as a city, as a community, built this library. not some contractor or a department t

later that the show did go on and freddie's influence has never faded. like a family member but you don't. and we no longer get. you get that close if you're somebody that you can be creative with other than for him those are the. more you can success but in the. to confront you you learn to to know what somebody else might be thinking you might not always be right but you have a feeling so i still feel and roger does as well in a particular it applies more if we're working on a screen and we think what would freddie say and you would be he would say this. he's part of the creative process because he's part of what we are because we really chiseled this thing out all together me and freddie and roger so i mean for a while i didn't want to you know i was very you know. there was a point you know the grieving process where i just didn't want to talk about green didn't want to feel that it was there even except it's history but i sort of got through that and now i regard it as part of my life which will never go away and it shouldn't go away because it's so

because we really chiseled this thing out all together and me and freddie and roger have you spoken to some of the brilliant brains our times for the past three days what do you think who do you think could be or is high priest in the twenty first century the high priest of the twenty first century boy oh boy oh boy. maybe nelson mandela. because he has a very important key i think apart from wisdom and knowledge. he has the key of forgiveness which i think saved his country completely from a blood. and i think people the people who run this planet studied under nelson mandela and we would definitely get a better planet and i think that would be more than anyone else i think he has the key primate thank you very much melissa. the official. video. feeds the palm of your. questions. today. the full these are the images being from canada. paul come back here's a recap of the main stories we're covering on r.t.e. suicide rates in japan are rising as people struggle with the aftermath of the earthquake disaster meanwhile it's thought radiation at the fukushima nuclear plant could be contain

to say for sure in art's about life with the stars he tells us about working alongside front man freddie mercury reveals his alter ego as an astrophysicist. it's great to have you with us today sir thank you for being so recently i was going through the glass bead game and he writes about music and what he says about music is that except it's art it's also true power over nations and human cells and then many people say that exactly why music is compared to exact sciences like mass . so i never really got that because i finished product conservatory and i always failed my math class now you as a man of music and science can't tell me how music is related with science or exact science like math for example it's a hard question. yeah obviously there are mathematical things in music but ironically i think the most important things in music are the instinctive things so i don't know quite how that works out except maybe it gives you a balance but yes i love pure science and i love music and they're not the same for sure but. certainly throughout history there have been connections and people

i want to talk about fannie mae and freddie mac. i am impressed with the on-again off-again nature of this with my colleagues in the house. my republican colleagues talked tough about fannie mae and freddie mac when they were in the minority but when they are in the majority something happens. they are affected by estranged plurality with responsibility. i say that because last year when we dealt with this in conference the republicans in the house offered the bill -- total abolition of fannie mae and freddie mac with no attention to its success. they said it wasn't germane. almost seven months into this session with republicans in the majority, a member of the majority and subcommittee chairmen haven't offered -- we had a discussion of smaller bills in the wall street journal. said. what mr. bauchus we would like a comprehensive bill. can we get a comprehensive bill? i do not think so. republicans in power in the house are much less certain. where are we? i will say i am somewhat embarrassed by this failure of memory, once he becam

>> fannie and freddie were given a lower... a lower borrowing rate in the markets by investors who always assumed that they were government-guaranteed. >> reporter: lower borrowing rates because those investors who lent fannie money to buy mortgages believed, if it couldn't pay them back, the government would. and in fact, the government did after fannie's failure in 2008. those lower rates amounted to a $6 billion subsidy, say the authors, much of which went toward enriching fannie mae's shareholders and executives, and lobbying against constraints. >> they generally squelched oversight with all... always with the same tactic. you get the realtors, you get the homebuilders, you get community groups, you get community activists to say, if fannie and freddie are constrained, it will have a negative impact on homeownership rates. >> reporter: right across the street-- the james a. johnson housing and community development center, named for the man who, say the authors, built fannie's empire. >> james johnson was the chief executi

and why anyone would want that i don't know, but skin and freddie did. it's because there is a program for countrywide club vip loans known as friends of angelo. this is where influential people in government were able to get long-term countrywide on a specially favorable terms. they'd have to be pretty darn favorable. when you get $330,000 to a part-time housekeeper making $200 a week. they were doing it. ltd. the list of people in washington were beneficiaries. this week that a who's who with some of the sterling characters of our age, such john edward. some surprising characters who have actually survived and are in positions of special power. senator kent conrad with this very moment is the chair of the senate budget committee. i love this one. chris dodd, the guy whose name is part of.frank, the financial litigation bill was necessary because the stuff blew up. alphonso jackson, secretary of housing and urban development and this is the best. daniel h. mudd, the guy who grew up having to deal with the famous saying your name is mud. he was also the

obviously when you think queen and see you playing next to freddie mercury all those great hits come to my mind and then understand that when you reach that level of success with someone you definitely have a special bond you form a special bond and i've heard you in another interview say that you still see freddie in a strange way can you elaborate on that it's like a family member you lose them but you don't quite lose them because you take the review you know and we were so alone together. you get that closeness from somebody particularly in the creative environment i don't think frame there's anything to do with who. you can success but in the creative environment you learn to to know what somebody else might be thinking you might not always be right but you have a feeling for them and so i still feel that and roger does as well in a particularly good applies more if we're working as queen in the same room we think what would freddy's say and thirdly he would say this. you know he's part of the creative process because he's part of what we are because we really chiseled this thin

fannie mae and freddie mac. >> start with freddie and fanny.ros its would be put on an auction block and sold to the highest bidder. minimum bid, 50 cents. >> but without fannie and freddie, bachmann couldn't have bought her 5200 square foot house on a minnesota golf course. washington post huff reports balk maen and her husband signed a $417,000 mortgage in 2008. backed by either fannie mae or freddie mac and they have steadily attacked freddie and fannie ever since. >> there is an assurance that this would be the back stop for feddy and fanny. that's part of the problem. we want to see freddie and fanny put on the auction block, divide up and sold off. >> this is not the first time bachmann tried to have it both ways when it comes for government spending. bachmann calls for cutting medicaid but her husband's counseling clinic has over $160,000 in medicaid funds and other government money. while bachmann says she wants it farm has gotten $260,000 in federal subcy dies. bachmann claims to hate government spend bug she is more than willing to ta

fannie mae and freddie mac. i am impressed with the on- again, off-again nature of this with my colleagues on the house. my republican colleagues in the house talked tough about fannie mae and freddie mac when they were in the minority. when they are in the majority, something happened. they are affected by a strange kind of paralysis. last year when we dealt with this bill in conference, the republicans offered the hensarling bill, as amended. we said it was not germane. we it has been seven months into the session with republicans in the majority. arling is a member of the majority. said. what mr. bauchus we would like a comprehensive bill. can we get a comprehensive bill? i do not think so. republicans in power in the house are much less certain. where are we? i will say i am somewhat embarrassed by this failure of memory, once he became a member of the majority. the gentleman from alabama blamed the obama administration. i feel like humphrey bogart, when it comes to fannie mae and freddie mac, republicans ca

world's a legendary rock bands all but ground to a halt the death of queen's flamboyant front man freddie mercury was undoubtedly a pivotal moment but it's our song writer brian may tells us later in the show that the show did no one on freddie's influence has never faded. it's like a family member you lose them but you don't quite interesting because you take the really. and we were so long together. so. you get that close on from somebody particularly in the creative input with everything famous i think you do it or you can success but in the creative environment you you learn to to know what somebody else might be thinking you might not always be right but you have a feeling and so i still feel that and roger does as well in a particularly good applies more if we work in the queen and we think what would freddie is there any of us would be he would say this. yeah he's part of the creative process because he's part of what we are because we really chiseled this thing out all together and join freddie and roger so i mean for a while i didn't want to you know i was very. it was a point yo

later that the show did go on and freddie's influence has never faded. it's like a family member you lose them but you don't quite know because you take them with me. and we were so long to get. you get that close with you somebody particularly in a creative environment i don't think famous anything to do or even success but in the creative environment you learn to to know what somebody else might be thinking you might not always be right but you have a feeling so i still feel that roger does as well and particularly it applies more if we are working as queen and we think what would freddie say and you are probably would say this. you know he's. part of the creative process because he's part of what we are because we really chiseled this thing out all together me and john and freddie and roger so i mean for a while i didn't one you know i was very. it was a point you know the grieving process where i just didn't want to talk about queen didn't want to feel that it was there even except it's history but i sort of got through that and now i regard it as pa

fannie and freddie our government guarantee. they own the credit for us already. bank of america the likelihood is your contractors mortgages not even held by bank of america. it's held by mortgage-backed and those investors have to be considered. bank of america is a surface or who also owns the largest portfolio of second liens and home-equity lines and so there's risks to them on that depending with the door on the first mortgage and so you're right that this is a problematic situation and the government isn't interested in dealing with it but one of the things they are not willing to deal with is before you can have in the example bank of america treat the borrowers well, they need to be armed conflict in the relationship between the second liens they hold on the balance sheet and first liens have a service for people like the contractor. >> thank you. >> i have a couple questions. right now what looks like fannie and freddie might be profitable by the industry to of going into 2013 setting aside the 10% dividend they might own to the treasury, and at that poi