so now danny and freddie are making profit.a few years ago we established it though and the lawson the proceeds would fund to help low income families had an occupancy rate of 98% and we could use low income housing could provide. when the gc gses complying with the law with the trust fund or do you? >> we have been complied with the law from the beginning because the lot indicated that fhfa could make determinations based on the condition of the companies not to contribute money to the fund and that has been ongoing determination. >> what is the future of funding for housing fund given profitability? >> first of all i want to make sure the profitability is sustainable and i'm still mindful of the treasury department and the sense that they don't grow to the trust fund are going back to the taxpayer and i have not thought about this recently, so i would want to get here? careful consideration. >> i appreciate that. proceeds can go in different directions to pay back the taxpayer, i appreciate you thinking about that. the other

freddie carter and mike. where is freddie? freddie, come up here. please, a big hand for freddie. [ applause ] >> every time i would stop by early in the morning, 6:30 sometimes in the evening, 8:00 freddie was in that office making sure the work would get done. he held hands to many of the workers from our community and made this project possible. it is a very good example that people like freddie, when they go the extra mile teach our own residents and people who live here how to do things. we can do it. [ applause ] we can do it. and i hope this sets the pace for future projects in san francisco. all the neighborhoods from the various residents we can go and we can build more libraries, more stations, more fire houses, more community facilities. thank you very much. >> now we also wanted an energy efficient library. you have a green living roof and also have solar panels and i think all due to the partnership we've had with the department environment of san francisco. this is actually going to be the highest rated lead which stands for leadership

and a right freddie mac. won't take any responsibility for misleading us about the safety of our home and attorneys just tell us that we should have read the fine print tell that to my son simply walking away will not only negatively impact our credit but would enable banks to continue this trend of severe negligence now this idea of just so read the fine print i think that's probably that's a lesson for the total economy and political economy at the moment there's probably a fine print that has been written into the constitution for example that's mainly what i was thinking fannie mae why not you read the fine print of the constitution you're basically. engaging in heinous acts of tyranny against your fellow citizens you know that's the fine print of the constitution fannie mae has a get out of jail free card fannie mae's supplies crack to congress the department of justice tara calder barack obama they all smoke crack they'll shoot heroin in their eyeballs they all read william burroughs on a daily basis th

freddie i prefer the movies.t of the tax credit thing, if you make, as long as you make a joke about republicans you get the rebate. if you make a joke about obama you get audited. >> dana: the lobbyist have a weird thing he wanted a studio audience. that is a requirement to get the tax >> andrea: we are a tv show and we don't have a live studio audience. two people sitting there, related to me but i don't see us getting a carve-out. >> bob: you bet ber careful, greg. you going to be audited. >> eric: live studio audience for a week. >> bob: i don't know. >> eric: that is my pitch. next. president obama -- didn't you say we weren't going to say "president obama" today? president obama promised to shut down gitmo and that didn't happen. now he may want to turn it in to club med for terrorists. details coming up. ♪ ♪ ♪ ♪ >> dana: when you are getting ready to close down a property, do you think it's a good idea to put $150 million of renovation in to it? guantanamo bay, the american taxpayers' least favorite money

and freddie mac. and fannie mae are not actually telling them that they were former math labs now this is dangerous there are lots of chemicals used in the production of crystal mouth and i also think it knocks on the door from people looking for their next head. mark carney incoming bank of gov why why why doesn't he get a letter can you really a for not to be smoking grass at the bank of england governor office mark carney fannie mae shacks they were methamphetamine. labs that people cooked up the drugs they needed to give them some kind of mental relief from their government stealing their bank accounts from their bankers terrorizing them on a day to day basis being resold on the government meth lab shack market even a for a nickel on the dollar could it all happen could all be sustainable to all real junk it's all smack it's william burroughs as fed reserve chairman imagine william burroughs a naked lunch at fed reserve chairman injecting heroin into his eyeball and you end up with what ben bernan

freddie mac suing global bank after alleged libor allegations. we will follow this story for you as more develops. and continuing in a theme, freddie mac and fannie mae subject of a heated hearing today and the message, it is time to downsize the government's role in fannie and freddie according to ed demarco, acting regulator of the fha. using his testimony today to urge lawmakers to start overhauling the mortgage giant. with more on this, director of financial regulation studies at the cato institute. this is a surprise, or is it a last-ditch effort to score some dough? >> it is not surprising in that fannie and freddie have both been fairly aggressive trying to recoup money from banks and this is whether they have gotten bad loans passe pass on to them, bas in derivatives or other transactions, so it is not surprising we are seeing this. this is developing, as we haven't seen the details, we will see if there is any merit to it, but it is appropriate to try to recoup as much as they can for the taxpayer. again, this money will come back to us,

-- freddie mac and fannie mae. it was destructive for housing and consumption. people don't think about it, but if you consume it and a massive overconsumption, which is one reason we have had such a hard time getting the production process going again. we have taught millions of people how to the mortgage bankers and learn new jobs. this housing, investment, the federal monetary reserve problems is particularly destructive from an economic perspective. the other thing, i don't know that we disagree on this because is because peter doesn't talk about this, but i guess i am for a more radical solution. i do not believe that it is naÏve to believe the risk being created by the system itself. it is not big banks. it's the federal reserve. what they are doing today is incredibly real to our economy. if the federal reserve is leveraging itself, then the system is risky. it is riskier today than it was in crisis. if the individual institutions cannot manage risk, i am for using market-based standard. if we aren't doing t

congress created fannie mae and freddie mac to finance mortgages at taxpayer expense. the two are billions of dollars in the red. >> the biggest problem with fannie mae and freddie mac is that they are financial institutions with a social mission. >> reporter: that social mission is to heavily subsidize mortgages that don't meet qualifications. >> lowering income homes and when the housing market that was the first to go. >> they have been restricted to prime loans or high quality liens. that ended in 1992 when congress passed the safety and soundness acted that required them to promote affordable housing. >> they actually planted the seeds the destruction of fannie and freddie. >> then the clinton administration made the home ownership strategy to do away with down payments. >> you had instead of prime loans, progressively more risky loans. >> reporter: bush administration pushed home ownership but sounded alarms. these government sponsored enterprises as early as 2001. >> we need a strong regulatory agency to oversee the operations of the gses. >> the warnings were i

then, the future of fannie mae and freddie mac. host: in the papers this morning, "the wall street journal" arguing that appointees to the board are are constitutional. you can add to the lowest of private dinners the president has been hosting. bill clinton and hillary clinton meeting with the president. former massachusetts democrat are at a farewell ceremony for venezuelan leader hugo chavez. some members of congress are doing that osama bin laden's son-in-law should head to guantanamo bay. tsa will allow small knives to be taken on board along with small bats. the rules go into effect in april. for the next 45 minutes we want to get your thoughts on these changes on what you can bring on board. perhaps you agree or disagree or you think other things should be brought on board as well. here is your chance to weigh in. the tsa allowing small mice and golf clubs and the likes being allowed on air plaplanes. if you want to reach out on our social media platforms -- tsa has a website that will allow you to see what you will be able

fannie mae and freddie mac were the principal enforcers of these rules. delinquencies and defaults were few. in 1992 congress adopted legislation that required fannie and freddie to meet what were called affordable housing goals. the legislation initially required that at least 30% of the mortgages fannie and freddy made had to be made to people who were at or below the median income in the places where they lived. hud was given the authority to increase that quota, and it did so. raising the quota to 50% by the end of the clinton administration and to 55% in the bush administration. statements by hud throughout this period made clear that the agency's intention was to reduce the underwriting standards that were prevail anything the market -- prevailing in the market in order to make mortgage credit available to a larger number of borrowers. there is no ambiguity about issue. it was difficult for fannie and freddie to find prime quality mortgages among borrowers who were at or below the median income, especially when the quota had been raised to 50%. is s

/freddie judgement -- jumbo was priced below that.he narrowest range of pricing i've seen in my career. adam: but the person who's going to qualify for that jumbo loan with the cap right now on a conventional is 625,000, the person who would qualify for that loan at the cheaper rate is going to be able to adhere or to much stricter credit requirements than, perhaps, the average person who might qualify for the freddie mac or the fannie mae loan, correct? >> it's largely -- you have a point there, but there's a big problem with pricing. the average fico score, and, you know, talk about credit scores in the united states, is about 710. the median, meaning half of the people, is higher about 720, 725, these are from all households. there's plenty of people in the 710, 720, 730, 740. it's more than a majority of households in the united states. those individuals, and in particular we're talking at the higher end -- adam: right. >> -- k0u8d pay the extra eighth, get a loan, you know, they price for it. and as fannie and freddie pull back,

merger of freddie mac and fannie mae's bond unit.d news for potential homeowners. liz macdonald is here with how the new plans could affect your mortgages, tax dollars and not necessarily favorably. >> we've been tracking the story. what will happen they will merge into one unit. this is the first step into fannie mae and freddie mac being privatized. then they could be sold. that is what ed dimarco, the who is the overseer of fannie and freddie. that is what he wants. this is foundation for mortgage market in the future. what is happening right now, we have a housing commission, basically a panel that is advising congress to dissolve fannie and freddie. david: isn't that a good thing? >> it is a good thing. becomes a megagovernment bond insurer. here is what will happen. that government bond insurer will charge fees, dimarco said create something that could be sold off. what happened to fannie and freddie, this is the plan, turn it into megagovernment bond insurer. they will charge fees to the bank. they will not guaranteeing mortga

freddie highmore, everybody! cheers and applause ] >> jimmy: our next guest will release his new album "the 20/20 experience" on march 19th. [ cheers and applause ] tonight, he's here to debut another brand-new song, "strawberry bubblegum," please welcome back, justin timberlake! [ cheers and applause ] ♪ ♪ it was such a mellow mellow mellow mellow mellow day ♪ ♪ when you walk by it was such a mellow mellow mellow, mellow mellow, mellow day ♪ ♪ i, i can't deny the way you caught my eye, eye and then something struck and refilled up the sky ♪ ♪ and everything on you intoxicates i don't know why i let you kick in ♪ ♪ my do not disturb sign but i guess your mouth in motion got me so high and i could tell it's pure ♪ ♪ just by the taste when you kiss me so tell me you wanna get close somewhere far away ♪ ♪ far away don't worry about your loving it won't go to waste go to waste ♪ ♪ don't ever change your flavor cause i love the taste love the taste if you ask me where ♪ ♪ i wanna go i say all the way ♪ ♪ cause she's j

coming up on "money", fannie and freddie announce a new joint company.his could be bad news for taxpayers and home loan borrowers. we'll tell you why. do you ever have too much money? melissa: we want to keep up to the second on this story that is breaking out of venezuela right now. venezuel president hugo chavez has died. fox news is reporting after a two-year battle with cancer. right now dow jones is reporting that the venz ven ann military remains united there. they're hearing that from a defense minister on state tv. we of course want to see what happens to the balance of power. whether there is any civil unrest in the wake of this because venezuela has the largest or second largest pren reserves of oil around the world depending which figures you believe. this has a huge impact on you and on gas prices and oil prices around the world. so we'll stay o top of this story as it develops throughout the hour. >>> some other news right now, big news out of fannie mae and freddie mac. no one can forget when the mortgage giants collapsed in 2008 leaving ta

it is basically fannie and fannie and freddie and fha. edward dimarco, who is the regulator is trying to get some traction on getting rid of fannie and freddie. gerri: if i understand it, they are coming together over securitization. they have to create a company in the middle that does all of that and that might be privatized. that sounds like a tricky thing to do. to say the least. >> well, it is. wall street firms used to do all of this. repeated proposals from the administration and congress to try to get moving on fixing this and getting the private markets back into mortgages and government underwriting. it has been very slow going, very hard to do, a lot of people in the real estate business have been lobbying to keep things as they are because they have been working pretty good. it is another effort to try to get this off of the ground. gerri: he is the one to turn down the president's plan. here he is coming in with a different solution. peter barnes, thank you for joining us tonight, it's always so good to see you, thank you so

coming up on "money", fannie and freddie announce a new joint company.s could be bad news for taxpayers and home loan borrowers. we'll tell you why. do you ever have too much money? ♪ (train horn) the economy comes to life.go, norfolk southern. one line, infinite possibilities. >> announcer: you never know when, but thieves can steal your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announcer: just one little piece of information and they can open bogus accounts, stealing your credit, your money and ruining your reputation. that's why you need lifelock to relentlessly protect wh matters most... [beeping...] helping stop crooks before your identity is attacked. and now you can have the most comprehensive identity theft protection available today... lifelock ultimate. so for protection you just can't get anywhere else, get lifelock ultimate. >> i didn't know how serious identity theft was until i lost my credit and eventually i lost my ho

freddie i went to senor frogs op date night. i couldn't speak spanish i had no idea what gay might. i had six young men who danceed with me all night. >> kimberly: you didn't leave, though. >> greg: they were buying me drinks. >> eric: corpus christie, texas. more visitors. are you all right with this? >> no. >> you did spring break until 11 years ago when i was sober. but there is a serious side to this. it found a kid on the beach panama city dead from drinking -- >> kimberly: alcohol poisoning. >> bob: yeah. his friend couldn'te him. alcohol in particular -- freddie what are we showing? we're showing women bouncing their butt in viewers' faces. can we stop that? >> eric: hear this out. it sent out an e-mail at 2:00 this afternoon and said we are doing the party first, hangover second, all that stuff in a minute. >> eric: you have a son and eventually he will end up in one of these places. >> kimberly: i'm going. i'll be a chaperon. i went with my girlfriends and everything, at the time, i was 18 and some were night so parents

mae freddie mac. george osborne to britain ireland wherever it was the guy co-op cyprus is as i've said a menace so mr osborne announced that the government would offer a five year interest free loans worth up to twenty percent of the value of new build homes costing less than six hundred thousand pounds from january another scheme will see taxpayers underwrite mortgages to those with small deposits including more than a million people trapped with so-called zombie loans where the fall in the value of their homes has left them unable to move again it's a blatant giveaway it's like a drunken chancellor deciding to take some money from somewhere and you know larry summers was here on the b.b.c. talking about this very plan saying it was stupid and saying you can pretend you're being all sterile but this is government spending as we found out with fannie mae and freddie mac. you back that you own that debt oh well the u.k. if you add up the private debt the government the corporate debt and bank debt the

they will turn fannie and freddie into a major mortgage bond insurer.an guarantor of mortgage bonds. what they would do is, they would break up fannie and freddie, put their ballots sheet up for auction and that is how you pay back. you will see rates go up a half percentage point. you are able to charge fees. for the first time, they would have to pay state and local taxes. that is already kind of melting away. fannie and freddie could turn into a major government -- they are taking it very seriously. sixteen months. already, the cbo is saying you can expect mortgage rates to go up a half percentage point if this moves. tracy: i have to buy something before rates go to the moon. >> that is a great point. the obama administration has put forward a plan. they want to see fannie and freddie resolve. you know, this is a first step. you will see these two housing giants possibly broken up. that is how taxpayers will get paid back. ashley: very interesting. >> interesting stuff, right? ashley: great stuff. thank you. an update from jeff flock and our crew in

freddy and his work are well known in the neighborhood so people constantly drive by when it snows toome up with. >> everybody knows if it snows and you can walk out and get a good snowball like that, come by the house. there is probably going to be something out there. done probably 35 to 40 of them. >> making a heavy metal snowman has its challenges. this is not your average snowman. you need a lot of snow. the tongue alone requires a whole bunch of it. freddy has a technique and recruited some help. >> take the whole driveway and we wheelbarrowed it up to the front. >> i actually helped him shovel all day. i just about got frostbite out here. >> the gene simmons snowman is getting a lot of attention for those who aren't familiar with freddy's work, passersby are amazed and shocked, almost as shocked as mike douglas was in 1974 when he had gene simmons on his show. >> here from kiss is gene simmons. who dreamed this up, this get-up? >> we all did. >> how many members? >> there are four members. your audience really looks appetizing. actually, what i am is evil incarnate. those cheek

don't look for the privatization of fannie and freddie anytime soon, bill. bill: on we go.. interesting series too. what to cut. doug mckelway in washington. alisyn. alisyn: remember americans were warned for weeks of the severe consequences should the sequester kicked in. it has been a month since the mandatory budget cuts have been in effect so what is the real fallout? we'll debate that. bill: it is the most watched tv event this season. more than 10 million people tuning in. and that is cable. alisyn: wow. bill: what is the behind the show's enormous success of the bible? give you one word. we'll talk to the, one of the star actors in the series coming up. ♪ . hey, this is challenger. i'll be waiting for you in stall 5. it confirms your reservation and the location your car is in, the moment you land. it's just another way you'll be traveling at the speed of hertz. you know it can be hard to lbreathe, and how that feels.e, copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd

a point, t appointing a member of house of representative to be chief regulator of fannie mae and freddie mac is basically insane, for starter congressman watt took campaign contribute prug contribution from fannie and freddie, secondly, let's understand, that agency, federal housing finance agency is only 5 years old. it was created in the wake of the problem with fannie and freddie, and its job is to preserve and conserve its asset, the taxpayer money, put it on a sound footing. gerri: its job is not to determine who should get mortgages but that it continues and is sound. >> current head is edward dimarco, which has put him at laggerheads with house democrats, who in january of 2012 asked president obama to replace ed dimarco. gerri: i have to talk about this idea of getting rid of mortgage deduction, right now it is being discussed for people with very bis mortgages or second homes, a lot of wealthy people who they say are okay with that, i look at the confluence of the story, mel watt on one hand saying we have to get more loans to people who may not be able to afford them. that is w