. >> freddie mac paying back what it goes. >> $7 billion from freddie mac. >> i read "the wall street journal" too. >> sometimes you surprise me, like three times a show. cheer up to the republicans? it is the democrats who said that a sequester would mean the end of the world. unemployment, we would reduce gdp. it andnt ahead and did it is working. i am very cheery. else can you do on this panel but laugh? the president can take credit for some of the improvement because the economy is improving. the answer is growth. this is how you get rid of the deficit, through grow. >> not through government handouts, in other words. >> we do not need to go there. sequestration is hurting some parts of the country. ourselves, on the vulnerable are the ones that are feeling the effect. they cannot pull together a lobby -- >> the answer is growth. the economy is improving, the economy is growing. people get jobs and there is more money in the treasuryhat will help. >>t isbout consumer confidence, too. consumers want to feel good. the president is going out and getting on top of that. publans e mak

. >>> fannie mae and freddie mac seem to be on the rebound and profits are rising and both are set totreasury billions every month. treasury is making money. why aren't shareholders? consumer advocates and freddie and fannie shareholder ralph nader asking that. liz: sell in may and go away didn't ring true for stocks, exempt for today. it may be pretty solid in the commodities pits. is the selloff yet to continue when it comes to the assets on your screen? we're heading into june. we have the summer commodity playbook coming up next. don't go away. ♪ . [ male announcer ] need help keeping your digestive balance in sync? try align. it's the number one recommended probiotic that helps maintain digestive balance. ♪ stay in the groove with align. liz: while stocks soared in may excluding today of course, commodities did not fare nearly as well. take a look. we have natural gas and silver both falling about 8%. look at gold, down about 5.5%. and oil ending lower by nearly 2%. david: what is ahead as we head into summer trading season? phil flynn, senior market analyst price futures group.

director of the federal housing finance agency this is the agency that oversees fannie mae and freddie mac. now his nomination garnered both bipartisan support and criticism tennessee senator bob corker it said in a statement i cannot be more disappointed in this nomination this gives new meaning to the adage that the foxes guarding the hen house on the other hand white house support from several republicans including senator richard burr and representative spencer baucus this is the second time obama has announced a nominee from north carolina to head the f.h. f.a. and she thousand and ten the president nominated joseph smith the north carolina commissioner of banks for the position but his confirmation failed that the republicans questions miss independence from the white house since the agency's creation in two thousand and eight and has yet to have a senate confirmed director and the post was nomination and contacts and confirmed he will take the helm from edward demarco the interim director since two thousand and nine. thousand courage to many groups to demand his removal because he h

regulates fannie mae and freddie mac. we will also take your call, e-mails and tweets. ♪ host: congress returns after a week-long recess to take up in number of issues. the senate foreign relations committee will hear testimony from debra jones, president obama's choice to replace chris stevens, the u.s. ambassador killed in benghazi. look for coverage on c-span.org. also in the senate, the homeland security panel will focus on the border security pr

>> sallie mae started off as a government sponsored enterprise like fannie mae and freddie mac and spun off in 2004 and now a publicly traded company. most their assets are federally guaranteed loans the vast majority of their balance sheet. even though they're a public company, most students, most borrowers, most families when they take out sallie mae loans, they assume it's somehow guaranteed or blessed by the government and it's not. that source of confusion is leading a lot of families down the wrong path. >> people talk about the student loan bubble all the time. what is driving the fact that sallie mae is recording record profits and sallie mae said in your article we're cutting rates down, we're providing a great service and great for people to take out loans at the rates we're offering because returns on education is so high. why is sallie mae so profitable in this period? what is going on in that market. >> it's basically a lack of composition. it's kind of -- lack of competition, as simple as that. if you need the money and want to go to school, you have a choice, you can basi

janikowski and also expected to top melvin watt to head the agency which oversees fannie mae and freddie mac. private sector payrolls ahead of friday's jobs report. also manufacturing and construction spending. back to you. >> hoping for good numbers there. thank you, kayla. >>> the past lthree years have been sell away and go away. but this way stocks in your retirement accounted said good-bye to april on a high note. with all three major u.s. indices up double digits. if the fed continues to ease money policies today, the streak could continue, we hope. >>> tuesday apple holding a record $17 billion bond auction that helps finance $100 billion pay out to shareholders. >>> dreamworks is said to be close to a deal to acquire awe amness tv. >>> the blackstone group has joined the push to put hundreds of thousands of vets back to work. yahoo!'s president will double maternity leave. giving four months of paid leave to new moms and two months to new dads. "consumer reports" claims more than half of hundreds of ground turkey samples tested contained fecal bacteria while 90% contained disease-cau

freddie mac says the average rate on a 30-year loan hit 3.81%, up from 3.59% last week. mortgage rates track yields on the ten-year treasury note which hit a 13-month high this week. >>> new government data shows americans have regained less than half the wealth lost during the recession. household wealth plunged by nearly $17 trillion between late 2007 and early 2009. but richard, a lot of folks lost their homes and lost their jobs really had to dip into their savings and remain in the red. >> bertha, thank you so much with that. >>> more business for you now. discount retailer target will be adding a beauty korconcierge to stores. the new staffers will be, quote, highly trained, brand agnostic, beauty enthusiasts and available without an appointment. >>> mcdonald's ceo don thompson revealing he's lost about 20 pounds in the past year by working out but adds that he still eats at the golden arches each and every day. >>> burger king is offering a brand-new way to woof down those wh whoppers. yeah. they've invented and adopted a hands-free device for those bk burgers to

>> sally may start off as a government sponsored enterprise, like freddie mac and fannie mae.re privatized in 2004 and now are a privately traded company. most of the assets are federally guaranteed loans. even though they are a public company, most students, most borrowers and families when they take out sally mae loans, they assume it is guaranteed or blessed by the government and it is not. the source of confusion is leading a lot of family s down the wrong path. >> we talk about the student loan bubble all the time. what is driving the fact that sally mae is recording record profits and sally mae said look we cut down rates, provide a valuable service. it is a good investment for people to take out loans at the interest rates we are offering because the returns on education are so high. why is sally mae so profitable during this period? what's going on in that market? >> -- go ahead, ryan. >> it is basically a lack of competition. it is simple as that. if you need the money and you want to go to school, you have a choice. you can basically go to sally mae and take whatever

congressional budget office cites higher tax revenues and better than expected payments from fannie mae and freddie mac> o.j. simpson is expected to testify in court today as he bids for a new trial in his 2008 armed robbery and kidnapping case. he is saying his previous attorney caused bad legal advice. >>> and the navy made history tuesday by launching an unmanned jet from an aircraft carrier. the stealth drone roared off "the uss george h.w. bush" and flew a series of maneuvers before landing at an air station in maryland. >>> now for your first look at today's business headlines. we turn to jackie deangelis. good morning. >> good morning to you. stock futures lower this morning following yesterday's rally. that was spurred partly by bullish comments on cnbc by a top hedge understood manager. the dow posting its 18th-straight gain on a tuesday. 30% of the stocks in the s&p 500 hit all-time highs. >>> meanwhile, walmart isn't signing on to a global agreement over safety at factories in bangladesh. the retail giant says its own safety plans, including stepping up inspections at factories its uses will

some of the money will come from bailed out mortgage giants fannie mae and freddie mac making large dividend payments to the government this year. the economic outlook is less assuring in europe. the region's economy shrank for the sixth consecutive quarter. france fell into a double-dip recession, with president francois hollande expecting lower growth this year. analysts are not expecting any major policy shifts from euro leaders. in germany, chancellor angela merkel faces re-election in september. and the european central bank has already cut rates to a record low. next week, european commissioners will meet in brussels to discuss boosting economic growth. the largest bank in europe is talking about letting 14,000 workers go to cut costs. hsbc set out a plan to save $3 billion by eliminating jobs, along with selling assets while expanding in faster-growing markets. bloomberberg news reports analysts view it as a sign the bank is struggling to maintain its performance. the hsbc job cuts will be worldwide. as a follow-up to the oil market manipulation investigation we told you about yesterd

reflects new revenue, thanks from changes in tax laws and increase in payments from fannie mae and freddie mac. the cbo's current projection would mark the lowest deficit yet under president obama. >>> another u.s. service member assigned to a military sexual assault program under investigation for sexual misconduct. the pentagon says a u.s. army sergeant could face charges for solicitation abusive sexual contact, assault and treatment of subordinate. the soldier allegedly forced one subordinate soldier into prostitution and physically assaulted two others. the report comes a week after an air force lieutenant colonel working in the sexual assault prevention office was arrested and accused of sexual battery. >>> a day after being convicted for some of the worst crimes you can imagine, dr. kermit gosnell has avoided life in prison. he was found guilty of the deaths of three babies at his abortion facility. under a deal with prosecutors, the 72-year-old will spend the rest of his life in prison, while giving up his right to an appeal. >>> now, to business. the dow and the s&p logging fresh highs

question, for example, that wall street helped create the financial crisis along with fannie mae and freddie mac. and i've been public with you, among others, maria, in saying that when boards do the wrong thing, they should be held accountable. in this case, everybody agrees that our tax code is uncompetitive in its rate. it's counterproductive in its complexity there is bipartisan agreement on that. and yet nobody in washington is working on reforming the tax code. instead, they're engaging in political theater. they're berating a ceo of one of the world's most important and most valuable companies who has been doing what a ceo is supposed to do, which is take his business to countries where people are making the strategic choice to lower their tax rate, which we should be doing, to attract their business. >> when you were ceo of hp, you also built up in ireland as well as other countries to take advantage of various incentives. do you see an ethics issue here to balance with the competitive landscape? >> no, i don't see an ethics issue. i see a pragmatic issue. so it's interesting. apple just

freddie mac says the average rate on a loan hit 3.81%, up from 3.59% the prior week.rtgage rates track the yields on the ten-year treasury note which hit a 13-month high this week. >>> and new golf. data shows americans have regained less than half the wealth they lost during the recession. household wealth plunged by nearly $17 trillion between late 2007 and early 2009. even though home prices and stock prices have come back, a lot of people used up their savings and lost their homes. so they're still down in the red. >> good to keep that in mind. thank you very much. >>> in other business news, mcdonald's ceo don thompson reveals he lost about 20 pounds in the past year by working out, but he adds he still eats at the golden arches every day. >>> burger king is offering a brand new way to wolf down those whoppers. they have invented a hands-free device to allow you to eat without interruption. >>> over 6 mi$6 million was rai from healing the heartlands den fit. >>> the cleveland man that rescued the three women held captive for a decade in ohio has taken on a new jo

the change due to strengthening economy with greater than expected tax revenues from freddie mac and fannie mae. consumption makes up about 70% of the u.s. economy. >>> the market sets new highs on almost a daily basis, but are we ripe for a correction? a lot of skeptics out there. what about that pesky federal reserve and what happens when easy money comes to an end. we're talking how to invest with alison deans and richard bernstein of richard bernstein and associates. thanks for joining us. >> thank you. >> what about that performance. mile tones almost every day. do you think that leads one to believe we are topsy-turvy or would you put new money to work? >> i would put new money to work. we're in the stage of the bull market people are just beginning to realize there's a bull market going on. when you consider it's four years old and people are still extremely skeptical. that's understand ab. we're getting to the point people might realize there is a bull market. >> fueled initially by the federal reserve. alison, do you agree with that and what about the fundamental backdrop. h

economy, with greater than expected tax revenues and payments from mortgage giants fannie mae and freddie mac. retail sales rose unexpectedly as well for the month of april, climbing a tenth of a percent. analysts were expecting a decline of 0.3%. that's a sign of consumer strength, important because consumption makes up about 70% of the u.s. economy. >>> the market sets new highs on almost a daily basis, but are we ripe for a corrtion? a lot of skeptics out there. what about that pesky federal reserve and what happen hence the easy money comes to an end? we're talk about how to invest right now with alison deans, senior adviser of varick asset management and richard bernstein of richard bernstein associates. good to see both of you. thank you for joining us. what about the record performance? milestones almost every single day. do you think that leads one to believe that we are topsy-turvy, that we're going to turn around and go down soon or would you put new money to work here? >> i would put new money to work, maria. i think we're in the stage of the bull market where people are just begin

homeowners struggling to pay their mortgages back to fannie mae and freddie mac will have more time to take advantage of "harp," the home affordable refinance program, and "hamp," the home affordable modification program. both will be extended until the end of 2015. the longest hotel strike in history is over. after a decade of protesting low wages, workers at the congress hotel in chicago may soon be back on the job. the union says in a statement, "the decision to end the strike was hard, but it is the right time for the union and strikers to move on," adding the boycott "effectively and dramatically reduced the hotel's business." the hotel's attorney calls the strike's end "a surprise." a few dozen of the original 130 picketers could potentially get their jobs back. it's nearly impossible to make money on basic checking accounts, but bankrate.com has discovered a number of banks are offering ways to earn money with your money in a high yield- checking account. greg mcbride of bankrate joins us via skype. question: why is the discovery so surprising? - i think this comes as a surprise

. >> today we could find out who president obama wants to oversee fannie mae and freddie mac.ace edward demarco. president bush had appointed him. the federal reserve open market committee h be meeting today. most expect the fed to keep the main rate where it is. coming up an 12 before the hour and reaction continues to pour in on the fda's decision to here the age on the morning after pill. girls as young as 15 will be able to buy plan b without a prescription. >> i think it is very smart. 15 year olds are having sex. >> i don't think it is a good idea. i think in today's society there is so much free will to just do whatever you like when ever. >> a judge ordered the government to lift all age restrictions on plan b earlier this month. >> yahoo!'s ceo is reaching out to new mothers. they h receive 16 weeks of paid leave and new parents get $500 to buy groceries and baby clothes. she was criticized for banning tell commuting earlier this year. we learned how much money she made during her first five and a half months with the company. >> it is nice work if you can get it. she

regulates fannie mae and freddie mac. we will also take your call, e-mails and tweets. ♪ host: congress returns after a week-long recess to take up in number of issues. the senate foreign relations committee will hear testimony from debra jones, president obama's choice to replace chris stevens, the u.s. ambassador killed in benghazi. look for coverage on c-span.org. also in the senate, the homeland security panel will focus on the border security provision in the gang of eight's and immigration proposal. we want to get your take on usa today's front-page story from monday -- and \ / \ send us a tweet, post your comments on facebook.com, or e- mail us. here is "usa today" -- here is a quote from mark zandi -- we want to know what impact this economic growth has had on your paycheck. start dialing in now. good social media, code twitter, go to facebook. facebook. few of from we want to hear about your wages during this economic recovery, during the recession, what has happened. a little bit more from "usa today," this was

. >>> mortgage rates hit a record low according to freddie mac. the 15-year fixed rate 2.56% a new record. the rate on a 30-year loan fell to 3.35%. and that's .04 shy of the all- time low. >>> so what do you do when your makeup doesn't deliver? well, an orthodox jewish woman is from new york and she is suing the maker. her religion prevents her from applying makeup on the sabbath so she applied land come's ultra 24-hour foundation before sundown on friday and expected it to be look flawless for 24 hours. but that didn't happen. so now she wants lancome to pay up. >> any smart woman knows that no matter how long-lasting it's supposed to be, it's not going to happen. >> i think a product should do what you say it should do. if it doesn't, would you sue the company? >> i would not sue the company. >> this lady s the woman is seeking unspecified damages from lancome and a corrected advertising campaign. lancome says it will contest the allegations in court. >> i think it depends on your skin, though, if it absorbs the makeup -- >> and if you're worki

and what my next guest has to say my view of brian as an expert real estate attorney who was that freddie mac. to be a foreclosure defense attorney he says the real scandal is behind the foreclosure firms that is shoddy work for the g.s.a. of and a wrong way foreclosed on many homeowners having work on both sides mr o'brien has a lot of insight into the foreclosure process why so with him earlier i asked about there's any circumstances in which you would not have to pay your mortgage. borrowers are still responsible to pay their mortgage unless they decide to you know fight it now in many times i might recommend the homeowner stop paying their mortgage under under many scenarios for example if the homeowner wants to get a modification especially under the hamp program which is the home affordable modification program that was you know created a refinance these loans they need to be missing a few payments before they're even eligible now it's interesting that you bring up the chain of title because that's actually a really relevant issue today. in the four foreclosure process a sensually you k

that according to freddie mac. >>> turning now to market focus. we begin with developments in the deal derby between clearwire, sprint and dish network. clearwire has postponed a shareholder vote scheduled for tomorrow on sprint's takeover bid because now dish network made a new higher counterbid for clearwire. clearwire jumped 29% on dish's new offer. dish and sprint each gained less than a percent. >>> facebook gained on a pair of upgrades as analysts took a look at the impact of mobile video ads expected to launch as early as july. jeffries said that the video ads could be facebook's next billion-dollar business. investors pushed facebook shares to 2455, that's a jump of more than 5%. >>> c.i.t. announced a $200 million share repurchase after the market closed today, hours after the new york fed ended its oversight arrangement with the company. john thain who used to run the stock exchange is ceo at c.i.t. investors piled into the stock more than six times usual volume. and the share set a new five-year high, closing at $46.90, up nearly 5.5% b

a political impetus for this move and that is during the clinton administration fannie mae and freddie mac. were mandated to deal with loans to people who were minorities racial minorities he could not afford to repay these loans but clinton want to be able to say at the end of this term the minorities under my watch the minority in america were able to buy houses so it's black clip for you and to a friend of my residence for am i wrong on going. right maybe and right and enjoying some support today. thank you yeah. absolutely right it's not only the clinton decided to have an operative clinton's idea was where we're less races more blacks will own their homes did bush comes running in with the ownership exactly the same divisions that do the same thing. we were basically pushing. the throats of people who couldn't afford lives everybody so it's ok but that was criminal of i'm a guy who played the rise of the religious why don't you go ahead george those go ahead george yeah but who paid that though again who paid the price for this the people who pay the price of the homeowners because th

about the bank in cyprus or washington mutual or bank of america merrill lynch or fannie mae or freddie mac. or any of these institutions failing and you losing the value that you have in your big point you're really just more subject to the exchange rate risk and if you can convert it into gold and that's really what you need so that's how i see it playing into this overall large theme of the great credit contraction where capital is borrowing down the liquidity pyramid into safer and more with good assets gold being the safety and big coin increasingly becoming more and more with quit as more merchants accept it and individuals accept it we had a chance to talk with. us and we talked about the multi-tiered payment structure that we have we have the consumer level payment system where people buy food and gas with the money but we also have for instance u.s. dollars used in a large way in international settlements is it possible for bitcoins to become a global reserve currency is a big enough to get big enough and also retain i'm sorry and also retain its ability to work in the smaller paym

a political impetus for this move and that is during the clinton administration fannie mae and freddie mac. were mandated to deal with loans to people who were minorities racial minorities he could not afford to repay these loans but clinton want to be able to say that the term the minorities under my watch the minorities in america were able to buy houses so it's very clear for you and to the friends of my reasons for my wrong on going. right maybe at the right end enjoying some support today. thank you yeah. absolutely right it's not only the clinton decided to have an up or to clinton's idea was we were less races more blacks will own their homes did bush country running in with the. same things that do the same thing. eg we were basically pushing. the throats of people who couldn't afford lives everybody says it's ok but that was criminal over and over that who popularized the religious. yes or no george those go ahead george yeah but who paid that though it came who paid the price for this the people who pay the price are the homeowners because they were foreclosed upon they got kicke

freddie mac says the average rate on a 30-year fixed mortgage rose to 3.59% while the average on a 15-year low jumped to 2.77%. >>> it looks like the passengers stuck at sea for days on board the carnival triumph didn't suffer in vain. there is now a passenger bill of rights applying to all north american members of cruise lines international association. these new rights include a full refund if a trip is canceled due to mechanical failure and backup generators on every ship in case power goes out. >>> here's a new option for travelers. car sharing has arrived at san francisco international airport. as kpix 5's julie watts tells us, business is really taking off. >> reporter: it looks like any other long-term lot. but most people dropping off cars at this one are making money instead of paying airport parking fees. >> depending on the kind of car, you can make up to $20 a day. >> reporter: kevin petrovic is one of the teenaged founders of flight car. the 19-year-old put college on hold for this startup that helps car owners rent out their vehicles when they go on vacation. >> at the

about the bank in cyprus or washington mutual or bank of america merrill lynch or fannie mae or freddie mac. or any of these institutions. failing and you losing the value that you have in your big point you're really just more subject to the exchange rate risk and if you can convert it into gold and that's really what you need so that's how i see it playing into this overall large theme of the great credit contraction where capital is burrowing down the liquidity pyramid into safer and more with good assets gold being the safety and big coin increasingly becoming more and more with quit as more merchants accepted and individuals accepted we had a chance to talk with. this and we talked about the multi tiered payment structure that we have we have the consumer level payment system where people buy food and gas with money but we also have for instance u.s. dollars used in a large way in international settlements is it possible for bitcoins to become a global reserve currency is a big enough to get big enough and also retain i'm sorry and also retain its ability to work in the smaller payment

about the bank in cyprus or washington mutual or bank of america merrill lynch or fannie mae or freddie mac. or any of these institutions failing and you losing the value that you have in your big point you're really just more subject to the exchange rate risk and if you can convert it into gold and that's really what you need so that's how i see it playing into this overall large theme of the great credit contraction where capital is burrowing down the acquitted the pyramid into safer and more with good assets gold being the safety and big coin increasingly becoming more and more with quit as more merchants accepted and individuals accepted we had a chance to talk with. this and we talked about the multi-tiered payment structure that we have we have the consumer level payment system where people buy food and gas with money but we also have for instance u.s. dollars used in a large way in international settlements is it possible for bitcoins to become a global reserve currency is a big enough to get big enough and also retain i'm sorry and also retain its ability to work in the smaller paym

now fannie mae and freddie mac. were taken into conservatorship and two thousand and eight when they received over one hundred seventeen billion dollars in taxpayer bailouts now there's been a lot of headlines about fannie and freddie record profits last quarter further the mortgage giants will pay the u.s. treasury fifty nine billion dollars in dividends which will put off the debt ceiling debate in congress now some have reported that fannie and freddie's profits were driven by a recovering housing market but according to fact fannie ten q her net income was primarily driven by record re crediting tax deferred assets to further discuss this i have with me john pryor of politico thanks for having me thanks for joining so let's talk about this fifty nine billion dollars that fannie and freddie are going to pay to the treasury fifty billion of that is accountable due to deferred tax assets what does this mean what are they and how do they generate so much money right so back in two thousand and eight when these two co