all the fha can do is really put in may and freddie mac back out there just as they were. there is a lot of discussion going on with lawmakers about the last several years and from the failure of fannie and freddie, what kind of system and mechanisms do we want in the future, but that policy debate needs to take place, and we will need to wait an act of congress really to get a direction on going forward and with the timeline for that will be. >> how much money is set aside for new mortgages coming in? >> new mortgages at fannie mae or freddie mac made today, whether they are new purchases or refinances or general refinances, there has been a lot of change since conservatorship to approve -- improved the underwriting and the price of these mortgages, so we believe the new business coming in will not result in additional draws from taxpayers. the drawings that are continuing to they are really working with mortgages that were made principally in the. of 2005 -- in the period of 2005 forward. we will be working with that a bit longer. >> "newsmakers" program. we have our gues

fannie mae and freddie mac do have over 200,000 properties in their portfolio. these are properties that have gone through foreclosure and then fannie and freddie need to sell they will back in the marketplace. usually this is done a single property at a time. what we did is as you noted we invited public comment in august as to whether there were ways of packaging multiple properties -- maybes, maybe hundreds -- doing geographically - based way and put them out as a group particularly styling the offering to the marketplace in a way that is attuned to the local market conditions. so there is a strong rental demand in a particular market it may be a i attractive to sell them -- it may be attractive to sell them to a group that is interested in rent being the houses in the marketplace. 4,000 noted, we receive 4,0d comments and we think we will have good ideas come out of it. i can't say which ones or when but now that we have the harp announcement out we are turning to this as the next priority. >> in terms of the refinance program, there is also talk of principal

>>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

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

>> 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

if you've been up to speed on payments for some big loans that are guaranteed by fannie mae and freddie mac. the larger question seems to be, is the government going to be in a position to pay down and forgive some of the principle. >> i think the government could do more. first of all, i applaud the president for what he's done. i wish it had been done southeastern and i wish it had been done in a bigger way. this recent effort is going to affect about 900,000 people. we've got millions, david, that need help. a lot of people do not realize how important foreclosure, dealing with foreclosure is. people look at these efforts and say it doesn't affect me. they don't realize, their property value is going down. when one house on a block is foreclosed upon, it may bring down the value of other houses make 10, 15%. >> conservative views, one of the only countries in the world literally propping up housing market. two big mortgage giants in the country guaranteeing 90% of the mortgages. they are now, in effect, owned by the federal government we're not allowing the market to bottom itself out an

contributions from fannie mae and freddie mac will cease to exist. h 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

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

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

malas noticias para las organizaciones comunitrias que reciben financiamiento de fannie mae y freddie macara 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 que b

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

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

>> income independent, the critical components your loans are guaranteed by fannie mae or freddie mac most people don't know that, fannie mae and freddie mac have web based tools to allow the borrower to find out if they have one. so you can go see if you have a loan. and for harp specifically you have to have an ltv of 08% or higher but -- 80% or higher but we have refinance initiatives. >> it is an election period as we know there will be critics of this harsh -- of the obama administration who made this an executive order now let me ask you, they say this is just prolonging the pain that in several years down the road you will still be facing this same problem, how does this look to the future? >> well, i think one of the other criteria, for eligibility is they have a good pay history and currently current harp is for those people who have been making payments on their loans there are a lot of issues in the foreclosure space harp is not focused on that, it is for people who through no fault of their own the loan has lost value they can refinance get into a more stable loan get a lo

the current program that is in place has had 800,000 worked out by fannie mae and freddie mac. on the 40,000 of those have loan to ace over 105% on t value ratio. people go to the federal central and their papers are lost and these folks are falling into foreclosure. that is what is happening in places like florida and nevada, the central valley of california that i represent. that is what is so devastating and so unfair. host: north carolina, arlene, democrat. caller: hello. let me turn this down. the comment i have, i was going to apply it to a wounds bleeding, but usage cancer. looked at the cancer as adjustable-rate mortgages. why is obama, pinocchio, not -- or congress not focusing on getting the adjustable-rate mortgages to a core fixed-rate mortgage soda these enormous amounts of houses that people are threatened of losing their homes because of the adjustable- rate as they get older cannot afford to pay them, those are the people who pay their mortgages, who need help to get rates down. it would not hurt anybody if they add a couple years on the end and the family could

freddie mac foundation ceo said getting the word out about the plight of these kids is important. >>influence who know about the need and who know what can be done. that's the great thing about wednesday's child and the great media ambassadors have had, you and the folks at nbc 4 really embraced this wednesday's child concept. >> while the program began here at nbc 4 washington, freddie mac has taken the idea across the country. news anchors, producers and support staff from those communities were among those on the stage to receive the angels in adoption award. >> thousands of children. now with the internet these children aren't broken. their families may be. they need someone to reach out and say it's not your fault, you're beautiful, you're bright and you can have a future. that's what we're hoping for. >> the crystal statuette represents three decades of service for those children of the washington metro area who wait and hope for forever homes. barbara harrison, news 4 for wednesday's child. >> and if you have room in your home and heart for one of your waiting wednesday's chil

freddie mac foundation said getting the word out is important. >> the more people of influence who know about the need and know what can be done, that's the great thing about wednesday's child and the great media em bass dors we have had. you and the folks at nbc 4 really embraced this concept. >> reporter: while the program began here at nbc 4 in washington, freddie mac took the idea across the country and supports similar programs on television stations in major cities nationwide. news anchors and producers from those communities were among those called to the stage to receive the award. >> the wednesday's child is so important. thousands of children. now with the internet, these children aren't broken. their families may be. they aren't. they need someone to reach out and say it's not your fault. you are smart, you are beautiful and bright. >> it represents for nbc 4 nearly three decades of service to those children of the washington metro area who wait and hope for forever homes. barbara harrison, news 4 for wednesday's child. >> as always, if you have room in your home and heart fo

no one believes the government is competent to do this foreclosure mess, fannie mae and freddie mac are incompetent. >>neil: but you have to be current. so, if you are in arrears, and maybe that is a new twist, here, it is not going to help you. it only helps you if you are just underwater in your home which could be a fine idea but i wonder how par and who it benefits. >>guest: a few hundred thousand people, maybe. last time on the last housing stuff, the more important stuff what steve wynn said, the president goes out to the politicians and they try to make a silk purse out of a this will be another continuation and its is follow meanwhile, we need the leadership, and there is the sense that he is not leading and he can attack congress all he wants but now the country is looking for a leader and if a country feels this decline, they will not go gently. >>neil: the president is more astute politically than critics give him credit. if you offer a program now, with the president arriving in las vegas and you give him the average american an option to take advantage of the mortgage relie

and because fannie mae and freddie mac was corrupt at the core, you know, two of the people that probablyhould have gone to jail first, barney frank and chris dodd. because their committees had oversight of fannie mae and freddie mac and it's documented that they turned the other way, put it under the rug. they didn't do their job. >> give me a very quick pie. here's a pie. how much is obama's fault, how much is wall street's a fault, how much is the fault of the people themselves? >> i would say that 50% of it is obama's fault, 25% of it is wall street's fault and 25% of it is the individual's fault. >> that's a straight answer, from a politician. >> i'm not a politician. >> thank you for reminding me. i need a break to recover from that honest answer from a near politician. >>> when we come back, i want to talk about your views on the issues. it's going to get personal. our 4 new rich & hearty soups really have people talking... [ guy ] ring, ring. progresso... i love your new loaded potato with bacon. that's what we like to hear. ring, ring. progresso... ...switch our phone service? ..

this applies to those who have a fannie mae or freddie mac loan since before 2009. the payments on the loan have to be current and you have to be at least 25% upside down in the loan. the program will last through 2013. >>> steve jobs' biography is now out on store shelves and it offers plenty of insight into his life and the unique way he viewed the tech industry and its biggest players. >> reporter: it is on sale now, the steve jobs biography. it will probably be the most download book ever. he cooperated with walter isaacson. he had an intense dislike of google. >> he did not feel it was in their dna to have dignity in their product. jobs said i'm going to destroy android because it's stolen product. and the android brand could take a hit especially as jobs' public esteem has risen in the past few weeks. for now, more than 550,000 devices running on android are activated each day. meanwhile, apple sells about three million fewer iphones than anticipated contributing tie slight drop in the company's stock. the latest android challenger is the galaxy nexus from sam

was fannie mae and freddie mac. and because fannie mae and freddie mac was corrupt at the core -- do you know two of the people that probably should have gone to jail first? barney frank and chris dodd. because their committees had oversight of fannie mae and freddie mac and it is documented that they turned the other way, put it under the rug. they didn't do their job. >> give me a very quick pie. here's a pie. how much is obama's fault, how much is wall street's fault, how much is the fault of the people themselves? >> i would say that 50% of it is obama's fault, 25% of it is wall street's fault, and 25% of it is the individual's fault. >> that's a straight answer, from a politician. >> i'm not a politician. >> so you keep reminding me. i need to have a break to recover from that honest answer from a near politician. when we come back, i want to get stuck into about your personal views on the burning issues of the day. >> okay. >> be prepared. >> you might get a straight answer. [ nurse ] i'm a hospice nurse. brit

freddie mac cee had deman will resign in the coming year.he future of freddie mac. in 2009 the government took control of freddie mac and fannie mae. >>> 82 days since the u.s. lost its aaa credit rating. what are we doing to get it back? >>> new revelations by ruth madoff that she and bernie tried to take their own lives in a christmas eve pact to end their misery. ruth madoff tells cbs' "60 minutes" we decided to kill ourselves because it was so horrendous what was happening. we had terrible phone calls, hate mail, just beyond everything. with me is brian ross, author of "the madoff chronicles: inside the secret world of bernie and ruth," and nick cassell who was the last person to leave the apartment that christmas eve. thank you for being with us. you knew them well, you wrote this book and spent a lot of time, does this surprise you at all? >> it does surprise me. i think bernie madoff was an unlikely suicide candidate. he showed no remorse. he showed scorned for people who were his victim asks they committed suicide. he thought very li

he has served on housing advisory boards for both fannie mae and freddie mac. and, susan wachter is professor of real estate and finance at the wharton school at the university of pennsylvania. i'm going to start with you, susan wachter. we just heard-- and i believe you were able to hear him-- jon ralston in nevada describing the situation out there. he said what people want is a light at the end of the tunnel, some kind of help. do you see in this new plan that the administration rolled out today something that homeowners like them will be able to grab on to? >> yes, i do. i think it's a win-win. i don't think it's a game- changer but i think it does help get to that light at the end of the tunnel. i think it's a help. it's a help not only for the homeowners who will be able to take advantage of the historically low interest rates, who could not before because they were underwater far too far. of course nevada will have many of those homeowners. but it also will help markets because fewer homes will come on to the market continuing downward pressure. >> john

ceo of freddie mac calling it quits. charles halderman jr.ned the mortgage giant in 2009 after the government bailed it out to the tune of $60 million. the company is nowhere near to pay the loans back. it will be up to washington to decide what happens next. he will step down at the end of the year. while you were sleeping, the occupy wall street folks here in new york city marched on city hall. >>> police arrested about a dozen people as they made their way to city hall to show support for protesters in oakland and in oakland, california last night hundreds of protesters left the plaza outside of city hall to march down nearby streets. city officials announced a compromise to let them back into the plaza but they're not allowed to camp there overnight and now occupying wall street, acorn. the reincarnation of the defunct new york acorn chapter reportedly a big supporter of the protesters. sources tell fox news former staffers who now head up a group called new york communities for change are paying dozens of homeless people $10 an hour to s

she accepted the award last night along with the freddie mac foundation.ptive families and lawyers who have helped children find loving families. >> it's a well-deserved program. how long have you been doing wednesday's child? >> more than two decades. >> it's been a long time. it's a wonderful thing. we are glad you are doing it. >> congratulations to freddie mac and nbc 4 for standing behind this issue. it's made a big difference for kids all over the area. >> coming up next, athletes on ice. a new treatment that has people stepping into the cold. >> in sports, back where he belongs. a local kid back to the home [ female announcer ] at verizonfios.com, you can choose your channel package. ♪ you can choose your own internet speeds. ♪ you can even choose to chat with a live person. ♪ and you're always guaranteed the lowest prices online. so don't wait... try, compare and buy at verizonfios.com today. because there's never been a better time to build the perfect fios bundle. [ speaking french ] movie buffs! this film is tres bien, but the interest rate on y

previously wanted this to stop, given the uncertainty with the federal government, fannie mae and freddie mace have gone back and said if this other city or county can do this, can you please revisit whether we can do it, and we're thinking specifically for this program, although there may also be an advantage to take effort of it for solar. we are waiting, but we're hopeful that we will have good news. with respect to any future bond, i certainly think that has to be on the table for discussion for financing possibilities. that is why it is so important to keep having these conversations, keep getting out there, talking to any interested groups, making sure that everyone understands how important this is. so if we get to a point where we do say, you know, this is an element of this program that we really have to seek approval for general obligation bonds to finance it, hopefully we will have that groundswell of support and understanding of the importance that will allow us to have a successful bond campaign, as opposed to what happened last year with prop a. commissioner walker: thank you fo

the practice of fannie mae and freddie mac make it too easy for banks to sell them bad mortgages thatnie mae and freddie mac have not received the oversight they should have received for at least a decade because chris dodd, head of the oversight committee in the senate. barney frank, head of the overtight committee in the house of representists, yes, i'm naming names, because they did not do their job. martha: he stands atop the gop pile in the crucial state of iowa. joined now by byron york, chief political correspondent for the washington examiner. he's also a fox news contributor. there is lots to talk about. let's start with what he just said. we haven't heard a lot of this with gop candidates putting the focus back on government. perhaps some of the blame needs to be shared by government? >> part of what herman cain wanted to do was push his economic plan. he started the day with an appearance at the american enterprise institute devoted to his 9-9-9 plan, then went to the national press club where he was asked questions about the case. then many more questions about 9-9-9 and w