>> the taxpayers absorbed the losses from fannie and freddie, and taxpayers enjoy the profits.mbine the two of them, the number is larger, close to $200 billion that the federal government invested in these, the investment consistented in paying their debts, and then acquiring ownership, so these are wholly owned by the federal government. the $16 billion in profit is a good thing if you believe the federal government should even be in the business of financing housing. liz: right. they agent like off balance hedge fund sheets. the u.s. taxpayers owns a big stake, nearly 80% of fannie and freddie, and the preferred shares, and what's going on here with the profits directed back, they were just paying interest costs on the equity stake. that's what's going on. fannie and freddie pay the interest costs the loan they still owe into the government. >> yoir right. this is not money going into the treasury which saves taxpayer's dollars, but a transfer on a ledger sheet. doing the research for this, we came across just speculation that the new secretary of the treasury wants to inves

that become a sink for wealth not a creation of wealth and in the derivatives area with fannie and freddie with the moral hazard of basel and so forth we created an unstable system that is stabilizing capitalism but you don't blame capitalism for the fact that we've destroyed the senate structures that with effectively socialize the risk that's not got something going to grab on social activity. george none of this is that although this is cold comfort if you're unemployed isn't it well that's absolutely right and i'm also a little. strange when people talk about this idea that there's some pure capitalism because really capitalism from its inception had always been very much a state run business i mean it's basically from you know you starting from going back to the american history. of the state has always been very much involved in helping out capitalism and even before the recent bailout i mean the great. american industrial success of the computer industry would have existed had it not been for government it was a government investment in the mainframe computers that gave us the compu

>> well, you know, you have to throw of freddie mac in there. it is $120 billion all.you take a few billion that they made last year is going to take a long time for them to pay that back. i think it's also going to be a really long time before they work their portfolios down. they have a trillion dollars in mortgages that they are holding. they also have hundreds in billions of dollars in nonperforming loans. they have to work all of this t. it is still going to take years to work through this problem that they get themselves into. gerri: doeshis mean the end of the conservatorship at this point jack. >> well, you know, this is another thing that we have to be careful about. they start reporting severe profit numbers. is that point to take some of the heat off of the whitete houe and congress to come up with an alternative structure for our mortgage finance system. i think that is something that we have to worry about. i think we're going to be in conservatorship for some time, with the fact of the matter is, the obama administration and congress have still not come u

i think it was freddie espinoza's. looking to see where i need -- >> i think it was one of my guys out there. >> i will be erected during the course of this by the people who were there. this is what we did for six years. it wasn't that john come you got wrong. you don't really understand what an area ignition is. it doesn't take a wind, john, to cause an area ignition. i said we had a wind. all right. this is a map you'll see several times. don't try to memorize it, that the units, the five units from here wound up at three different places on twin pines ridge. they whined about the tile house, they whined about the double wide, they wind up at the octagon house. and here you can see all those places including the town and east end of the past just to give you an idea of the terrain. the first place that were anybody dropped off was the tile house defended by engine 52, captain chris vogel. this is a post by photograph of the house. at the time of the fire that rove was not complete and there was a dead bury -- debris

these can be tricky, but i know that fannie and freddie are actually making money. is this a good sign for that industry, that sector? > > well, it is a super hot leverage sector. we are talking about alnylam capital management, two harbors, and american capital agency. these have been hot stocks for aggressive income investors. they buy lots of mortgages, don't pay much in short-term financing, and pay out about 10 to 15% as rates to their investors. and of course, the mortgage market has been recovering. but the question is, what happened to companies like these before the financial crisis? > they collapsed. > > they did. now these companies, of course, have only been in business for a few years, and they have been red- hot and doing really well. the caution is, what happens when short-term interest rates rise that is really going to compress their margins, even though, of course, they do manage that exposure as best they can. but of course, the news came out fannie and freddie are making money, and these companies are making money in mortgages. it is just very le

freddy in new jersey. freddy! >> caller: boo-yah, jim cramer! >> holy cow, what's going on? >> caller: freddy from toms river, from new jersey. and i'm calling you because you're better than calling 991 for somebody to watch my back. i'm looking for cbr energies. >> fertilizer play. ag play. grain complex coming down. even monsanto should have been up by three or four. they could not manage it. why? because that group right now is not doing well. i'm going to walk away until it yields four. and that, ladies and gentlemen, is the conclusion of "the lightning round"! >>> the "mad money" back-to-school tour is in session, and this time we're headed to the city of brotherly love. if you are a student at villanova university and want free tickets to see cramer do the show live on campus thursday, april 25th, visit madmoney.cnbc.com. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all on

freddy double bogeys and triple bogeys 17. adam scot one of three australians in contention.cott shots a 3 under 69 and sits one shot off the lead. angel cabrera also shot a 3 under 69 to take a share of the lead. he shoots a 7 under after 54. brandt snedeker won the at&t pro-am at pebble beach and says is he fully recovered from his injuries. nails it. schenectady tied cabrera for a share of the lead. jason day finished with a 73. he fell from a tie for first to a tie for fourth two shots back. the only player on the leaderboard way major championship is angel cabrera. three australians still in the hunt, adam scott, marc leishman and jason day, matt kuch yorear is three shots off the pace and tiger woods is four shot backs and not worried about any more sanction d

freddie mac chief economist says the low rates are boosting the housing market.home sales continued to rise. what a quick break at 527 . a live look outside our roof camera. the view we see of downtown san francisco. all in all it is a little chilly heading out. it will be a mild day. over the next seven days we have a nice warmup to look for to. erica will have complete details [ male announcer ] fact: the 100% electric nissan leaf... is more fun than ever. sees better than ever. ♪ charges faster. and will charge. cool. and heat. from your phone. fact: leaf never needs gas. ever. good for the world. built in america. now, leaf's an easier choice than ever. ♪ shop at choosenissan.com. ♪ shop at choosenissan.com. get ge5% cas ch back at restaurs a handsondme man will deliver good news.s. when you y use your chase freedom card this quarter. what?? actiacvate your 5% cash back at chase.com/freedom >> we are back. it is 530 a live look at west bound 80 the approach to the bay bridge toll plaza. traffic is fine. let us an update on the forecast. after all it is friday

that is the reason we are beginning to see profits at fannie mae and freddie mac.pping a homemade gun or bad thing in this economy? guest: it is up to the individuals but broadly speaking, when the market is down, investors are absolving inventories rather than having a distressed property lingering in the market. many of the investors investing today is different and then compared to the bubble years. if you still lacks easy credit and now they are coming in all cash and investigators -- and investors want an income stream, the yield, because the bank is offering a good return. the 10-year treasury is offering less than 2% return. people are buying investment property and they are looking at 89% return. we are seeing people buying today with a longer time horizon. host: you mentioned all cash -- for a local investment, one wants to be close to where they live because they can manage the property. have additional cash and was looking for more distant investments, certainly in the market, we are still at the bottom point and not fully recovered but they see a growth

freddy double bogeys and triple bogeys 17. adam scot one of three australians in contention. shots a 3 under 69 and sits one shot off the lead. angel cabrera also shot a 3 under 69 to take a share of the lead. he shoots a 7 under after 54. brandt snedeker won the at&t pro-am at pebble beach and says is he fully recovered from his injuries. nails it. schenectady tied cabrera for a share of the lead. jason day finished with a 73. he fell from a tie for first to a tie for fourth two shots back. the only player on the leaderboard way major championship is angel cabrera. three australians still in the hunt, adam scott, marc leishman and jason day, matt kuch yorear is three shots off the pace and tiger woods is four shot backs and not worried about any more sanctions or distractions. >> don't go on the internet during tournaments like this. i stay away from the media and i was surprised what had transpired of the evidently i made a mistake. i was fired up and ready to play and if you are within 6 shots starting the back nine, you still have a shot. anything can happen. >> tomorrow

it's always the government. >> are you unable to say fannie mae and freddie mac?ng those two words? >> the truth of the matter, are you unable to talk about the illegal behavior on wall street? >> i'm certainly opposed to illegal behavior. fannie and freddie used the law to end up making malinvestments and the rest of us ended up paying for them. that gave you the recession. >> no. no. >> now we've had a recovery for three years and it's a lousy recovery because of the policies that you've endorsed. >> well actually, let me tell you something. this senator when he was in the house helped lead unsuccessfully i might say the effort against deregulation. because i believed then and i believe now that when you have a handful of giant financial institutions, and right now, wolf, we're looking at six financial institutions in this country that have assets equivalent to two-thirds of the gdp of the united states of america. if anyone believes that these financial institutions once again are not too big to fail, they are solely plis taken. the bottom line is when mr. norq

in january, san mateo and san diego counties filed a lawsuit as did freddie m.a.c., including j.p. chase and others. inspector general of the finance housing agency related that damages could be $3 million. last week, a federal court dismissed the antitrust portion of the baltimore lawsuit. this does not change the fact the banks have pleaded guilty to criminal misconduct. whether we lost 10,000, or 10 million, as a city we owe it to taxpayers to aggressively pursue this issue to hold the banks accountable. initial reports suggest financial managers were more conservative than other municipalities and we may not be as impacted as others. i would hope that we could use our financial expertise to lead by example on how municipalities can address this fraud. i hope this will be the first step in a bigger process to determine the strongest course of action for the city to protect taxpayers from these crimes. this is also an opportunity to look at the bigger picture of predatory lending practices in municipal finance which i have heard is now a $2 trillion market across the countries. w

i think fannie and freddie were -- it was suggested that they make loans. monetary policy was such that it sponsored it. i think there were some dishonest people in the business. certainly not all of them, but some. it would fraudulently filled out applications and make loans. there is plenty of blame to go around. mortgages were bundled up. also in europe and asia. results were not good. the perception of the u.s. as a bastion of capitalism has certainly been hit. when you look at the economies that have been successful in the last 10 or 15 years, there has been a good combination of government and business working together. i think that is the direction that would be the right one today -- to take. we will talk more about that on the competitiveness panel. i think we will see more of that in the future. obviously there are advantages and disadvantages to to both. that has not always worked well, at least not recently. this is important. >> what keeps you up at night? >> well, assuming this position, i sleep less well. what keeps me up at night, well, i wo

william scott, orlando bloom, paris hilton, craig ferguson, ben stiller, sarah michelle gellar or freddie prinze jr., derek jeter, kerri russell, leann rimes, gerard butler, jennifer garner, topher grace, sting, denise richards, or anyone who's on the big bang theory. now, follow me on twitter so we can live chat during the shows. keep up with our blog at tosh.comedycentral.com. and come see me on tour over the holidays. sorry, i have to get out of here a little early. i'm told my sandwich has arrived. later, day saints. here's your food. why are you eating. >> this is embarrassing. i ordered this from her at a barbeque place 4 months ago. what are the odds you guys would show up 10 minutes apart. you captioning sponsored by comedy central ( theme song playing ) [eagle caw] [cheers and applause] >> stephen: hey, welcome to the report, everybody. thank you for joining us. ladies and gentlemen -- [cheers and applause] -- thank you. [crowd chanting stephen] [cheers and applause] thank you. in here, out there, i thank you for support on a nightly basis because you know, ladies and gentlemen,

. >> freddie: why can't you take this yourself? >> sy: there's an apb out on me.make it worth your while, okay? just deliver this to victor kiriakis. >> freddie: [whistles] big leagues, sy. "art project." seriously? >> sy: [chuckles] trust me. that picture's an eyeful. it's gonna make mr. kiriakis a real happy man. >> brady: you know, some of these proposals look really interesting. >> victor: well, let's go. >> brady: ah, you know, in a minute. >> victor: didn't you promise me that you were going to check on daniel? >> brady: yeah, yeah. i'll leave time for that. but i wanted someone to join us right now, someone who could help us choose the art for the corporate collection. >> victor: ah. do i have to guess? >> brady: you already know. [whispers] kristen. >> kate: [scoffs] [sighs] [cell phone ringing] hello? >> rafe: hey. didn't think you were gonna pick up. >> kate: [sighs] i didn't think i would either. >> rafe: listen, we need to hash this out. not over the phone. >> kate: i can meet you. >> rafe: i'm at the square. >> kate: i'll be there. >> sami: hey. >> ra

that by the way was pushed by fannie and freddie. >> that's why i'm agreeing with you completely. this is terrible policy. we have guilted people into thinking they need to own homes, there's something good about owning a home. of course there is, but-- >> there is. >> it's not necessary to own a home. >>, but the government can support about it, but not the way as it has in the past. >> the point that it's bipartisan? >> if you're the president of the united states, and when you say home ownership went up under my watch. is it something we should be rolling the dice it at this stage. game. >> my head is spinning, i don't know what planet all of these people on our panel are from. the housing market has recovered somewhat. it's way weaker than it was in 2006, 2007. >> should be. >> and much stronger than a year and a half or two or three years ago. it's still flat. and if you're a person like me who owns a lot of real este, and dealing with banks about mortgages, you're banks are being extremely-- are you suggesting then that it needs to sort of boost, kind of boost and people are

i'm going to start with freddy in my home state of new jersey. freddy? >> caller: thank you for helping us little guys and i've got a stock acad. >> we like this. we like this because of the hope of the parkinson's formulation. >> buy, buy, buy. >> ronald in california, ronald? >> caller: professor jim. what do you think about sd. >> i like sd. a video with me at the street.com, he thinks this is the right speck at this price. me, i'm holding back. i prefer magnum hunter. let's go to joe in michigan. joe? >> caller: yeah, jim, go blue. what do you think of ticker wen, wendy's. >> that's syracuse, partner. we don't want to bet on syracuse, we like mcdonald's if it's fast food, with like panera, we don't need to go down to wendy's and the biggy fries. george in arizona, george? >> caller: boo-yah, mr. cramer. >> boo-yah. >> caller: love your show. >> thank you. >> caller: my stock is svrl. >> i'm blessing seadrill. and i'm going to paris. but it's in california. paris. >> caller: how you doing, jim? i wanted to know what you thought about pxp. >> congratul

being release freddie methodist hospital hours ago. you probably heard about it.orrific injury in louisville's victory over duke. under went surgery to repair compound fractures in the tibia part of his leg. it's expected he will not be playing again for at least a year. the louisville coach says he could end up traveling with the team to the final four in atlanta. at this point it's not known if he's yet been cleared to fly. good luck to him. >> that's what you call a true athlete. >> a warrior. >>> a sea lion at uc santa cruz is showing the world he's got some moves. ♪ >> all right. his name is ronan, the sea lion. you know why he does it? >> why? >> for the love of the dance. >> whether earth, wind, and fire or back street boys, he can work it. scientists previously thought the only animals that could actually mimic the human voice, they were the ones that could keep time to music. thanks to him, experts have to rewrite science books, he can get down. >> five, six, seven. >> lavern and shirley. >>> squeegee -- >> squigy. >> we didn't represent very well, lavern

. >> something else i would love to get your take on is fannie and freddie.y've been making an awful lot of money lately. and yet we have not seen a great deal of movement in figuring out what we're going to do with them. at this point, all the profits are being swept to the federal government or to the treasury. but where is that going to change, and how should it change if, in fact, congress eventually gets around to trying to do something here? >> well, i think there's a real risk that the more -- it doesn't surprise me they're profitable again. they're kind of working through their losses. they're the only game in town right now. they're virtual government monopolies. so it's probably not too hard to make money right now. but i would like to see the government get out of most of the housing space and let the marked decide how much capital and investment we're going to allocate to housing. i support more of a traditional role of federal government support for veterans and first-time home buyers, but beyond that, let the market and people decide whether the

freddy couples whoa had -- who had the share of the lead finished 2-under >> you have to put your ball in position each and every hole. you lose concentration for just a second on this golf course it will punish you straight away. >> he was 2-under par then he balloons to a 79 yesterday. i am not terribly surprised because rory is off his game. >> his swing, he's been reworking a little bit and that takes a while to get locked in. i've been a big believer that the equipment changes he made which included all his clubs including his putter. he changed balls, he changed shoes, he changed gloves. everything changed and that just takes a while. it'll take an entire year for him to get used to. >> i'm really a layman when it comes to golf. why would a guy chanyt whenemed? he must be called a i've to tiger woods the great super star. why did he change everything? >> reportedly his continue tract is over $200 million. that gets your attention pretty quickly. with tiger being a nike guy he changed from catalyst to nike with his gear. he everyone changed sunglasses from companies there. so you

freddy in new jersey. freddy! >> caller: boo-yah, jim cramer! >> holy cow, what's going on?er: from new jersey. and i'm calling you because you're better than calling 991 for somebody to watch my back. i'm looking for cbr energies, ua next. >> fertilizer play. ag play. grain complex coming down. even monsanto should have been up by three or four. they could not manage it. why? because that group right now is not doing well. i'm going to walk away until it yields four. and that, ladies and gentlemen, is the conclusion of "the lightning round"! >>> the "mad money" back-to-school tour is in session. and this time we're headed to the city of brotherly love. if you are a student at villanova university and want free tickets to see cramer do the show live on campus thursday, april 25th, visit madmoney.cnbc.com. [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkor

is in legal trouble with the federal housing finance agency over mortgage losses at fannie mae and freddie mac. the fhfa won the right to sue ubs over the quality of loans in $6.4 billion in mortgage- backed securities. ubs tried to appeal the suit, claiming it was filed too late under federal law. but the court rules that the housing and economic recovery act of 2008 extended the filing period. millionaires in america made a staggering amount in unemployment benefits "during" the financial crisis. new data reveals they made a grand total of "80 million dollars" . in 2010, about 32 hundred millionaires received benefits -- a jump of about 44% from 2009. the congressional research service reports that several bills have been introduced in congress to limit jobless benefits to the wealthy, but so far the proposals have not gained traction on capitol hill. bad behavior is still prevelant on wall street despite a crack down on insider trading. a recent study found 35% of people working at hedge funds admit to felling pressure to break the rules. mostly because its tied to their compensation pl

important effort in bringing back the housing recovery that the guests were describing fannie mae and freddie mac account for the most mortgage lending in the country, and it is that effort, the effort to give people the chance to refinance their homes and people are under water and not able to access today's mortgage rates and getting them into the system so that they can refinance their home. they've been paying on time and they need access to the lower rates and providing clarity of the kind that is necessary on putback risk and on the rules of the game going forward are all critical. to my mind that's the path the administration has been on for quite some time and it's bearing fruit today with improve ams in the housing sector. >> i want to get you to react to the spirit of what joe lavorgna was saying there that maybe we don't need to have homeownership rates in the high 60%, but maybe in the low 60%, and as i read "the washington post's" reporting and i can't necessarily vouch for them, but they're pretty good on these couple of things, you can get an fh alone with a credit score as low

rounds of macau and a unanimous decision victory in his first ever pro fight that india train at freddie roach aims to guide to the thirty one year old to a world title within a year. thank you. but on saturday by in munich made more german football history after your prime keys men sealed their record twenty third title in six games to go it was the earliest ever in this league a triumph in the very end giants didn't miss a penalty through david a lot about midway through the first half and langford but asked in schweinsteiger got the job done early in the second with a spectacular back heel finish before clearing a corner off the line in the dying minutes to secure a run knowing. and also on saturday it was the semifinal of the family circle cup but while number one serena williams put her sister the feelings to one side the defending champion thrashed older sister venus six one six two the american civilians were playing each other for the first time since two thousand and nine and serina has now prevailed in the last five encounters the thirty one year old then went on to beat serbia

opportunities starting their own businesses and building their lives have now will also change their minds freddy yana this meant leaving greece and go all the way back to her native acquittal or and while homesickness was the initial reason for the move she has no regrets about making that decision as expected also many foreigners decided to leave grace and move to countries like germany and switzerland but the greeks who stayed behind are saying that the situation is really difficult thing. for instance servicemen who used to get one and a half thousand euros are now paid just one hundred m. our place has been open for two years even though still new i believe we have very good prospects for the future. something she says just isn't possible right now to trent she look at the figures in countries like ardent some people argue that a whole generation has left and perhaps for good you're not going to say i don't think so you know they're still here for the same tests or sylvia r.t.e. brussels. the debt crisis in golf in europe maybe starting to literally cost lives academics behind a major study

. >>> fannie mae and freddie mac back in the black. the two mortgage lenders turned a record profit last year, their first in six years. the government took them over in 2008 with a $187 billion bailout, so some of that profit will be returned to taxpayers as dividends, but congress is still moving to dismantle them. the agency is back about 90% of all new mortgages. >>> the stock market soaring to new heights. the dow opens at 14,662 today. it's a record high after gaining 89 points yesterday. the s&p 500 begins trading at 1570. also a record high after an eight-point gain. strong reports on auto sales and factory orders driving those numbers up. >>> well, a small airline in the south pacific has become the first to charge passengers according to what they weigh. samoa airlines requires passengers to step on a scale and will be charged accordingly. the more you weigh the more you have to pay to fly. more than 80% of samoans are overweight. the airline's ceo says this makes sense airlines don't run on seats, they run on weight. i have

freddy cups, -- couples boom, boom, knows this course. co-leader mark leashman. 14-year-old cam tour youngest ever to compete at the masters, way to close, kid. one over 73, and 14 years old? are you kid meeg? bubba watson, three over 75. >> i tried to play golf and i tried to give myself a chance to win it. hopefully, i'll be able to do that throughout the weekend. >> giants playing under sunshine and warmth and flew off to chick in polar bear weather in the windy city. look at this guy. if you know you're wrestling, ryan voguel song in trouble. he liked it. he's a little weird. giants down 5-0 in the north. then sandoval with a double left center two more store then three more in the fifth. nick noonan heading home, hello, noonan. that was a reach. voguel song, brilliant on that fly ball. giants hold on a 7-6 win and sharks look to bounce back against red wings. this is pure robbery right there. where w.a glove denied. waves do manage to get one past with a slapper and takes a lead in the third period. kindel on the power play. so good

after the crisis, both parties said they would do something to fix fannie mae and its sister company freddie mac. and now fannie's profits could blunt momentum for reform of the mortgage-backed securities industry and the entire housing market. >> congress has no real incentive to get rid of them. and what they're really waiting for is for the mortgage-backed securities market globally to come back so they can start eventually winding down. they're look for private money to come. and right now fannie mae poing the profits shows u.s. real estate is coming back. >> lawmakers could see the profits as a signal that the crisis is over, removing the urgency of the debate. or they could see incoming profits from fannie mae as a rare bright spot in the nation's capital otherwise browne drowning in debt. lawmakers from both parties have struggled to figure out a way how to ease the government's role in the nation's housing finance system without causing a decline in home values, just as the housing market is starting to recover. and now it's not at all clear that they'll feel the same sense of urgenc