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. 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 would walk into a wang -- 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 that for efficiency, we're in an instant gratification world, we could move to automated underwriting. we could move to automated appraisal processes. we could really change the structure and the 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 dodd-frank there's a rule on risk retention where any se

why don't yes have reform for fannie and freddie.t think a lot of banking executives have played a personal toll beyond the losses they incurred from the financial crash. it's not like people are going after these bank executives. there's almost no personal accountability in the private sector. we can have a long debate. i can't cite chapter and verse to you but that fannie and freddie were a small proportion of the problem. it's overstated. >> it's not overstated. the. >> the best data shows that in the subprime mortgages show they were not the main offenders, not that they were scot-free. >> you can go back to 1999 and read "new york times" articles -- it started a process. it lowered banking standards. guess what? after they started it, the private banks rushed in. everybody rushed? >> i've got to jump in. gretchen morganson wrote this book called "reckless endangerment" about fannie and freddie that supports everything you're saying. they lowered the equity requirements to as little as 3% or 4% of the housing price because everyb

fannie and freddie and who is fannie and freddie? it is the american taxpayer at the end of the day, so would it make sense for fannie and freddie to seek initiatives that mitigate the potential of its losses, and help us move into the mortgage market. so that is a broad come position but i just don't get the sense that is where fannie and freddie are headed at least in this point of time. are their observations about that? in am i wrong on this? >> i think, like everything we have talked about here senator, as you are well aware of and have been actively engage these questions are a lot more complicated than the answer. the answers are more competent than the question. the challenge of fannie and freddie is they still are essentially independent companies and conservatorship. they have cost the taxpayers $150 billion. it is acknowledged at least by their conservator that they were underpriced in a guarantee fees when they originated these loans and so i think the trade-off we have to consider as we utilize these two agencies which a

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

are going to bail out fannie and freddie fannie and freddie made a lot of bad business decisions and they bought a lot of loans from a lot of the people and now they're saying the big banks to see what's in those loans so now if you're free on behalf the taxpayers are going to try and soon get that money back so you anywhere that it is true that any of the banks defrauded fannie and freddie with a lawsuit should be brought to them and we should we should get justice in the question here should i do that i will the in this case actually probably does have to be done by the government because the government is now running fannie and freddie. in our part of the government's holistically they're the conservator of it so they need to do that but the question the question is is this going to help matters any is this going to help the housing market it's not going to help the housing market bounce back anytime soon is this going to provide a whole bunch of tax relief to the united states taxpayer because we get a couple billion dollars back you know it's not really going to do that is there

banks on the quality of mortgage-backed securities sold to freddie mae and freddie mac. and then carl sferrazza anthony talks about his new book on jacqueline kennedy. "washington journal" is next. >> on monday, i will lay out my plan on how to pay for this plan by following basic principles. making sure that we live within our means and asking everyone to pay their fair share. ♪ host: from the president's weekly address, an effort to push the jobs bill. the announcement coming a few weeks ago with the president before a joint system -- joint session of congress. including a visit thursday to pennsylvania. he appeared at a bridge that needs to be fixed. it was near the home district of house speaker john boehner. tomorrow we will learn more about how the president intends to pay for this package. he will last wealthier americans -- as wealthier americans to pay more in taxes, and he is calling it the buffet rule after warren buffett. we're going to begin this morning by talking about this question -- should the rich pay more in taxes? the telephone numbers are on the scr

government took over the mortgage giants fannie mae and freddie mac. it put taxpayers behind a five trillion dollars and home mortgages that they backed now reportedly that made this the largest bailout in u.s. history it was part of the rescue of financial firms and big banks that we saw during the financial crisis but the question that still remains is what it all of this do for taxpayers exactly and did this save the u.s. economy which many fear is teetering on recession or in one big banks for their part today appeared to be more protected than ever despite the mortgage meltdown and still overwhelming evidence of fraud practices authorities haven't gone after any c.e.o.'s in charge during the collapse but police questioning of middle aged artist with a political message well that's fair game arches among glinda found a painter who is being treated like a terrorist suspect because of his political statement about the banks the big banks they continue to get off easy. i'm not a terrorist i am not fire bombing and banks i never even entertain the noti

and freddie make money on this. as we look at the cbo analysis, about $100 million because of its stock many people from defaulting right away. secondly, if you're the homeowner you have thousands of dollars in your pocket because you refinanced. i remember the years when bill clinton was president, one of the reasons there was such a prosperity there is the tremendous number of refinance team. if the best way to get money into our economy quickly. so essentially, this is what our bill does and says. if you have a loan that is that by fannie and freddie and if you have a high interest rate on your plate to take advantage at the school were, then you should have a chance to do that, not be disqualified because you are underwater and how those ridiculous fees they have in place now wave so you can take advantage of these rates. we call it the helping responsible homeowners act. we are heartened that the president mentioned something like this in his address to the congress. we are heartened that you are on our bill. w

fannie and freddie. who is fannie and freddie? the american taxpayer at the end of the date. the potential of its losses. help it moving in the mortgage market. that's a broad opposition. that is where fannie and freddie are headed. i am i wrong about this? >> like everything we talk about, you're well aware, these questions are often more complicated than the answer. he sees me, the answer is more complicated than the question. the challenges fannie and freddie i still essentially independent companies in conservatorship that have cost the taxpayers $150 billion. it is a gaullist by their conservative that they were underprice in the guaranty fees when they originated these loans. so i think the trade-off we have to consider is utilizing these two agencies which are critically important considering the size and scope and influence on the housing market. clearly recognizing with eyes wide open that anything they would do to participate more aggressively whether it is lowering loan level price adjusters are changing loan to value requirements for all these things being discuss

freddie mac and fannie mae,.overnment sponsored enterprises, even before they got in financial trouble, they were leveraged 1000 to 1. no private company would be able to leverage at that level. when they failed, they owed $5.50 trillion. now you owe it as taxpayers -- congratulations. they absolutely dominated the subprime mortgage market and day the -- they had a huge dominant market share and everybody else was competing. they kept lowering their standards. politics played a giant roll out with freddie mac and fannie mae. i can tell you that from the personal experience. we were running the numbers and it was mathematically certain there were going to fail. anybody can hear said they were going to fail. we met with congress on numerous occasions and they were absolutely not willing to kill us. ar us. dodd-frank -- ready-made and fannie mac were huge political contributors. they were the biggest single contributor to the democratic party. they simply evaded. if you look at the financial crisis, there are a lot

it was three years ago today that fannie mae and freddie mac. were bailed out by the government now we all remember what happened from there on lehman brothers collapse about a week later everything crashed the government had to bail out. tarp came along but not until another huge crash after that didn't pass it first and from there now obviously was much more complicated that out but it was the financial melt out three years later we're still in the great recession unemployment is still hanging on around nine percent the housing market continues to be in a depressed state and now there's a european debt crisis that looks like it's about to crack course let's not leave out the not a single person from wall street isn't prosecuted added fact their profits in bonuses have shot through the roof so all in all say it's a pretty bad state of affairs but could it get even worse let me explain here last friday as we told you on the show the federal housing finance agency filed lawsuits against seventeen big u.s. and european banks for their role in the

economy it certainly saved save the holders of fannie mae and freddie mac. bonds what it saved i mean basically you had fannie and freddie being completely bankrupt after having made ridiculously foolish loans into the mortgage market now i don't think there's anything criminal about offering. foolish loans or even buying shares in a company that's making foolish loans which is stupid it's not necessarily criminal but as a result of the bailouts these companies that should have gone down the mortgage market should have completely disappeared i mean the essential u.s. housing market should have been returned to a cash business which was which was not what didn't happen but instead all the losses that should have been borne by fannie and freddie shareholders and bondholders and the banks that bought and sold fannie mae braun's and fannie mae loans those people should have borne the losses i mean i think the banking system would have survived in a much more truncated form in a much more a much smaller more manageable for instead all those losses got socialized

government took over the mortgage giants fannie mae and freddie mac. putting taxpayers behind the five trillion dollars in home loans that they backed now that five trillion dollars reportedly makes this the largest bailout in u.s. history was part of the rescue of financial firms and big banks that we saw during the financial crisis back in two thousand and eight but the question that remains what did all of this do for the taxpayers exactly and did this save the u.s. economy big banks appear to be more protected than ever despite the mortgage meltdown an overwhelming evidence of fraud that is still being found today authorities haven't gone after any c.e.o.'s in charge during the collapse however police questioning a middle aged artist with a political message for the banks well that is fair game arches ramon lindo found a painter who is being treated like a terrorist suspect because of his political statement about the banks well the big banks continue to get off easy take a look. i'm not a terrorist. i'm not firebombing in banks i never even entert

stop "play" buttto, the if yyu click the freddie mercury." front man they pay to "queen" front man freddie mercury. 3&pif you c button, the song " don't stop me now" starts pllying.. as the video takes you on a visual journey of the lyrics.take a listen. listen.mercury died oo would have been 65 years old todaa. have you heard have you heard the one about the bear in a prius?no?thhn you need to stick around for this story. story.((he did steal our car, put he left it across the street...it wasn't hard to find. )) ))how a black bear ended up behind the wheel f a prius... . you're watchiig fox 45 good day baltimore. ((break 2)) what was ooce a prius... now a wreckage... but the story behind how it got that way is a wild one.theecar owners say tahoeecabin to the sounds of a bear in their car.they watched bear struggled to get out.he finally hittiig the gear shift... and taking a wild ride down the driveway... and into a neighbors front porch. from there the bear wws able to make his escape. 3 3 3 maps-liberty-bellair -back to maps please áteaá w

took over the mortgage giants fannie mae and freddie mac. that is what hit this milestone it put taxpayers behind five trillion dollars in loans that those companies backed mortgages but what did this do for the u.s. economy exactly and looking today unemployment is nine point one percent close to twenty seven percent of homeowners with mortgages are underwater that's according to those who track it and politicians are still looking for solutions to help us understand if any of them can work earlier i also spoke with andrew schiff of europe a set of capital and i asked him what those bailouts did for the u.s. economy to start it off here's what he said. it's been a thing for the u.s. economy it certainly saved it saved the holders of fannie mae and freddie mac. bonds what it saved i mean basically you had fannie and freddie being completely bankrupt after having made ridiculously foolish loans into the mortgage market now i don't think there's anything criminal about offering. foolish loans or even buying shares in a company that's making fo

freddie mercury, would have just turned 65 if he were alife today.n some ways mercury lives on through his music and more recently through a google doodle. in his honor nbc bay area journalist mark anderson talks to the local woman behind the birthday tribute to the rock icon. >> hi, my name is jennifer, and a i'm a google doodler. i work in california at google's headquarters. our job is basically to have as much fun as possible. we take our logo and change it to celebrate things important to google culture. right now i'm working on a doodle to celebrate freddie mercury's 65th birthday. i guess i'm just a queen fan in general, and freddie mercury is one of the greatest rock heros of all times. it's funny pitching it to the rest of my team. it says weird when i say it and no one understands the context. so considering how colorful freddie's career was, we wanted to create a doodle just as colorful as his personality and his lyrics and voice the music created. we decided to go with the song "don't stop me now." it's one of their top ten hits of all ti

the guy that will be working day to day with freddie, our resident engineer, garland wong. he will be living here and will not sleep until this library is done. he is supported by several wonderful people. lina chen is managing all of these projects. [applause] i also wanted knowledge of our other local hire, deputy director, muhammed nuru. always working for the baby. we are honored to be able to work on this for our community, who is so deserving and has been so patient. we are going to get people to work in the process and we are all going to be very happy here at the ribbon cutting and a little bit over by year. [applause] >> i think you can all see a pattern. this is all about local ownership. thank you for making this happen. i want to acknowledge and invite to the podium the leader of our library commission. no one demonstrates leadership better than jule gomez. [applause] >> thank you. it is my honor to serve the citizens of the city as the head of the library commission. i got lost on my way here. i asked two people. you ask one person and then you have to ask the

remember mortgage buyers fanny mae, freddie mac? your tax dollars helped bail them out, and now the government agency overseeing them going on the attack. who plans to sue to try to recoup billions of dollars. you're not going to believe it. gregg: a fox news alert, former major league pitcher, cy young award winner roger clemens in court right now. this is new video into fox news, clemens is hoping that a judge will dismiss charges that he lied about his use of performance-enhancing trucks. prosecutors are pushing for a new trial after they presented inadmissible evidence to jurors triggering a mistrial the first time around. so what can we expect from today's hearing? doug burns, former federal prosecutor. good to see you, doug. defense is yelling double jeopardy, fifth amendment, no person can be tried twice for the same crime. >> yeah, yeah. gregg: but generally speaking, that applies to somebody who has been acquitted and can't be retried on the same charges. >> yeah. i mean, you go through three steps. one, you can't be tried

freddie mac and fannie mae,. government sponsored enterprises, even before they got in financial trouble, they were leveraged 1000 to 1. no private company would be able to leverage at that level. when they failed, they owed $5.50 trillion. now you owe it as taxpayers -- congratulations. they absolutely dominated the subprime mortgage market and day the -- they had a huge dominant market share and everybody else was competing. they kept lowering their standards. politics played a giant roll out with freddie mac and fannie mae. i can tell you that from the personal experience. we were running the numbers and it was mathematically certain there were going to fail. anybody can hear said they were going to fail. we met with congress on numerous occasions and they were absolutely not willing to kill us. ar us. dodd-frank -- ready-made and fannie mac were huge political contributors. they were the biggest single contributor to the democratic party. they simply evaded. if you look at the financial crisis, there are a lo

why anybody wanted that, i don't know, but fannie and freddie did. there's a program called vip loans called frandz of anglo. they got loans from countrywide on favorable terms. when you lend $350,000 to a part time housekeeper, i don't know what you do to be more favorable than that, but they were doing it. there's a list of people in washington who were ben beneficiaries of loans. it's a who's who list such as john edwards. some surprising characters who survived and are in positions of special power. senator kent conrad who at this moment is the chair of the senate budget committee. i love this one -- chris dodd, the guy who is part of dodd-frank the financial reregulation bill that was necessary because the stuff blew up. jackson, the secretary of the housing and urban development. this is the best -- daniel h. mud, the guy who grew up having to deal with that famous saying your name is mud. his name was mud. he's the chairman and ceo of fannie mae. this is what we libertarians need to watch out for. the unholy alliance of government and corporat

same assets backing them or sensually no assets backing some of them and into pre pre-funded via freddie mac. for mortgages that hadn't been sold which is course you legal so these things went on for years and years and years and a year before the two thousand and nine collapse of colonial bank a whistleblower went to us and we researched there to see if they were the tip is essentially about the freddie macin aspect of the fraud and we researched it and checked out and so we reported it. essentially f.h. effaced sat on it and did nothing and we recently confirmed that you know it was our tippett it had been referred to in a inspector general report for a french f.a.a. that said hey you know the complaint procedure is if it's if they are totally messed up because this is an example of you know a glaring whistleblower report it was was essentially ignored ira crowley recently interviewed former u.s. assistant secretary of housing catherine austin fits see said that when she tried to clean up the mortgage lending fraud she essentially became an enemy of the state and driven out of town hav

whistleblower went to us and we researched their tip they were the tip was essentially about the freddie mac. aspect of the fraud and we researched it and checked out and so we reported it. essentially a sat on it and did nothing and we recently confirmed that you know it was our tip that it had been refer. two in a inspector general report for f.h. f.a.a. that said hey you know the complaint procedures they are totally messed up because this is an example of you know a glaring whistleblower report that was was essentially ignored ira crowley recently interviewed the former u.s. assistant secretary of housing catherine austin fits see said that when she tried to clean up the mortgage lending fraud she essentially became an enemy of the state and was driven out of town have things changed so much i could say no because there's been no real there's been no sunshine effort and no effort for reform and i'm very familiar with katherine fitz his work and the more i delved into that recently the more the things with. taylor being an f.h.a. started to make sense let me give you an example we're

bernal respondiÓ en una entrevista con univisiÓn va unÓ evangÉlica. >> en entrevista con univisiÓn freddytido en eduardo. >> si esa computadora fue desestimada por la corte sfrem de justicia de colombia ¿por qÉe el departamento del tesoro de los estados unidos toma como elemento algo que ni siquiera en el propio paÍs ha sido tomado? >> asegura que el baembajador d dmros estados unidos charles shapiro le propuso traicionar a chÁvez. >> por esta respuesta que le di a shapiro. fue a mi despacho para seÑalar que habÍan muchos problemas en el gobierno y que podrÍa ser un hombre para ayudar a la transiciÓn shapiro le fui muy firme y yo estoy dispuesto a morir por chÁvez y la revoluciÓn bolivaria bolivariana. >> respondieron textualmente sin comentarios el que los tuvo fue bernal. Él y los otros integrantes que ingresaron en la lista. seÑalaron no solamente por los estados unidos si no por el presunto narcotraficante en declaraciones que hiciera a univisiÓn. >> yo no sÉ que arreglos habrÁ realizado con la dea, no sÉ que lazos tendrÁ con el gobierno norte americana lo que sÍ puedo decir que es un

stage one, you have to close down fannie mae and freddie mac. >> when you do that, how do you create available home lending? >> so the stage two is you -- you've got to become to wean mortgage finance off the housing market, so you can't do that overnight because of the current situation. it will take about a decade so slowly and surely. >> where is the money going to come from? >> a partnership between the government. >> over a decade. >> and you're left with this mortgage system. >> with capital requirements. >> with capital requirements. >> and a public swaps market. >> needs to be well regulated. >> just needs capital requirements. i just need one regulation. >> and most important because you've taken away the subsidies from the housing sector, you're going to get capital allocated to more productive uses in the economy and we're going to have higher growth if you do that. >> in order to get to the professor's destination, which makes sense to me, agree with that, very achievable, we have to resolve the current debt load created as a result of the easy money that was created abou

number one, fannie and freddie, because these would all be home mortgages backed by fannie and freddieuse a would stop many people from defaulting right away. second, if you are the homeowner you are going to have thousands of dollars in your pocket because you refinanced. i remember the years when bill clinton was president one of the reasons there was such the prosperity there is because the tremendous number of refinancing. it's the best way to get money into our economy quickly. city essentially this is what the bill does. if you have a loan backed by fannie and freddie, and if you have a high interest rate and you would like to take it is vintage of these low rates then you should have a chance to do that and not be disqualified because you are under water and have the ridiculous fees they have in place now waived so you can to get and digit of these rates. we call it the helping responsible homeowners act. we are heartened that the president mentioned something like this in his address to the congress. we are heartened that you are on our bill. we are thrilled with that. that it

like most republicans willard mitt romney is okay to bash freddie mac and fannie mae.ie and slammed the company's behavior. >> the failures of fannie mae, freddie mac and barney frank and chris dodd are so prevalent we need to see how we're going to support a growing housing industry. >> apparently what he thinks is a failure for america is great for his own personal bank account. the "boston globe" reports romney has up to $500,000 in mutual funds that invest in fannie and freddie. last year alone romney made up to $50,000 in interest from that investment and romney seems to be fully aware of this investment. the "globe" says, quote, unlike most of romney's financial holdings which are held in a blind trust this, particular investment was among those he would have been knowing -- known to him. did romney think we wouldn't notice that he'll publicly attack agency but privately profit from them? nice try, willard, but we got you. [ venus ] what are they doing to stufy? they're making him triple double. why? this! new triple double oreo. ♪ yo stufy, come here! [ shoes sq