are you behind fannie and freddie or not? we can hardly tell china to go jump in the south china sea because they were our biggest creditors. so by 2008 the game was over. treasury had to come in and provide huge infusions of money. so far this has cost about $142 billion. fannie and freddie now were under the thumb of the regulator, edward demarco, a no-nonsense fellow, and he promised to shrink them gradually and to reduce the independence of the housing market on them gradually. but meanwhile, we are still relying on fannie and freddie to provide funding for most home mortgages. fannie and freddie and fha in recent years have accounted for around 90% of new u.s. homeland. eventually congress will have to make have to make fundamental decisions about what kind of mortgage market will we have. should we go back to trusting the free market, or shall we have some kind of government mechanism in place to ensure that to mortgages can always be a portable? i submit that the historical record of the past 70 years suggest that when

are you behind fannie and freddie or not? because hardly tell china to jump into the south china sea because they were our biggest creditors. by mid 2008 the game was over. the treasury had to coming and provide huge infusions of money. so far this cost $142 billion. fannie and freddie were under the thumb of their regulator, edward demarco, a no-nonsense fellow who promise to shrink gradually and reduce the independence of the housing market gradually. meanwhile we are still relying on fannie and freddie to provide funding for most mortgages. annie, freddie and the f h a have accounted for 90% of u.s. home loans. eventually congress will make a fundamental decision about what kind of mortgage market we will have. it will go back to trusting the free market or have some kind of government mechanism in place to insure that home mortgages can always be affordable? i submit that the historical record of the past 70 years suggests when a comes to housing congress will have a hard time trusting the market. thank you. [applause] >>

government took over the mortgage mortgage giants fannie mae and freddie mac. few companies buy mortgages from lenders and package them into mortgage backed securities while there's a new report out today by the inspector general's office for the federal housing finance agency that shows that since that time taxpayers have spent one hundred and ninety billion dollars on these companies this is despite a decision earlier this year to cast pay for executives at fannie and freddie at five hundred thousand dollars per year but it turns out that even while the top of the top might have a pay ceiling pay for those in the second and third tier well they're doing just fine the report shows that there are actually three hundred and thirty three employees at the vice president level and they have a median pay of about three hundred eighty eight thousand dollars additionally there are more than sixteen hundred employees at what's called the director level and there median pay is more than two hundred and five thousand dollars per year i want to talk more about this with a

dave: top 90 employees at fannie and freddie, that is lot of money?i'm not going to support that kind of salary to anybody working in the government but i'm not sure it's indicative of a problem of the problem of bailouts. i have real issues with the direction that fannie and freddie have taken. you have half. mortgage debt under the control of these two organizations. had we let them go down the drain, anybody that owns a home would not have been happy with the financial result of letting these things go down. bailout may have been ugly but unfortunately it was absolutely necessary. >> the bailout is still ongoing. these organizations are taking hundreds of billis of dollars from taxpayers. just to remind people what fannie mae and freddie mac do, they buy up all the mortgages and then package them in mortgage backed security and sell them to federal reserve board in order to buy them. its government operation? >> yeah, it's an example, i'll give my liberal friends credit. they had good intentions when fdr started it in 1938 and in the '90s, bill cli

dave: top 90 employees at fannie and freddie, that is lot of money?i'm not going to support that kind of salary to anybody working in the government but i'm not sure it's indicative of a problem of the problem of bailouts. i have real issues with the direction that fannie and freddie have taken. you have half. mortgage debt under the control of these two organizations. had we let them go down the drain, anybody that owns a home would not have been happy with the financial result of letting these things go down. bailout may have been ugly but unfortunately it was absolutely necessary. >> the bailout is still ongoing. these organizations are taking hundreds of billions of dollars from taxpayers. just to remind people what fannie mae and freddie mac do, they buy up all the mortgages and then package them in mortgage backed security and sell them to federal reserve board in order to buy them. its government operation? >> yeah, it's an example, i'll give my liberal friends credit. they had good intentions when fdr started it in 1938 and in the '90s, bill c

do away with fannie and freddie. neil: it is an idea. >> it is.we have in place right now. not a chance, so, these companies right now, in the housing market, that is still at its bottom, play a central role, if you do away with them you would see the motorrage rates skyrocket. neil: like, en dentured servants to these guys. >> you could say that. you want them to retain and attract top talent, we've already given them the tax money. we want the housing market to thrive here. neil: they account for bulk of mortgages out there. as many as 9 out of 10. so, you have to keep them vibrant and keep the workers who have the skills there. >> but that is just the point, i don't want the federal government subsidizing mortgages, we should have learned last decade, that is a big mistake to have the government intervene by trying to help us with our homes. neil: what would you do? say, fannie, see you? >> i agree with other guest, obama was one of the biggest recipients of campaign contribution from fannie and freddie when he was senator, they will not be shu

you need to explain why it department work with fannie and freddie. the woman here in front who has been patiently waiting. >> hi, ann stone. and i was one of very few women in southeast united states that helped start and organize a barning. went through the problems, we started a the the height of the snl crisis in '88 which was interesting during that time. and we were smart enough, we had problems with the permit in the bank and stuff like that causing concern to make it profitable enough eventually bought it. it ended up being a good investment. i wanted to ask a lot of speculation was done when financial melt down happened. that a couple of things were pant mount to the drivers of the crisis. one the effect of the gse on the primary mortgage market and the percentage of risk it went from 20 to 52% under the clinton and the change in the rule fas rule 157. i wondered how a change in the rule could be done and nobody saw that it was going to deval all the port follow owe -- the market. >> yeah. and how somebody could not see that. and second part

to me that will be really ugly, fha, between fannie and freddie and all that.uld take years. >> it could take years but you have journey of a thousand miles starts with a single step. tracy: i agree. ed pinto, thank you very much. >> thank you, tracy. always a pleasure. happy new year. tracy: happy new year, ed. what a guy. he is so great. he is right, if all goes well it will be great but we've got to get the government out of the housing market. >> all right, i know. 34 tornados hit the south. at this point, why not. so look at these pictures. looking at them right now. 34 tornados the south while whiteout blizzard conditions hit the midwest for christmas. what do we expect in the northeast? lori: people are piling into u.s. government debt. debt downgrade again. this is in the discussions with the whole fiscal cliff debate and you know, people are pushing rates down. they're still picking up paper. they still think it is the safest investment with all the uncertainty out there. there is the long bond yielding 2.93%. we're back after this >> i'm dennis kneale

knows is coming out of fannie or freddie or fha. this provides a backdrop of global securitization around the world. the u.s. is a heavy user of credit products. europe is a distant second. it gives you a backdrop of the credit availability. this gives you some backdrop that the markets in the united states have come back to an extent if you look at the various asset classes. not as many people buying cars. the market is functioning. most of the student loans are going under the government's balance sheet. different loan obligations -- this data is a little bit old. $50 billion and that market is rapidly returning. this is the slide that everybody talks about, the dramatic change in how mortgage credit is made in the united states over the past six years. securitization of volumes have gone up by $300 billion in the past six years. private credit is a huge volume. $700 billion put through the private label security system. $22 billion is overstating it. of all the slides i have, this is the most telling about where the credit is com

here we go again, fannie and freddie could take on billions more in risky loans.r these two corporations were nationalized. it is all done with your tax dollars, emac is on the case getting a bottom line. here is what comes up next. shibani: the biggest hollywood flops this year. we know what the hits were. more fun to talk about the losers. we'll talk about big losers coming up next. ♪ . love about her. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsaf drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset sto

seems like right now, fannie and freddie are down at 625. are you still up at 729. wouldn't it make sense to go ahead now and make some changes that need to be made? you can do that yourself. why don't we do that? >> as i think you know, we supported our loan limits coming down. and they were supposed to expire last year. congress made the decision to allow -- lower the g.s.e.'s loan limits but kept f.h.a.'s -- >> can you self-implement that? you cannot do that? >> i do not believe that given that congress explicitly extended those higher limits, that we can take that step. >> would you like for us to help you do that? >> we have supported before and i will state again today that going back to the limits makes real sense. i will go further than that, that we should lay out a path to go back to even lower limits that existed before the crisis in a way that is done consistent with how we do housing finance reform. that is a larger question. but the immediate step of going back to the pre-era limits is one we would support. >> are you developing a fan. and i hope we co

---instituciones como wells fargo, citigroup, fannie mae y freddy mac son algunas de las instituciones que tomaron esta decision... ---muchos embargos se efectuan durante la epoca navideÑa debido al tiempo en que colapso el mercado inmobiliario.

a story to stir some taxpayer outrage, a government watchdog says mortgage giants fannie mae and freddie mac doled out huge paychecks despite being propped out with your tax money. the payout $92 million for the top 90 employees and that does not include the ceos.

to me that will be really ugly, fha, between fannie and freddie and all that. that could take years. >> it could take years but you have journey of a thousand miles starts with a single step. tracy: i agree. ed pinto, thank you very much. >> thank you, tracy. always a pleasure. happy new year. tracy: happy new year, ed. what a guy. he is so great. he is right, if all goes well it will be great but we've got to get the government out of the housing market. >> all right, i know. 34 tornados hit the south. at this point, why not. so look at these pictures. looking at them right now. 34 tornados the south while

taxpayers now own both fannie mae and freddie mac.o the idea is if you were current at least five years on your loan, if you got a irate on your loan -- high rate on your loan, you may be able to get help from fannie and freddie. already a fifth of u.s. mortgages are underwater, that's equal to about 11 million homes meaning they owe more on their loans than what their house is worth. so right now we're seeing about 330,000 borrowers have refinanced underwater mortgages by the fall of 2012, and that's up from 60,000 in 2011. so the issue here is will the u.s. congress approve a change in the charter of, for fannie mae and freddie mac allowing them to refinance or, rather, guarantee refinanced mortgages who are underwater borrowers? that's not the case right now. and, jamie, this comes on the heels of the failed plan to get fannie mae and freddie mac to do, to allow more principal reductions of mortgages. this may be the backup plan that's under discussion because the idea is if you get more homeowners current on their mortgages, maybe

the thing is we own fannie mae and freddie mac, taxpayers own fannie mae and freddie mac and essentiallyed to be run to get back in the hands of shareholders. now they are being run at the expense of taxpayers. here's the deal. a fifth of all u.s. mortgages are under water. that is 22% equal to eleven million homes in negative equity. the white house wants to boost the number of spenders out there in the u.s. economy to help the u.s. economy deride itself and to do that they want to allow the some prime negative equity borrowers to resurface out of their underwater mortgages and the number of refinancings have been moving along nicely. lookit 60,000 in 2011. i got to tell you the key is not only fannie and freddie would charge more on that refinanced mortgage, but it has to deal with the banks, particularly will the banks agreed to not have any put backs of loans on their own balance sheet, banks say we would rather have those rotten mortgages. if they do default unbalance sheets of fannie and freddie meaning taxpayers expense, the bailout could get bigger in the housing market. dennis:

is where manny pacquiao trains in the u.s., even if he delayed the start of camp by two weeks with freddiephone and he said that they had to take care of government stuff, and he got here six weeks before, so i had no problem with it. he came in shape like he said he was going to come. and i was happy about that. >> i'm doing good, so far so good, and hard work. what we are doing every day. it's more then compared to the last few fights. those fights against marquez and timothy bradley has been far from usual. >> he gives the sparring partners a bonus of a thousand dollars because i want them working at their best, this time i told manny i would give him a thousand dollars. i want these guys going after him full force and i want him to respond in full force. >> come on. let's go. >> sparring as been good. and we keep busy, busy, busy, all the time. my focus is tomorrow aggressiveness. throwing out combinations and if i get a chance to finish the fight, why not, i will grab it. >> aggressiveness served him well against marquez in the first two fights in the form of four knock downs. today,

barney frank was the godfather of fannie mae and freddie mac in the u.s. congress, and the two of them -- mozilo in the private sector, frank in the public sector through fannie and freddie -- were the unholy alliance who allowed the people who with profited from countrywide to create loans that people could never repay. they just turned around and sold those loans to the federal government, and how was that made possible? it was made possible by barney frank through fannie and freddie in the names of altruistic social benefits. housing for everybody, and let's put poor people into mcmanagess that they can't afford. that's the world of atlas shrugged, the world we just barely survived in the financial crisis. >> host: donald luskin, what do you do for a living? >> guest: i'm an investment adviser for other investment advisers. >> host: what does that mean? >> guest: i give strategic ad vice on the stock market and commodities markets to other investment managers to serve customers. hedge fund managers, mutual fund managers, investment counselors, the like.

freddie mac is not doi much better getting $71 billion going for $9 billion.ey oweou and me more than $137 billion. but wait, here is some news the federal housing finance agency near the 2010 and 30 employees are taking home a paycheck for the median y is more than $2000. actually won six of the workforce, $200,000. what am i talking about. won six of the workforce not including senior executives like ceos making around $600,000 each year. it does incle more than 300 vice presidents with a median pay of nearly $400,000 per year. i'm naying people should be rking for free but when you're asking taxpayers to bail you o out, time and time again they ke doing this you need to do a little cutting at themains, the don't you think? fannie and freddie werenot pass to take money from tarp but they ask for hp almost ever quarter. you want help, go get an accountant. if they can show youow you're yr overspenng on your celery sticknd aig shout out to treasury, don't give them another dime until they figure out how to do that. if you are fed up about this or any other iss

this year's freddie/fannie evicition-free dates are dec. 19 through january 2nd. you might think airlines wouldn't be able to find ways to add more fees to your ticket, but that's exactly what was talked about at the airline information conference that just wrapped up in san diego. airlines are reportedly looking at ways to use past passenger preferences as a way to customize add-ons for future travel. airlines collected $36.1 billion in extra fees this year. still to come, how you may be able to get your house back, even if it's already in foreclosure and you were evicted months ago. plus, why the u.s needs good old american ingenutity now more than ever. bill moller explains, after the break. w the industrial age - when making things with machines basically made america great. for years the manufacturing sector has been in decline, but many feel it's fine to cede our one-time world dominance here to other nations while we pursue the sexy growth areas of i.t. but not so fast, say the authors of the book, "producing prosperity: why america needs a manufacturing re

freddie certainly is. he has the intelligence of at least a five year old child.s. well i was beginning to believe there really was such a thing. every time i turned around food was missing. i want to thank you people again. young man, as for seeing something that came from outer space, you're absolutely right. once the university examines the meteor that we dig out of the crater you discovered, i shall see that they turn it over to you. honest? honest. come along freddie. let's be on our way now. professor thank you very much for dropping by. very nice talking to you professor. gosh, he goes to college and i still go to grammar school. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪rogers show, starring roy rogers, king of the ♪ ♪cowboy. trigger his golden palomino and dale evans,♪ ♪queen of the west. with pat brady his comical sidekick ♪ ♪and roy's wonder dog, bullet ♪ hey mister? just a minute mister. would you do me a big favor? i'm elmore kirby and i'm out here from the east and i'm awful anxious to get a picture of a stage coach hold up. well you just missed one. if you had been with u

he has evolved and like any good coach, freddie roach has adapted. >> training manny pacquiao is different do anymore, he tells me what to do, pretty much. he is fighting the fight. he knows what he feels will work and what won't work. if he feels it won't work, it won't. so i don't -- i don't try to change his mind at this point. um, i miss those days that when i was the boss. >> for 20 years in the neighborhood of mexico city, up stairs from a taco shop, the boxing gym has accommodated hundreds of fighters. the wear and tear makes repairs occasionally necessary. and today the gym staff works intently to fix a broken speed back mount. juan manual marquez has been in heavy training here since mid october. now, less than two weeks away from fight night, he said that preparations to take on manny pacquiao for a fourth time have in fact been ongoing since the pair's last meeting. >> it's the 62nd time that nacho beristain will be in his corner, he is focused on the work to be done. >> afterwards, marquez finishes off the workout by testing out the newly reconstructed speed bag. more screws ap

most of it is coming out of fannie or freddie or fha.t of that has fluctuated significantly through government markets or the private sector. this provides a backdrop of global securitization issues around the world. the u.s. is a heavy user of credit products. europe is a distant second and other parts of the world. it gives you a backdrop of a huge amount of credit availability. a big drop off in 2008 and 2009 and some very slow increases. this gives you some backdrop that the securitization markets in the united states of come back to an extent if you look at the various asset classes. there are just not as many auto loans being made right now as five years ago. generally, the markets function and they are working. not many as student loans going to the private sector since the shift. most loans going under the government's balance sheet. credit cards, there were changes that have fundamentally changed different loan obligations -- this data is a little bit old from 2011 and 2012. this is the slide everybody talks about in various for

we do not have a fanny or freddie mortgage.hat is there for us -- we do not have a fanny or freddie mortgage.ddie it just seems clear on this treadmill and we cannot seem to get ahead. do you see there is a potential for us going forward in helping people with that second home that is severely underwater with a 6.5% interest rate? guest: the mortgage availability for second homes. the difficulty of getting the mortgages for second homes and stringent in getting a mortgage. they are a great help in the overall recovery. they are not participating other than all cash buyers. the all cash buyers are having a field day because there is less competition. there are few states yet to recover. new york, new jersey, connecticut, and illinois. they have judicial foreclosure process. a person does not pay mortgage for six months, it goes through a court system. and of sympathy, the foreclosures are not coming on to the market. there is a large overhang of shadow inventory. prices are not recovering in these four states and mentioned . the

i thought it was frankly perverse to keep fannie mae and freddie mac's -- to bring fannie mae and freddie mac's loan limits down and not to lower f.h.a.'s at the same time. exactly for the reasons that you've said. we are concerned that it would drive business to f.h.a., that should go back to the private market. so i would urge you and others, i know you're supportive, but to work with your colleagues to try to do that as quickly as possible. and i do agree that we need to look at and we are doing that, looking at the standards for how we allow borrowers who may have defaulted in the past to borrow. again, i would say, though, we should not hold a responsible homeowner who has demonstrated their ability to pay back their debts and to be a homeowner, a successful homeowner, simply because they may have lost a job due to what is an unprecedented economic crisis that we've been through. so this is not just about time lines. it's about what the standards are for when we allow folks to borrow. >> well, my broader point is this and several other factors should also be about doing it in a way t

in life like this was once a pipe dream for freddie roach back when he was growing up in a working-classn outside of boston. >> as a kid, you know, me and my high school sweetheart, we had it all planned out how many kids we're going to have. i was going to be a tree surgeon and that is what my dad did for a living. we had our whole life set out and then i had to make a decision either to move to the west coast for my boxing career or let that go and be a working stiff like everyone else i know and everyone else in my family was. >> there is no way to discern why he decided to go with his heart and his fists, but he did. ultimately fighting gave way to training, a base of operations in california at the hollywood gym now world renowned. his mother has become part of the care. >> hi, how are you? >> good. you? >> i'm good. >> his mother barbara has become part of the fabric here. >> i spent a lot of time in gyms when their father worked. after all those years when i came back here, it's like home. it's like coming home, you know. the smells are familiar and the people are familiar. it's j

and freddie stepping in in a big way.heir colder announcing criminal charges and the sentiment of the one$.5 billion with ubs which is basically three times the barkley's mind and the second biggest penalty ever to hit a bank. >> they defrauded the company's counterparties of millions of dollars did so primarily to increase profit. bigger bonuses for themselves. tracy: the liz: the manipulation conspiracy and other traders with other charges but you know what the issue is? how widespread this fraud was and the u.k. financial regulators saying it would be routine manipulation. 45 workers implicated 3 dozen have already left the bank. all of the submissions which were 2,000, risk of having improperly influenced which in 2005-2010, when you dig into the e-mails you can see them, i will tell you something interesting. this is a trader talking to a low as possible, if a man of te my word. we heard about this case that has been downplayed and dismissed, this is just markets color. what we have seen, it has been rated higher to

mortgages interest rate swaps they're tie to the libel rate an internal auditor at fannie mae and freddie mac. has determined that the libel rigging cost them three billion dollars and therefore the us taxpayer they defrauded the government and remember we talked about one thousand and one that notion that if you lie to any federal authority in america you get thrown into prison and a federal prison for a few decades so. a lot of our scandal they ended up engaging billions of dollars at the fraud which were added on top of the bill that were given to taxpayers from the likes of hank paulson needed the seven hundred fifty billion at the time became fifteen sixteen trillion to bail out these guys so why boras having a direct impact on people's lives and for every dollar that's saved in interest expense on a mortgage of course you lose two dollars in pension money in retirement money so people who think they're saving money on this are either i don't know reference or read german more than a propagandist for the telegraph well you know speaking of him i also got in a fistfight basically on t

and senate fannie mae and freddie mac. so that's a huge thing we're going to keep track of that over into the next new year but i want to talk about to fail not to bail that's what i've come up with not seem to lead he's to fail not to bail on the kaiser report because of course according to this three max keiser tweet did not seem to lead you still in london not said to lead responded max keiser i ran away i was told you wanted to punch me in the nose right well he's afraid to come on the show because news being exposed as snake oil salesman shall attend those intellectually bereft of anything meaningful to say but people like the b.b.c. and others put them on their shows because it makes them look smart because what he's saying is incomprehensible well to put this into context he was here in london pushing his book anti-fragile and he didn't appear on the kaiser report because he didn't want the questions here instead we don't b.b.c. newsnight the same b.b.c. news night that had the evidence of jimmy savile and his paedo

last month and life like this was once a pipe dream for freddie roach back when he was growing up inng-class town outside of boston. >> as a kid, you know, me and my high school sweetheart, we had at all planned out how many kids we're going to have. i was going to be a tree surgeon and that is what my dad did who and then i had to make a decision either to move to the west coast for my boxing career or let that go and be a working stiff at the hollywood gym now world renowned. >> hi, how are you? >> good. you? >> i'm good. >> his mother barbara has become part of the fabric here. >> i spent a lot of time in gyms when their father worked. after all those years when i came back here, it's like home. it's like coming home, you know. the smells are familiar and the people are familiar. it's just a nice place to be. so, it's a big part of my life, a big part of their life. a big part of our lives. >> the walls of the gym are lined with commemoratives of the hall of fame career. but 2012 has been undeniably difficult. with not only pacquiao's loss to bradley in june but also defeats of hi

and gerry warner in there says that there's no way to know the cost well we do know fannie mae and freddie mac. are the two government sponsored entities in the united states which are now fully owned by the u.s. taxpayer they underwrite something like ninety five percent of all mortgages now in the united states well when you take out all these contracts mortgages interest rate swaps they're tie to the libel rate and an internal auditor at fannie mae and freddie mac. has determined that the libel rigging cost them three billion dollars and therefore the us taxpayer they defrauded the government and remember we talked about one thousand and one that notion that if you lie to any federal authority in america you get thrown in prison and a federal prison for a few decades so. a lot of our scandal they ended up engaging billions of dollars into fraud which were added on top of the bill that were given to taxpayers from the likes of hank paulson needed the seven hundred fifty billion at the time became fifteen sixteen trillion to bail out these guys so why boras having a direct impact on peopl

---instituciones como wells fargo, citigroup, fannie mae y freddy mac son algunas de las institucioneson esta decision... ---muchos embargos se efectuan durante la epoca navideÑa debido al tiempo en que colapso el mercado inmobiliario. hola, quiero hablarle sobre la revisión independiente de la ejecución hipotecaria. este programa, monitoreado por reguladores de bancos federales, es gratis y da a los dueños de casa elegibles la oportunidad de solicitar que una parte neutral revise sus hipotecas para ver si hubo errores en la ejecución hipotecaria. si se encuentra algún error, los dueños de casa podrían ser elegibles para una compensación u otra reparación. para más información llame hoy. topvo cesar ---noticia en desarrollo desde el condado de contra costa... ---estas son imagenes aereas captadas hace poco menos de una hora que muestra un choque mortal entre un camion de carga y un automovil... ---esto ocurrio justo al sur del aeropuerto de la comunidad de byron... ---segun la patrulla de caminos, hasta el momento se ha reportado un muerto y hay varios heridos aunque no se ha determina

fannie and freddie is four years to seven years. if anything else like that, why wouldn't she was lying fha with danny and freddie to stop this negative selection that is occurring or fha? >> senator, two things i would just say. one is it's not accurate to say the reason the fund remained positive as she was because of the settlement. the value at the end of the year was over $3 billion. the settlement had happened we still would've been positive. the second thing is i don't see the settlement has been related to policy changing. strong enforcement is part of what we need to do to make sure we hold lenders accountable and minimize losses from this older books of business, which are causing distress to the fund. i believe strongly that the right policy decisions. it is related to steps we've taken an even if it had had then we would have made positive last year. a momentous as i said before, we do not have the authority without congress acting. the administration advocated bold limits coming advocated perverse to keep fannie and fre

who may be working with fannie and freddie. people who bought at the peak of the market in 2006, everyone has experienced a price drop. in some cases, 30%, 40%, 50%. even the recent price recovery, people who bought at the peak are still a long way to fully recover the values. it will take an additional 3 or four years to come back. the only option is to get that refinance. look at the various hart program. harp -- it helps the responsible homeowners refinance into lower interest rates. hopefully we can widen the poorly in 2013. host: what is the role of fannie mae? is there a policy position on fannie and freddie? guest: they were chasing after subprime mortgages and that led to the problem. it is effective lead government owned. the mortgages are boring product. it's not like apple computer. 30 year fixed your mortgage. stay within your budget and we will give you the mortgage. given that, there is no world wide -- hedge funds betting on the market. that is wrong. we want to ensure shrinking down of the investment portfolio,

is there a policy position on fannie and freddie? guest: they were chasing after subprime mortgages and that led to the problem. the mortgages are boring product. it's not like apple computer. 30 year fixed your mortgage. stay within your budget and we will give you the mortgage. hedge funds betting on the market. that is wrong. the backing of the mortgages is essential. without the backing, the 30 year fixed mortgage could disappear. host: lawrence yun, we appreciate you talking to our viewers. up next is steve forbes. >> later, more members -- interviews with retiring members of congress. retiring nebraska senator bill nelson -- he served two terms and was part of the so-called gang of 14 to negotiate a compromise over judicial negotiations. 40 minutes later, interviews with two retiring house members. first, california republican jerry lewis, who chaired the appropriations committee. later, a conversation with california democrat lynn woolsey. >> i enjoy that it is straight forward. it is comprehensive. it has what is happening wi

when it comes to fha, how -- this could take years to work this without, like you said, fannie and freddiethey are one big giant cousin. >> tom. it will takes long as it takes for the america electorate and people to learn their lesson. as long ase assume that every elemt of economic priva life has to he a government safety net, backstop erin tervention, the problems be not go away. tom: back to the pension thing, they require the private sector, you better be fully funded on your pension plan or else but they do not require of it themselves. >> that is a great point, time and again we see how the private sector actually acts more responsibly, in their long-term interest than public, what is so terrible about programs like this they create that morale backstop. companies have a incentive town load there are obligation on the taxpayer that is terrible for everyone. tom: it is a perverse incentive, jonathan thank you. >> thank you, tom. tom: well, too hot for work? this woman got fired because her boss thought she was too attractive. i'm not joking. is it legal? the answer will shock you. we