. >> just interested in your new permit policy in his on what happened with the gic issue right now, where we have this big government conservatorship that can tenuous. the housing market hasn't recovered. how do we move onto a bus government centric system will not letting the economy back into itself. >> i haven't been in the banking business to remember one thing i can pretty make played no role in was rational. we did not have a problem. it was 20% down. bosses and housing finance for a very commensurate mall. the loan industry was destroyed by government policy. during the 60s and 70s, politicians during the great society. it'd want tax people, so the contemplation might today. picture of interest rate to 22%. 80% fixed-rate and is suddenly paid 13% for the money in the industry that wiped out. that's when freddie and fannie fell into the god. thanks at home finance. the private market for home finance is a market to develop overnight. figures the plan announced in one year for another close. that's it. though the market solutions enhancing b. allocated more rationally. it is a

the bheest pat rt of okin'kip ♪p ♪ is fos lgers erin you ycup cu♪ [ femalema announner ]er the mae gicpeanutanutteut so dsoelicioicly clyamy.am ♪ ♪♪ it can c even vebe a g ae che ger.ge that'sat why chyhoosy osms ms an d dadsda chooshojif.ji >> welcome back to the kron 4 morning news continue to track hot spots. thankfully most of the problems are off the freeway. here on interstate 80 where the drive time in the west bound direction is at 24 minutes. it is a little better than it might otherwise be although, it really jammed up in the early morning hours. >> of the nimitz freeway with a stall the blocked 2 lanes of traffic. the bus is gone. the slow traffic remains. it is backed up in san leandro. the drive time is now 32 minutes. we're still tracking fog-- >> the east bay is under fog advisory right now into the 9:00 this morning. >> to get you more news faster we turn to kron 4 solo reporter jackie sissel joins us live frombenecia cortinemartinez rich. >> i am at the toll plaza near the bridge all morning long we of had the fog. nothing on the bridge itself which is surprising. visi

of the money and certainly folks that of unspent money, whether it's to the american taxpayer and gics are the pension funds, mutual funds in the lake who bought and owned mortgage-backed securities. to answer the first part of the question, where are we, that is where i would disagree with stephen is ever clearly not having person most tremendous storm, but starting to come out. as an example, the opinion marks, san bernardino county was mentioned as one of the areas that should look at as being one of the ground zero's of negative home price appreciation. what we've seen of him or if you know, just evaluating the number of loans in default in that county is that in june 2009, about 31,000. june 2010 was 25,000. june 2011, 18,000. june 2012, 12,000. the percentage change in default of london that county, which you could argue his ground zero for negative home price appreciation has gone down 61%. the mere facts are that signaled to me we are not in the middle were not going into the storm here. we are starting to come out. doesn't mean that one make life any better for the person whos