that doesn't mean that we are operating in a vacuum, i don't think. >> why did fannie mae and freddieac in your view failed? >> well, i think fannie mae and freddie mac probably failed for the same reason that the whole melt down occurred. this was a bunch of irresponsible things going on. i think everybody shared in the responsibility for that. whether you were an appraiser, broker, lender or fannie and freddie. everybody kind of lost sight of the objective to provide responsible housing finance in this country. it became, okay, can i make money. can i make money. so everybody wanted to make money. everybody was making money but it was unsustainable. so our responsibility now is to not worry about making money. we want to make sure we don't lose money. we want to provide housing finance in a sustainable way until somebody tells us to do it in a different way. that's the way i view this. >> does the fact that fannie and freddie are now making record profits, make your job a little easier in terms of doing things to help the mortgage market that might have been tougher to do when the g

could make those mortgages a bit cheaper for both banks and bo borrowers. >> we expect fannie mae and freddie mac to improve margins that affect liquidity in the single family finance housing market. >> reporter: to help loosen credit, fannie mae and freddie mac announced they would relax standards on banks having to buy back bad loans, he would not lower limits from, something they had considered as a way to reduce government share of the mortgage market. >> this decision is motivated by concerns about how such a reduction would adversely impact the current health of the housing finance market. >> reporter: these, in addition to new programs to help some of the hardest hit housing markets like detroit are designed to ease credit as all cash investors move out and mortgage dependent home buyers move in. >> the key takeaway for investors is there is going to be a modest increase in credit availability that is going to help the mortgage market. but i don't think that you're seeing a radical shift to the fha or fanny and freddy. >> in another -- in another move to help credit, they would lower p

freddie. witnessed theme i of fhtion and expertise at face staff at all levels as well as the tenacity and indication of the employees of fannie mae and freddie mac who continued to stay the course during these most if a cold and uncertain times. i would be remiss not to acknowledge and thank the staff's for their hard work. there has been a constant urgency since the financial crisis. want to thank ed dimarco for his lifelong career in public service including the time as in thedirector of shf ap face of general great economic collapse, the biggest one since the great depression, fhfa director for event an extremely bad situation from getting much worse. it is hard to imagine things being worse gives -- given the depth of the housing market collapse but i very much believe and add dimarco's leadership prevented an even deeper financial collapse by stabilizing fannie mae and freddie mac. at fhfaut his time director was ensure mental in establishing the foundation for all that we will do going forward. notice for myay comments today certain changes in focus, you should know that i firmly believe that we will be building on a very s

is the director of the federal housing finance agency which oversees mortgage lenders fannie mae and freddie mac. at the brookings institution he talked about reforms to mortgage lending rules and recent changes intended to make credit more available to homeowners. in this includes analysts discussing proposed reforms to fannie mae and freddie mac. >> good morning, everyone. sdies welcome. i am the vice president and director of economic studies here at the brookings speak institution. i am very pleased today to introduce today's keynote speaker who is the director of the federal housing finance agency. we are thrilled to have them here today to give his views on housing finance and the direction in which he is taking fha. we are now approaching six years since fannie mae and freddie mac wre placed into conservatorship including the profitability ofay the company including fundamental structure that is unchanged. while congress actively debates whether to have a reform on the housing finance from the decision that directs us are critically important in determining credit availability for the

freddie. during this time i witnessed the dedication and expertise of fh fa staff at all levels as well as the tenacity and indication of the employees of fannie maend freddie mac who continued to stay the course during these most if a cold and -- most difficult and uncertain times. i would be remiss not to acknowledge and thank the staff's for their hard work. there has been a constant urgency since the financial crisis. athas been a marathon, but times has felt like a sprint. i also want to thank ed dimarco for his lifelong career in public service including the time as acting director of shf hfa. in the face of general great economic collapse, the biggest one since the great depression, fhfa director for event an helped prevent an extremely bad situation from getting much worse. it is hard to imagine things being worse gives -- given the depth of the housing market collapse but i very much believe and add dimarco's leadership prevented an even deeper financial collapse by stabilizing fannie mae and freddie mac. throughout his time at fhfa ed was ensure mental in ined was instrumental establishing the foundation for all that we will do going for

with fannie,ions freddie, and lenders over the past several months, we are making a number of refinements to address some of these concerns. as fannien rise and mae and freddie mac announced yesterday, they're going to relax the payment history requirement for granting representation and warranty relief, by allowing two delinquent payments in the first 36 months after acquisition. get loan level confirmation when mortgages me performance benchmarks and when they pass a quality control review. enterprises will also eliminate automatic repurchases when a loan's primary mortgage insurance is rescinded. is what heignificant announced? it is pretty significant. a lot of loans started going bad and they realized that the loans did not meet the standards. lenders had to buy back loans. it has cost a lot. as a result, they tightened their standards because they do not want to be in that position again. that is the access issue we were talking about. toy tightened and tightened the point where the pendulum had swung too far in the other direction. watt was saying he would loosen some restriction so they would not have to buy back the loans under certain c

today, fannie mae and freddie mac celebrate payment in full to taxpayers. e greatest comebacks in our nation's history. so, let's preserve and strengthen fannie mae and freddie mac. because without them there really could be no place like home. when you didn't dread when youbedtime becausenner with anticipaof heartburn.itation. when damage to your esophagus caused by acid reflux disease wasn't always on your mind. that's when you knew nexium was the prescription medication for you. because for over a decade nexium has provided many just like you with 24-hour relief from heartburn and helped heal acid-related erosions in the lining of the esophagus. and now the prescription nexium you know can be delivered directly to your door with nexium direct. talk to your doctor to see if nexium is right for you. there is risk of bone fracture and low magnesium levels. side effects may include headache, abdominal pain, and diarrhea. if you have persistent diarrhea, contact your doctor right away. other serious stomach conditions may exist. avoid if you take clopidogrel.

it would also reduce costs to the enterprises gingerly freddie security hasddie's historically drew -- traded at a this is compared to fannie mae. adding a common single security willnent to the csp scope and the enterprises partners security along with shared contractual and disclosure acquirements. along with fannie and freddie have made great progress on developing the common securitization platform. but all the components of the cst including the common single security will require a multiyear effort before final and -- implementation. defined the parameters of -- as i have described today we are well-positioned to move forward. throughout this process we will provide opportunities for decisionsr input our along the way. and releasing the 2014 strategic plan my goal today has been to provide a clear sense of direction for the enterprises ongoing conservatorships. implementing these objectives will require ongoing analysis, evaluation, and input. will proceed with these steps in a transparent way that correlates the feedback of the public and stakeholder groups wherever possible. one example of this approach is our upcoming

with fannie,ions freddie, and lenders over the past several months, we are making a number of refinements to address some of these concerns. as fannien rise and maend freddie mac announced yesterday, they're going to relax the payment history requirement for granting representation and warranty relief, by allowing two delinquent payments in the first 36 months after acquisition. get loan level confirmation when mortgages me performance benchmarks and when they pass a quality control review. enterprises will also eliminate automatic repurchases when a loan's primary mortgage insurance is rescinded. is what heignificant announced? it is pretty significant. a lot of loans started going bad and they realized that the loans did not meet the standards. lenders had to buy back loans. it has cost a lot. as a result, they tightened their standards because they do not want to be in that position again. that is the access issue we were talking about. toy tightened and tightened the point where the pendulum had swung too far in the other direction. watt was saying he would loosen some restriction so they would not have to buy back the loans under certain con

also joining us, andrew olmem, the topic is, probably known to viewers fannie mae and freddie mac, first of all, to both of you gentlemen, welcome. >> thank you,. >> thank you. >> so a at some bill looking at the future of these two entities. mr. felt fettig, what is being considered and why and. >> great question. so, freddie mac and fannie mae, created by congress, to help with housing finance, and during the crisis it became clear they needed taxpayer help, as did a lot of large financial institutions. the question now becomes does the current structure still work or do need to alter the structure and how does the federal government stay involved in what is known largely as our secondary mortgage market? what happens to those mortgages after somebody takes out that loan ask after the bank only natesed. >> mr. olmem, part of this deals witch taking mortgagages and packaging them in a way to sell to wall street. >> that's right. the way the process works, after you purchase your house, your mortgage effectively is transferred and pooled with other mortgages, and transferred into a secur

today, fannie mae and freddie mac celebrate payment in full to taxpayers. ed one of the greatest comebacks in our nation's history. so, let's preserve and strengthen fannie mae and freddie mac. because without them there really could be no place like home. trwith secure wifie for your business. it also comes with public wifi for your customers. not so with internet from the phone company. i would email the phone company to inquire as to why they have shortchanged these customers. but that would require wifi. switch to comcast business internet and get two wifi networks included. comcast business built for business. >>> join the news nation on twitter and find us on our page @newsnation and you're about to see 67-year-old chris wilkinson in action. here he is in wilkin son in action in training on his bike in the shadow of the brooklyn bridge in new york. right now chris is getting ready to ride in sunday's annual 40-mile bike tour which winds through new york's five boroughs and taking part in more than 32,000 other cyclists and what makes chris absolutely u

today, fannie mae and freddie mac celebrate payment in full to taxpayers. together, we've created one of the greatest comebacks in our nation's history. so, let's preserve and strengthen fannie mae and freddie mac. because without them there really could be no place like home. female announcer: sleep train's interest free for 3 event ends sunday. it's your last chance to get three years interest-free financing on beautyrest black, stearns & foster, serta icomfort; even tempur-pedic. plus, get free delivery, and sleep train's 100-day low price guarantee. but hurry! sleep train's interest free for 3 event, ends sunday. ♪ sleep train ♪ ♪ your ticket to a better night's sleep ♪ >>> okay, welcome back. bond yields are falling pretty sharply today following weaker than expected economic data. ahead of tomorrow's important jobs report, for a look at how to make money on fixed income now, we bring in rich sapper steen, managing partner at hightower and just ranked number six on barons list of the top 100 financial advisers in the country. welcome to "the halftime sh

today, fannie mae and freddie mac celebrate payment in full to taxpayers. t comebacks in our nation's history. so, let's preserve and strengthen fannie mae and freddie mac. because without them there really could be no place like home. could mean less waiting for things like security backups and file downloads you'd take that test, right? well, what are you waiting for? you could literally be done with the test by now. now you could have done it twice. this is awkward. check your speed. see how fast your internet can be. switch now and add voice and tv for $34.90. comcast business built for business. >>> the stock of cigna is making a comeback this morning. cigna is playing catch-up on earnings that beat expectations for its quarter as it raises its full year guidance as you know subsidiaries mostly offer their insurance products through employers, government organizations and labor unions. joined by david cordani, cigna's ceo. welcome back to the program. >> good to be with you, simen. >> we're struggling with what the first quarter of the year was. does th

fannie mae and freddie mac are closer to 750.long time that the problem is and not a lack of credibility as much as it's fundamental demand for first-time homebuyers is a problem. is it not a fact that fannie mae and freddie mac loosening underwriting standards involves 's?e risk for those gse >> as long as they continue to have -- with the risk they are taking, that is not a problem. the problem is you have two companies that are not allowed to build capital. if we end up seeing the economy , we see substantially china falling off the cliff and hurting our economy coming up two countries that will be on government life support. >> why now? to give a first speech. today was a good day for the first speech. seriousness, i think why now is because there has been concern that the credit box is to type. the recovery is covered -- running out of steam. >> what would the real reasons be? >> there is no household formation until you hit about 54 years old. is, student debt. we have record levels of people under 34 living at home with th

fannie mae and freddie mac. washington rewarded them with virtual monopolies. these virtual monopolies allowed them to privatize their profits and socialize their losses. that fannie and freddie are at the epicenter of a financial crisis. and the boom,it bust bailout cycle in the united states of america. think of my friends in the housing industry. i may have a few left. the best program in america is not a subsidy and it is not a federal guarantee. it is a growing economy. that is how the program works. it is time for the republican party to live up to its promise to end the reign of fannie mae and freddie mac. to into the almost $200 billion of bailout. that is exactly what this act does. i certainly want to thank all of those who are associated with parroted foundation. for their work to help fund this legislation. stand for protecting american taxpayers. it has passed the house financial services committee. to the end its voyage crony corrupted mortgage giants once and for all. it is time for action. i am calling on every congressman and congress to suppor

>> eric has our top headlines. >> i will begin with an overhaul of fannie mae and freddie mac. ot take place this year. six key senate democrats decided it will not support the proposal without major revisions. the plan calls for replacing fannie mae and freddie mac with a reinsurance operation of sorts. house democrats have their own problems to deal with. how to address the new republican investigation into in benghazi. the gop says it is looking for the truth and democrats call it nothing more than politics and they will meet to form a strategy. the winkle lost winds -- the winklevoss two ends listed on the nasdaq. these are the twins and their fight with mark zuckerberg over proceeds from the proceeds from facebook. they claim mark zuckerberg stole their idea to start his company. >> those are your top headlines. 10:00 a.m., erik schatzker and stephanie ruhle and scarlet fu and betty liu and a cast of collins--courtney the entire control room will be hammt 10 a.m. because jon joins us. betty liu will try to focus. >> what do you have on tap for us? trend.e is this huge we ha

looking at fannie mae and freddie mac reform. that seems to be dying at the moment. there is an action. lockdowns, nos or progress. >> congratulations on the new neutral. talking about it at link here in a bit. for washington, what is their new neutral? well, dok you said it no harm. this year everyone is focused on running election for the house and those that are not our positioning for 2016 the vikings them busy and not screwing up the economy. them busy.ps >> does pimco believe in this? >> there is a new neutral policy rate. much higher than previous cycles. there is an overhang of leverage in the global economy and the equilibrium. is thecritical point leverage is not in washington. a much in group budget deficit. >> you read it, fantastic. i want to try to understand, first there was a new normal. the way i thought about that is the new normal. now you have the new neutral. the global economy converging to a two percent rate. >> the new normal in 2009 was a two speed world. we are in a multi-speed world now. no longer recovering. that is key. >> the new neutral

they're considered risky, and the fha, fannie mae, freddie mac, the programs that are financing most of the multi housing in america has restrictions. for instance, one that says you can't have more than 10% of the building's floor space be retail. that means you need to have a 10 story building to have a mixed use building. that wipes out most of main street america. so those kinds of anti-urban rules i hope julian castro will take a look at those rules. the current secretary shaun donovan did raise the rule on fha condo financing from 25% non-residential allowed it to go up to 35 in terms of value. that was a step forward. i think they realize it's a problem. but there are a whole punch of stuff like that in hud. hud really isn't a big source of largess for cities. i think cities spend way too much time to lobby the federal to no end. there really isn't much money coming from the federal money to cities. the cities didn't cause the federal deficit. >> let me talk to james brooks. i bet some of your members would squawk if hud went away with its 3%. >> well, of course things like th

good /Ñ/Ñreason why the two regulatos /Ñ/Ñaren't working together as Ñ institution. oÑ'Ñ/Ñ freddie mac and fannie mae since the financial crisis... combined fannie and freddie generated a blockbuster fs first quarter of $9.3 billion in net income. the mortgage related firms will pay back $10 billion to the u.s. treasury in june. bringing the total to $213 billion topping the taxpayer bailout of $188 billion. a cash craze is happening in the housing market. realty track reports a record of home sales were in cash in the first quarter. "all cash" deals work in favor of buyers-- who get around strict lending rules. mortgage rates hit a new low 2014. the 30-year fixed dropped to 4.21%, the 15 year is down to 3.32. the next move by russian president vladimir puting is becoming a guessing game. but a researcher at mit believes... sanctions are taking a larger toll on the russian economy. "it's clear that certain businesses have pulled back and russian debt has been downgraded to just above junk bond status, and people are really sort of waiting to see what the next round of sanctions will be, depending on

fannie mae and freddie mac reform bill dead, right? >> yes, it took a step forward.he senate panel approved. it is bipartisan. before the panel, the democrats, lost 6 of their crucial members, set it to not do what it wanted -- said it did not do what it wanted them to do. >> 2015? >> it is interesting. bob corker, a support of reforming the mortgage finances will always be in the discussions on trying to move bipartisan legislation so they are playing the game. the senator kennedy way of handling large pieces of legislation. you have a small window with the presidential election kicking up, maybe looking at 2017. >> let me switch to the federal reserve. there will be 4 vacancies. are they going to move? >> they are going to move stanley fischer. they vacancy will open up at the end of june. that will leave three governors and that will be unheard of. there has been a much on capitol hill about this. >> they will move fischer. >> rand paul has made it clear that he will allow it to move forward, he wants to audit the fed bill. harry reid has the nuclear option. they

following up a little on the discussion of the role of fhfa, how does the fact that fannie mae and freddie mac are now posting record profits factor into your thinking about how much they should be helping troubled borrowers and undertaking initiatives to stabilize the market -- mortgage market? is that something that is guiding some of your policy decisions no? >> i haven't looked a lot of profits as a driving force in any of our decisions. i think as i've indicated already the record level of profits that you have seen are not sustainable. it's clear, and we've said that over and over, they made substantial tax adjustments and they are releasing those now, and we've had substantial major recoveries in litigation that won't be repeated over time. in fact, we are nearing the end of those kinds of recoveries. so i don't think we should let profits drive decisions that we make. we are trying to make responsible decisions. we are trying to increase the availability of credit to credit worthy borrowers. we are trying to do it in a safe and sound way, and not be irresponsible. and i just, i don

and the regulator overseeing mortgage giants fannie mae and freddie mac announced policies that could make it easier for many americans to obtain home loans. >> ifill: wall street had a relatively quiet day, but still managed to reach new records. the dow jones industrial average gained nearly 20 points to close at 16,715, an all-time high. the s-and-p 500 added less than a point, but finished at 1,897, also a new high. and the nasdaq fell 13 points to close at 4130. >> woodruff: still to come on the newshour: the u.s. joins the search for the missing girls in nigeria; a close look at u.s. spying with the former head of the n.s.a.; new worries about an underground fuel leak stopped long ago; a debate over one economist's controversial take on inequality; and a medal of honor for saving lives in afghanistan. >> ifill: in nigeria, the u.s. is lending air power to help find the abducted schoolgirls, as the nigerian government indicated it's open to talks with the militants holding the students. >> ifill: it's a remote, dusty village in northeastern nigeria that's hard to get to. now, chi

the proposal will wind down a bailed out tax bureau owned mortgage giant fannie mae and freddie mac and shifts home loan germany tees for private lenders. the obama administration releasing the latest assess:on climate change, with inputs from hundreds of scientists, engineers and experts on the impact of global warming. our hampton pearson took a look at how climate change has already affected business and the overall economy. >> reporter: the latest crime assessment says extreme weather caused by climate change is damaging the economy and impacting the lives of americans in every part of the country. in 2012, extreme weather cost the economy $100 become. the lions share $65 billion from hurricane sandy. this past winter, tens of thousands of weather-related flight cancellations cost four major airlines at least half a billion in lost revenue, according to just released earnings report a. three-84 drought is impacting california's $50 billion agriculture economy with more than $800,000 acres of farm land going unplanted. also, the prospect of a food strike and produce prices on the way

. >>> also out today, solid quarterly earnings from freddie mac and fannie mae and even better news from the u.s. treasury. the strong earnings will allow the two government-run mortgage giants to pay back uncle sam more than $10 billion in combined dividend. >>> and new legislation in the work that would stop so-called corporate tax inversions. that is when a u.s. company reincorporates overseas to avoid paying the higher u.s. corporate tax rates. democratic senator carl levin of michigan is working with other senator senators on a measure that will close a gaping hole in the u.s. tax code that he says would devastate federal tax receipts. the practice came to light recently when pfizer bid to acquire britain's astrazeneca and said it intended to move to the u.k. to take advantage of that company's lower corporate tax rate. >>> still ahead on nbr, how traditional media companies are tra transforming themselves to stay focused in the industry and fend off competition from new arrivals, that is coming up. >>> earnings out after the bell from cbs, the i-network beat forecasts on earnings p

fannie mae and freddie mac are not sturdy enough to withstand another severe downturn in the economy. recent stress tests by federal regulators reveal- fannie and freddie would need another $190 billion dollar bailout from the government if the economy collapses. the rebound in home prices is boosting fortunes at fannie and freddie, which have returned 203-billion dollars to the treasury. and both are expected to remain profitable. under the terms of the bailout, fannie and freddie are not allowed to retain earnings, which accounts for the current weakness. treasuries were a terrific place to park money during the month of april as prices rose and yields fell. chris gersch of altimus capital has this outlook for what to expect in the month of may. i think that it will continue into may the situation right now wtih the 10 year yield. gersch tells us his client are mostly going into cash and are hoping to later buy stocks that pay a dividend. the obama administration warns the treasury department will be cracking down on corporations that are counting on mergers to avoid paying u-s taxe

tests, the federal housing finance agency which oversees government run mortgage giants fannie mae and freddiemac says that in a worst case scenario the companies may need as much as $200 billion in federal aid if the economy and housing market suffer another di downturn. >>> as expected, the push to raise the minimum wage to $10.10 an hour failed. the vote fell shy of the numbers needed for democrats. they say it would be too spec s expensive for employers and would actually cost jobs. >>> the u.s. may be the world's leading economist for years, but that could all change, bun economist is calling it a wake-up call for investors and american businesses.un economist is calling it a wake-up call for investors and american businesses.oun economist is calling it a wake-up call for investors and american businessenun economist is calling it a wake-up call for investors and american businesseeun economist is calling it a wake-up call for investors and american businessen economist is calling it a wake-up call for investors and american businesse economist is calling it a wake-up call for investors a

the topic is fannie mae and freddie mac. first of all, welcome to both of you.g a look at the future of feddick, entities, mr. what is this issue and why is it being considered? guest: during the crisis, it became clear that they needed taxpayer help. the question now becomes, does the current structure still work, or do we need to alter that structure and how does the federal government stay involved in what is known largely as our secondary mortgage market. what happens after somebody takes out that loan and the bank originates at? deals with theis way the mortgages packaged, right? house, you purchase your the mortgages transferred and pooled with other mortgages and transferred into a security which is then sold on wall street and then is purchased by investors, anywhere from pension funds to banks, other financial institutions. host: under the current model, who takes the most risk? intook the most risk terms of losses on those mortgages? freddie and fannie are responsible for taking the losses. aose institutions, like in number of other banks, suffered sev

mortgage giants sallie mae and freddie mac are also being urged to loosen credit standards for some buyers. >> my husband and i are in the perfect position. you know, we both make good salaries, we don't have a lot of debt. but it's even hard for us to get a mortgage. >> reporter: the o'connors have a bid pending on a three-bedroom house near miami, priced at nearly $300,000. but it needs work. the new federal rules for down payments and credit standards are expected to be finalized by the summer. vicente arenas, cbs news, miami. >> o'donnell: blighted buildings have plagued detroit for decades. today, a task force said it will cost nearly $2 billion to remove all 85,000 of them. one in three strictures needs to be fixed up or torn down. detroit is bankrupt and will seek help from the state and the federal government to pay for this. warning signs were posted for all to see. so why could no one stop a deadly rampage? and former president george w. bush has surgery when the cbs evening news continues. ws continues. honestly, the off-season isn't really off for me. i've got a lot to do. that

. >> coming up, the senate try to overhaul fannie mae and freddie mac.ustry happen to the if he ever want to get one or again. >> and inside pepsico, an exclusive interview with ceo indra nooyi. ons is "market makers" bloomberg television, streaming on your phone, tablet, bloomberg.com and live on amazon fire tv and apple tv. ♪ >> welcome back to "market makers." i am matt miller. >> i am cristina alesci. i am digging your jacket. >> i have gotten slack for not wearing a tie. >> i like the jacket. it is tie, jacket, or both. >> i will do my own thing -- my legere thing today. pink shirt. serious business to discuss. plans to overhaul government-backed mortgage giants fannie mae and freddie mac hitting a bump. a bipartisan reform measure up in the air after the senate put off a vote because it may be losing support among democrats. even though the obama administration supports it. we bring in ceo of the mortgage bankers association, an advocate for this reform. what are the shots this gets passed? i were to have a vote in the senate banking committee, if

no discussion of bailouts would be complete without mentioning bailouts of all freddie and fannie mae. these virtual monopolies allowed them to monopolize their losses and restore their losses. 's time to end the boom/bust bailout cycle in the united states of america. and i say this to my friends in the housing industry, think i may have a few left. the best housing program in america, it's not a subsidy and it's not a federal guarantee. it's a growing economy that's the housing program that works. it's time for the republican party to live up to its pledge to end the reign of fannie mae and freddie mac. to end the almost 2 $200 billion bailout and that's exactly ha the pass act does and i certainly want to thank all those who are associated with the heritage foundation for their good work to help further this legislation. for ss act it stands protecting american tax acts. it will end these crony corrupted giants once and for all. it's time for action. i call on every republican in congress to support the path act today. [applause] the last issue i wish to discuss with you today is t

neil: meanwhile, the fannie mae and freddie mac. situation. what's going on?they are trying to combine that knowledge into one security >> religious try to make it easier? >> making easier for us to get this supposedly the way it was. and i don't think the current system is wanting to security. i don't think that's the answer. i want them out of there. >> i understand what you're saying, but homeownership is at a low and enough we can make it easier for qualified people. >> one thinory teaches us is that we don't, that's what i'm worried about. all of a sudden we will get back into the same thing. >> 43% of people, that's $208,000 on average. neil: this is a housing market that is not only toirst-time homebuyers. >> and we could easily relive this. the people that are buying homes for cash our investors and are not americans. and now the scams are definitely on the rise. neil: even godzilla is a part of this announcement. neil: coming up next, focusing on healthier things. eating and driving. do you think it's america's newest real estate brand is all ready th

the senate banking committee said they would abolish -- freni may -- freddie mac and fannie mae.the government still has a role in the mortgage market, what is the point? >> the housing commissioner of which i was a member and the two bills you are talking about. they look at it in a sense of let's phase them out. if they bought cement, the tail and will have a residual role. people have a dirty years mortgage. everybody wants a 30 year mortgage. there has to be some government role in that. they received a good bipartisan vote in the committee. probably not enough bipartisan support to get us to the floor. i think talking is a good thing. debate is a good ring. we cannot prevent them from treading water as they are now. there's simply no way we can keep them alive. we need to resolve this uncertainty. >> it is a pleasure to have you on the broadcast. bloomberg is on the markets. matt miller has the details. >> we're are seeing gains here in the u.s. they're propelling the s&p almost to record levels. hewlett-packard has 11 straight ones. more than 16,000 more jobs on top of the

taxpayers will get billions in profits from fannie mae and freddie mac, the government owned mortgagepanies. they will pay the treasury more than $10 billion. the two companies are required to give the government all their profits. fannie and freddie received $187 billion in taxpayer aid. staying on the housing front, the zillow reported earnings after the close. it eat estimates and raised its full-year guidance for 2014. the founder and ceo of zillow joins me now from seattle. welcome back. >> great to be here. >> the results exceeded even your expectations. what is attracting users to mobile? what ise is definitely driving our growth. this little thing has been a godsend to our business. 178 homes are viewed every second on zillow on mobile now. we went public three years ago and it was 21 homes per second. there is massive mobile growth. and the reason why is that real estate is the ultimate mobile experience. when you are driving around looking for homes in the neighborhood, that is when you want to have the power of zillow in your hand. that is what is propelling our audience, a