fannie and freddie do not make loans to borrowers. lenders do, and then the lenders sell those to fannie and freddie, so when we look at the loans that are coming in today, we see that they are underwritten to a tighter standard than fannie and freddie would require. i think this would just need some more time to work through. we have been engaged in some productive discussions about some of these differences, but, you know, at the end, i think it is also going to require a greater sense of stability and confidence in markets generally and in labor markets. borrowers feel that there is greater job security, and we start to see some improvement in unemployment, these things will also help a lot to improve and encourage the country's housing market. >> a followup if you wish, sir. >> yes, i guess to the point of how the concerts are to ship is being run, there has been more criticism of fannie and freddie of late. there was a review this week. larry summers, and in op-ed in the financial section said that fannie and freddie have been a

then the lenders sell the loans to fannie and freddie. so when we look at loans coming in today we are seeing they are underwritten to a tighter than fannie and freddie alone would require. i think this is going to just need more time to work through. we have been engaged recently in productive discussions with the lending community about some of these differences. b but it will require a greater sense of stability and confidence in markets generally and in labor markets. if borrowers feel that there is greater job security and we start to see some improvement in unemployment, these things will also help a lot to improve and encourage the country's housing markets. >> a follow-up if you wish, sir. >> to the point of how the is being run, there has been more criticism of fannie and freddie of late that there is -- this week larry summers in an op-ed in the financial times wrote that fannie and freddie have become a case of disastrous pro cyclical policy and criticized the fhfa saying it took a narrow view of the public interest and not act

which is why today freddie roach has initiated a role reversal. enlisting pacquiao as a sparring partner for another of his fighters, lightweight contender jorge lenarez, preparing for a title fight in just a few days. >> it's helped me a lot because lenarez's style is similar to marquez style. lenarez is much faster than marquez. [ applause ] >> afterwards, as the workday winds down, another sparring session offers something of a diversion. two pacquiao subordinates gloving up, for better or worse. >> we have mike tyson look-alike. and we have a philippine assassin. >> there's only like four of us that really have a job in the entourage. but you know, the entourage is probably 50 deep at this time and those guys, you know, their job now is to entertain manny. >> okay. no hitting below the belt. and when i say break, break. okay? box! >> this is manny's world. so he's the referee. he's the matchmaker. he's the promoter. >> come on! come on! >> i want them to feel how hard boxing is. >> 5,000 for a knockout! >> their punches is came from other plan

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

show me, freddie, in this position, they were like this. and marquez had just landed a right hand, right? if you just threw it. and manny gets hit with it. why is manny getting hit with is this right hand? >> because he has his foot on the outside and when manny jabs he comes down the middle with this shot here and manny's over his shoulder. >> how do you correct that mistake? >> you get your foot on the other side and take that away from him. >> so can you show me if he throws the right hand where do you want manny? >> when he has position here, he lands the right hand there, if i take the foot -- >> can i see manny? this is what the people want to see. >> manny takes his foot outside here, and now he takes that away from him and now he has this shot here. >> who has the good position is -- >> is going to land the punch. >> going to land the good punch. >> not at this moment. fire against fire! pacquiao's right. marquez's right. >> when you watch that sort of thing, what do you think to yourself? manny. >> i think with marquez and i we fig

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and every quarter fannie mae and freddie mac. take money from the taxpayers because they lose money so then it's a vicious cycle because i think you know you could say if the government at the same time maybe they're not so worried maybe they just want people to have lower fees so they can then have more disposable income so they can spend it and then you know you get to count that as part of a reinvigorating the economy and consumers are buying again and then we get this impression that things are going just fine but then consumers are. going to take and i mean i i it's overall it's a weak attempt at a huge problem i think that's the biggest thing the takeaway is we need if you're going to take bold actions if you want to make bold proposals to congress you can make you can make bold steps when it comes to dealing with fannie mae freddie mac. this is a weak attempt is but overall if you look at the obama administration's policy and the way they've tried to tackle everything you talk about you look at the stimulus right you can l

fannie and freddie no longer have that as a slogan. we create a bubble and burst. $7.25 chilean of home equity has been lost -- $7.25 trillion of home equity has been lost. >> it is interesting to be in washington in various sectors. there is an infrastructure built around making money and what the government has put in place. we all want to move away from that. everybody wants to see us move away from where we are today. i think that is universal. let's move back to where the gsc's are at this moment. why has it been in the psychology of what we have done here a one-way street? i own commercial buildings or have in the past when you pay the loan off you have to pay a penalty, i'm sorry. if it's not -- if rates are lower than when you financed, you have to pay a penalty. why have we not had that? it seems like it would solve a big part of the problem we had today? >> i was going to put that into my testimony on the commercial side we have arms galore and they have either lockouts, prepayment penalties, yield maintenance, or something s

fannie and freddie will buy loans on the secondary market. the liquidity created allows them to reinvest those funds into their membership or institutions by making new loans. without these new relationships, credit unions -- we like to stress the importance of maintaining this system. as you consider legislative proposals, we believe that there is a core set of principles that must be considered to make sure credit unions are treated fairly. there should be at least two entities to insure competition. the government should issue guarantees on payment of principal and interest for mortgage-backed securities. credit unions must have on interrupted practice into the secondary market. credit unions is could support a model that is consistent with a cooperative entities model. a board of advisers should be formed. a central is a vital, the gsc should be self funded. it should reflect the quality difference. fannie and freddie should continue to function until such time as they begin to repay the government debts. take into account the consequence

>>gerri: $55 billion for freddie mac, a big black hole.t report for the quarter inned in june they lost $2.1 billion, a nightmare for the country because this company, fannie mae and freddie mac together back or work with the vast majority of motors and they have major, major, financial problems. the guy you mentioned came if to clean up after. >>shepard: in 2009. >>gerri: didn't work we are still fighting the fight. >>shepard: try the "swiffer." helps to clean. a prominent wall street executive on charges of the biggest leaking of corporate secrets to a hedge fund. >>gerri: and proctor and gamble, one of the biggest in the country, called "procter and god," a shocking revelation, you did not expect the board to engage in this. this guy would have been known in boardrooms all over the country, running a global business and gave information to a fellow names rah and he is in big trouble and will serve 11 years in jail, and he has been sentenced and they friended and talks and exchanged information much the big question, of course, for gupta

si su prÉstamo es de fannie o de freddie o garantizado por esas dos financieras.tamento de vivienda y desarrollo urbano en hud.gov >>hud.gov >>correcto. entonces allÍ puede verificar cuÁl es el estatus de su prÉstamo, si es o no es, llamar a su banco... hay tambiÉn que especificar que aunque el programa ha sido anunciado, las instrucciones a los bancos van a ser dadas el 15 de noviembre. esto no entra en vigencia inmediatamente. yo sÉ que la gente estÁ desesperada y necesita ayuda ya. necesitaba ayuda ayer. >>exacto. exactamente. >>asÍ que las instrucciones las reciben los bancos el 15 de noviembre y se anticipa que las primeras transacciones de refinanciamiento van a empezar el primero de enero del prÓximo aÑo. >>para las personas que sÍ se han atrasado en los pagos ¿no hay algÚn tipo de ayuda federal? >>no. en ese... pues tendrÍan que tratar de continuar sus negociaciones con el programa de modificaciÓn. ese es el Único recurso que yade tienen y si su prÉstamo no es poseÍdo por fannie o por freddie o por alguna agencia federal, pues tratar de negociar con el ban

i can't speak for fannie and freddie. i have a lot of questions of fannie and freddie.u know, they own the bulk of -- they are the investors. well, they're wholly owned by the taxpayer of this country. we own fannie and freddie. >> we own our own bad mortgages? >> we own our own bad mortgages, so we can do something about that. that's why from our perspective, we've had the wrong parties a t the table. just to deal on this investigation purely with the servicing issue is to so narrowly limit it, it doesn't allow us to do all the whole investigation, that require us to have all of the parties at table. fannie and freddie, with the biggest investment portfolio, other investors, private and third party investors, originators, some of whom aren't even left anymore, or left standing, as well as the attorneys general and the federal government. i have a bunch of questions for fannie and freddie. the reality is we need to look really deep into, and we are looking deep into, whether representations and warranties were breached when these mortgage-backed securities were securiti

never touched by fannie and freddie. once we get out of this russian they will start making loans again but now since fha and fannie and freddie have such a dominant presence in the securitization market as pointed out one of the key things of our various bailouts is to build up the 30-year fixed and not the arm, in then to undercut the private sector. and everyone mentions the fact there is interest-rate with the 30-year fixed the more than willing to dump them on to the taxpayer of fannie and freddie. might understand but we should be forced as consumers to bear the risk purses have somebody in keokuk iowa have a higher tax bill because somebody had a fixed-rate mortgage go under water. it will come back. >> >> the prepayment option in your testimony those who have the 30-year fixed-rate mortgage with the prepayment option is paying for that to. explain. >> and other countries unless you move for another termination and stuck with the interest-rate and compare and other countries the non repairable mortgages it could b

contributions from fannie mae and freddie mac will cease to exist.th what this means now for nonprofits, mel. >>> fanny and freddie have been the two largest corporate donors, nationally and locally but the implosion of the housing market means their finances and roles are dramatically changed local charities may not be able to rely on them any more. >> reporter: fannie mae money helped build this day care at martha's table. freddie mac money sustains bit but contributions could be going away. >>> succession of shoes that keep dropping. >>> martha's table is one of hundreds of local nonprofits, that have counted on funds from fannie mae and freddie mac. in 2007 the two housing finance titans contributed, $65 million to charities nationwide then the housing market collapsed the companies lost money and their donations dropped 40%. >>> we are still dealing with demand for grocery, that quadrupled over the last two years, 260 kids are on our waiting list for day care. >>> a new report predicts what this political climate, fannie mae and freddie mac will

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

but fees will also be reduced that fannie and freddie have been charging. that could be a game changer also to some degree. >> woodruff: susan, just quickly, assuming some element of this works, what about the larger housing picture? what are we left with as we look at the next year? >> well, obviously this is not going to solve our problem. it can help. the problem is if housing prices start to decline again, then we might be in a vicious cycle. the housing market weakens. and with the overall economy weakening, we need price stability. with interest rates at historic lows, we could get to price stability. the key is job growth. >> woodruff: and, john, the same question. what is the rest of the housing picture look like setting this aside? >> considering we have ten million foreclosures facing us and unless we get the housing... the building of housing industries restarted, we're going to not see the kind of job creation that i think everybody is hoping for. susan is right. we need to create jobs. but we will not have an economic recovery if we don't have

freddie mac money sustains, it but those cricks could be going away. >> it's a -- contributions coulday. >> it's a succession of shoes that keep going of. >> reporter: martha's table is one of hundreds of local nonprofits that counted on funds from fannie and freddy. in 2007 the two -- freddiy. in 2007 the two contributed to charities. >> there's 260 kids on the waiting list for our day air. >> reporter: now they've been taken over by the federal government and a new report predicts with this political climate fannie mae and freddie mac will soon disappear as we know. the ceo of washington grantmaker says the clock has been ticking. >> it's a bit of a wakeup call because now we know. >> reporter: that means nonprofits need to find ways to get more money from tape lot of places. >> we're -- a lot of places. >> we're all going to center to figure out how to fill this void. >> reporter: it's more than just dollars lost. local charities say fannie mae and freddie mac set the bar high for other corporations to follow. >> this is real and the solutions will have to be as ream as the problem

when freddy finally gave me the job of training manny, he said i have one request, don't mess with the>> the move paid immediate dividends as pacquiao began a march up in weight, and dominating larger opponents, and the results have made him a indispensable member of the team. >> well, the last two fights were too close and now he is a completely different person. i don't see marquez as having any kind of shot aside from divine intervention. i would be surprised if this thing goes three rounds. >> juan manuel marquez considers himself a man of faith, but in training he relies on more than a higher power to prepare for a fight. as such, days in mexico city begin in a local track before sunrise. [ speaking foreign language ] >> time can be a curious factor in the lives of fighters. while careers can last decades, legacies are generated by just a handful of nights over that span. seven years have passed since manny pacquiao and juan manuel marquez first exchanged blows in the ring and three years since they last touched gloves separated by a few numbers on the scorecards. now, suddenly, j

subsidies for risk, particularly in the mortgage market, which included hud mandates on fannie and freddie's behavior and many other government policies that encouraged lax underwriting, especially over time, and increased leveraging in the mortgage market. unfortunately, almost nothing has been done to address this key problem and prevent it from happening again. the second problem was easing monetary policy keeping interest rates far below equilibrium levels for years in a row, 2002 through 2005, which resulted in the underpricing of risk, asset price inflation for risky assets, including housing, and fuelled unreasonable expectations that helped inflate the housing but -- house and bubble.

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 issue that's come before your committee. do

>> what i missed in 2005 was just how bad fannie mae and freddie mac had distorted the housing market. that's why i said what i said in '05 that i further learned later in terms of fannie mae and freddie mac. i honestly did not realize just how bad it was, just how bad the whole bonding and derivatives thing was and we were on the brink of a total financial meltdown. i learned later on by looking into it deeper that the situation was a lot worse than i thought in 2005. >> well, in 2008, this is september 1st, 2008, another column you wrote about the economy, and it reads as follows. you wrote the supposed failure of bush's economic policies has been a constant theme of the zks since the 2006 elections when the democrats regained control by convincing enough of the voters that the economic sky was falling and the war in iraq could not be won. they plan to continue those themes right through election day on november 4. economic sky was falling september 1, 2008. 15 days later, the lehman brothers collapse. we know what happened after that, a total near sky is falling moment. so how -- i

freddie mac and fannie mae,.red 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 of nuances. the

fannie and freddie not agreeing to the rules? >> and the banks. that the banks don't report to the administration, nor does fannie and freddie. if they'd been smart about this, the banks themselves more than 2 1/2 years ago before we heard that clip from president obama would are said, let's do everything we can to keep these people in their homes because the alternative is they're out of their homes and we're stuck with this inventory of houses with prices continuing to go down. that's the situation that banks are in. the administration when president obama said 7 to 9 million families, and even back then we weren't certain that was really true, the banks just didn't take up the offer. they didn't say, let's refinance. they were fearful that if they did and homeowners didn't pay back, they'd have to buy those loans back from fannie and freddie. that's the difference with this plan. they don't have to do that. but still the numbers, 11 million people are underwater which means they have a mortgage bigger than the value of their house. 3.5 million

-- fannie and freddie on low down payment buyers. there is little justification for the up front levies on low down payment borrowers. and independent risk able sis shows these pricing adjustments are excessive relative to the observed risk in the market today. the gses current average fico score is 760, and their average ltv is 69%. and we all recognize that the fhfa has a difficult job as conservator and a tough balance to strike. but with the state of today's housing economy, i think it's time to take advantage of the gses traditional role of providing liquidity for creditworthy borrowers. by raising the cost of conventional financing, these llpas push home buyers to finance their loans primarily through the fha. more to the point, the llpas crowd out private sector capital and drive even more volume to a federal ram that puts taxpayers at risk for 100% of the losses if a loan defaults which is completely counter to the administration's stated objectives. senator isaacson of georgia who will be here later today and senator boxer o

this is one that i give fannie and freddie some credit for. some of their best practices they put out over the last couple of months seem to do that mechanically. if you cannot get there, we cannot let this slow decay of foreclosure menger. you happen to hit a decision point. >> what we try to do is to say that some people need to be given some help to transition in some ways. faugh we have mixed approaches across the system. on the security basis it makes it much harder than it needs to be. >> i will load if you have a staffer -- i am a fan -- we are -- we were trying to write for a couple of months a down payment ira. believe it or not, we keep running into regulatory hurdles because we have to do three or four very different things. >> happy to do that. >> fenty, mr. chairman. >> fenty. >> mr. secretary, we appreciate your testimony. i want to end by a positive note. in june of this year, you said there was a strong case for requiring large firms to hold more capital relative to risk than smaller institutions. i agree. he said that by makin

malas noticias para las organizaciones comunitrias que reciben financiamiento de fannie mae y freddieac para su programas... esos gigantes en el campo de la vivienda han manifestado que reduciran aun mas la ayuda que otorgan...las donaciones de fannie mae y freddie mac alcanzaron a unos 100 millones de dolares en los ultimos cuatro anos..los receptores de la ayuda temen que el gobierno ordene a las dos companias supender la ayuda que otorgan. la comision que regula el funcionamiento de los taxis en el distrito de columbia suspendera el limite de 19 dolares que pueden cobrar los taxistas en la capital... esto quiere decir que los taximetros continuaran sumando durante todo el tiempo que el pasajero utilice los vehiculos sin importar la duracion del viaje... igualmente el cobro de un dolar adicional por concepto del pasado aumento de los precios de la gasolina seguira en efecto hasta mediados de noviembre, y pese a que el costo del carburante ha estado bajando constantemente... @@@@@@@... en alabama las duras en washington continua la batalla de los trabajadores del sector de limpieza q

. ♪ >> freddy mercury was recognized poss tuesday mousely -- posthumously. he was very kind, funny. then of course, he had his business which is to perform. >> when asked what freddy would say it was short and sweet. >> don't worry, darling. i'm fine. >> and more of the news because a british soldier has won the booker prize. it is one of the most prestigious literary awards. julian barnes was the author. he was presented with the $50,000 pound. his novel is called "defensive and ending." he had been the favorite to win and the judges said it's a book about his past, speaks to human kind in the 21st century. >> an congratulations to all of this awardees. you've been watching the "bbc." >> the israeli soldier gilad shalit who has been held captive for five years went home. he was handed over in egypt by the palestinian group hamas. and that is it from rico in singapore. good night. >> funding was made possible by the freeman foundation of new york, stowe, vermont, and honolulu. newman's own foundation. union bank. and shell. >> this is kim - about to feel one of his favorite sensatio

ken's loan is held by the bank of new york and not by fannie mae or freddie mac. at a time when lower interest rates could save him $2,500 a year, he says the bank has blocked his request to refinance. >> basically they've said, we don't have program for you. i don't apparently fit into this program either. and that's my dilemma thus far is i keep running into a roadblock of this might help others, but it doesn't necessarily help me. >> reporter: and ken lalonde has a lot of company. while the administration could be helping as many as one million people with government-backed loans, estimates say there are seven million homeowners like ken lalonde, who are underwater on their bank loans, are up to date in their payments and who could benefit from lower interest rates. until the banks help refinance that larger group of homeowners, economist dean baker says the president's plan will have limited impact. >> it's difficult for president obama to do very much without help from congress. he can try to pressure the banks, but thus far at least that's not been very succ

mac so again you have to have a fannie or freddie loan and current on your payments. whether or not this will jump-start the housing market, i don't think that's the correct assumption because it's not about helping people buy or sell homes. it has nothing to do with people behind on their mortgages. it has nothing to do with people facing foreclosures. again it could be an economic stimulus because you're lowering monthly payments for a lot of borrowers, which again puts money in their pockets and helps them to spend but again it is a small program and the fhfa, the regulator of fannie and freddie said this morning, this is not a mass refinance program. >> all right, put this into perspective for us, how dire is the situation? how far will this plan go to help people? >> well, when you talk about a dire situation, this program is about people who are current on their mortgages, that is they're not in trouble, so when we look at these say 6 million borrowers who are either facing foreclosure or in the foreclosure process, they are very far behind on their mortgage pay

those who have mortgages owned or guaranteed by government lenders fannie mae and freddie mac, loans made on or before may 31, 2009, and are current on their payments for the past six months with no more than one late payment in the last year. the program would allow homeowners to refinance, no matter how much they owe, eliminate appraisals and many underwriting requirements and waive many expensive up-front fees. government officials were hesitant to say how many homeowners are eligible. unestimated as many as 4 million while independent economists estimated as few as 250,000. the government acknowledges the program will not help 6 million americans already facing or in foreclosure. >> we've got to do more to help the communities that have been hardest hit that are struggling with vacant and foreclosed properties. >> reporter: las vegas resident dennis smith is nearing retirement but feels trapped by his mortgage. he thinks he could save as much as $500 a month with this program. >> it's a very, very stressful situation for my generation who has always looked at the home as a safe i