would you categorize hamp as a success? >> let me say this bun point. i'd be happy to talk in more detail about this. the performance of modify cases under our programs is much better. much better for the home owner and a much better success rate than the standard outside of those programs. i am very confident, but sounds like we should spend some time together on this, you're better off in a hamp program, the depth of relief is better. the performance rates on those modifications are much higher than many the private market. >> time for the gentleman has expired. the chair now recognizes the gentleman from texas, mr. green for five minutes. >> thank you, mr. chairman. i thank you mr. geithner for appearing today. i want to especially thank you, specially thank you for speaking up for hard working americans who pay 1.45% of their income -- income in taxes. and for those who are now paying 4.2% for social security. it was 6.2%, but we have a holiday that will end and they pay 6.2% at the end of the holiday and they will do this up to $110,100. so i thank

now let's turn to the latest change to the hamp program, the triple-hamp payment incentives.a is still in the process of analyzing whether they will offer principle predicts this as part of hamp with a triple incentives provided by treasury. i will provide some preliminary findings from repression our earlier analysis, incorporating the triple incentives and altering our model work based on the critiques that our previous work has received. as i noted earlier, in considering principle forgiveness as a loss-mitigation tool, besides the npv impact, we need to consider operational cost and our work-incentive effects. questions or raised about the methodology that we employed in our earlier analyses. to address these concerns, we have made the following adjustments. we have lowered delinquent borrower fico scores by 100 points to better reflect the current credit standing of the borrower rather than where they were at the time the loan was originated. we have raised delinquent borrower housing payment that income ratios. those that were below 45% have been set at 45%. those above

program with the hamp principal reduction alternative, or hamp pra. hamp pra is an investor option, not a borrower option, and the hamp program does not require the lender to offer principal reduction, even if the service or determines it to be superior to the standard hamp mod on a net present value basis, or npv bases. the take-up rate on hamp pra has been low. and earlier this year treasury announced its intention to triple its current incentive payments to investors who use this approach. while both the original hamp and hamp pra focus on the borrower's ability to pay, by reducing the monthly mortgage payment to 31% of the borrower's monthly income, pra also addresses a borrower's willingness to pay by reducing the loan balance. the rationale for the reduction in loan balance is that a borrower whose mortgage exceeds the homes value may not be willing to continue to make monthly mortgage payments. in other words, even though the borrower may achieve an affordable monthly payment, the ability to pay, through a basic hamp mod, the borrower cannot co

, the stock market hamp. we are going to be allowed all of the stock market. what kind of behavior would that greed, stock market, you think? i'm going to get bailed out. and even if this is constrained to fannie and freddie, i can picture if they start doing it here and suddenly we are going to mccaul private lenders to the same thing. reduced principal, even though we have no evidence a long run that it works but we are going to force companies, private entities to go through and do this too. again, it's dangerous policy even if it works by the way. so even if he thinks it works, we've been on the panels before. we know each oberst talking points quite well. [laughter] even if it works, it's a dangerous precedent i would ask you to consider. but we, mr. demarco as stated in number. it wasn't 7 trillion of equity loss, its 7.4 trillion. and my mother last point is whatever we did to lose $7.4 trillion in equity and get into this disastrous mess we are in, can we change whatever economic policies we had to ki

the administration comes along and sets up hamp or a stock market hamp. what kind of behavior but that breed in the stock market, do you think? i will take wild risks because i will get bailed out. even if this is constrained to fannie and freddie, i could picture the start doing it here and we will start making all private lenders to the same thing. even though we have no evidence in the long run that it works, we're going to force companies and private entities to go through and do this as well. it is dangerous policy. even if it works, even if he thinks it works -- we have been on panels before. even if it works, it is a dangerous precedent. by the way, mr. demarco misstated a number. it was not 7 trillion dollars in equity losses, it is 7.4 trillion dollars. whatever we did to lose $7.4 trillion in equity and get into this miss we are in, can we change whatever at -- economic policies we have to push this down the cliff? thank you very much. >> thank you. i will start off with a few questions at opening up to you. i want to start with something i spok

a man and woman arrested on suspicion of murdering a 6-year-old girl at a campsite in hamp shire have been released without charge. police say the results of a post mortem examination suggests there was not suspicion. police in northern ireland say they recovered a bomb containing a significant amount of explosives. the device was left on a grass berth close to the a-1 between belfast and dublin. the chancellor says he would be very happy for the british government to consider publishing the personal tax returns of ministers. "the daily telegraph" is reporting transler said it's his personal principle to make rules much more transparent. >> the headlines this hour. seven people received hospital treatment after an american fighter jet crashed into an apartment block in virginia. both crew members ejected before the impact. as thousands of refugees flee across the boarder from syria, turk jays it may be help from the united nations. hope benedict attended the traditional way of the cross ceremony at the coliseum in rome. one of the main christian is services over easter. tens of thousa

between hamp and their own proprietary loan modifications, the enterprises have completed 1.1 millionmodifications since entering conservatorship. not only are the enterprises leading efforts in completing loan modifications, the performance of their loan modifications have been better than most other market participants. this shows the re-default date. while there are many decisions involved in what the enterprises should employ principal reduction accommodated modifications -- data on modifications from enterprise loans show that performance is not strongly related to current ltv. while not a definitive analysis, if current ltv had a strong effect, we would expect that the more underwater the borrower, the higher the re- default rate. however, fannie mae data presented in table 3 show that performance on modified loans does not vary much across current ltv. it is important to note that the performance of modified loans is a function of the payment change, as table 4 shows. this tells us that what matters most is that the performance on loan modifications seems to be more a function

hamp and harp have both had issues with getting people signed up and converted correctly. but a lot of folks that are pushed into hamp have been finding difficulty and understanding what their new payments are. and getting the appropriate paperwork from their lender. so it is an issue of when and where they can find this a corporate point of contact. with the consumer financial protection bureau, one of the things they are doing is even though the rules have not gone into place until 2013, they do provide an on-site hotline, plao provide an on-site hot line, if you will. for a lot of people, that does not do a lot. you called, and they do not have the appropriate paperwork, you are left hanging. until the government finds a good way to reach those people and be able to provide them with the right information, it will be difficult. host: we are talking about proposed new rules the consumer financial protection bureau is putting forth. here are some rules. host: let's look at a couple more. tell us about the idea of forced priced -- forced place the insurance. >> if you did

part of the letter that was led by a ranking member frank to you encouraging treasury to implement hamp more like harp and i understand that that's happening. no need for comment. i'd like to go back to the two questions i raised in my opening statement. and the first is the sustainability of the solution for groost. it's whhard for me to imagine. you said in your testimony this is just the initial phase. that severe austerity steps are being taken, economic reforms and budgetary reforms in these countries. it seems to me greece has the worst of all worlds. they can't deval their currency. they're attached to a currency that is really reflective more of a german economy than their own. they're going to continually as you pointed out in your testimony, i think get into this downward spiral that's forced by the solution. would you comment fourth on that. >> >> you're exactly right, a member of europe has two disadvantages. they don't have their own currency and they can't set their monetary policy independent of the rest of europe. they also don't have a mechanism for fiscal transfers tha

or all the mortgage backed securities rip offs that these guys were involved with ripping off the hamp program you know that obama's mortgage program ripping off people who have prepaid great america cards to get their unemployment insurance benefits it's just one scam after another but we have to turn the other cheek and to sort of let it happen what mainstream media like and less seen basically which is cable network educated to the ticker tape basically and cheerleader for all this so you've got to go to warren buffett will come on is celebrated as america's sweetheart billionaire and he's got a big position a bank of america wells fargo bank he's directly involved in this fraud wells fargo bank the story with the drug laws on the mexican cartel. acquired by wells hundreds of billions of dollars regularly connected to the chain may change in mexico twenty two tons of cocaine basically what the what it what they covered well and so you have a warren buffett will go and see him b.c. he's investing in these companies and but you get these are places you go alley you know i mean he's th

finally, in considering whether the enterprises should adopt principal forgiveness under hamp, we must also consider operational costs. the direct costs would focus primarily on technology modifications and improvements. we're still evaluating those costs but they're not trivial. there would be other more indirect costs. these include the cost for launching a new program including the development of guidance to and training for mortgage servicers. the indirect costs also include the opportunity costs of diverting existing resources from other loss mitigation activities or from some of the activities announced in the strategic plan. all these cost factors would have to be carefully considered in coming to a decision to employ principal forgiveness or not. in closing, let me try to sum rise all of this into a handful of conclusions and observations. the issue before us is not about whether fannie mae and freddie mac provide support to families having trouble making their mortgage payment. clearly they already do and it remains fhfa's and the enterprises collective objective to do so. as

they get paid to foreclose, they don't get -- even with hamp and other incentives, payments to modify are inadequate. they make money by attenuating foreclosures, basically what's happening now. because they charge more servicing fees, charge more late fees and it requires skills they don't have. you actually need to build significant new infrastructure to have them do these. so a consequence, a huge number of foreclosures in the pipeline. look at housing inventories. that's not telling the real story. the banks have, best estimates, 3 million houses that are somewhere in the foreclosure process, or that is real estate owned. that they haven't put on the market, and another 5 million houses that are in defaulted or in serious delinquency. we have a big overhang here and, again, the services having bad incentives, this -- this program, the new -- federal-state ag settlement is not going to make any difference. it's too small, badly structured, doesn't solve the real problem which is the sft r servicers and inability to restructure debt in a new way. >> so you're pessimistic about mortg

go to help homeowners and whether you're talking about the hardest hit fund or you're talking about hamp or any of the other programs that came through tarp all of them have been generally a failure let's talk about this specific find here the hardest hit fund when we find out only three percent of the entire budget more than seven billion dollars has been used in the last few years one of the report attribute that you know by who do they blame it on whether they blame it on. they largely blamed it on the treasury department and what they said is that treasury had if they did not provide the leadership or the planning to get these programs started and get the money out the door hardest hit fund was basically a kind of a partnership with the states that were affected and qualified for the program so you know so i think some people the treasury would would claim that it's the states . but he probably the best program of the bunch put out about sixteen percent of the money so far and that's in oregon so if your star pupil is getting a sixteen percent a problem is not the students it's a tes

just set sail from south hamp den, england from the same port that the original set sail back in 1912about $4,000 to $9,000. they sold out. they went -- they sold out recently but they went for sale in 2008. and there are about 1,309 passengers and some of them are relatives of the survivors and the people who died in the ship wreck. >> i think they are going to -- there is the original. they are going to stop where the titanic sank. >> they will. next sunday at the same time where the titanic hit the -- allegedly hit the iceberg in the north atlantic they will have a memorial service. >> i think i would like to go. even still. it would be great to go as a reporter. just report on it. this is all work. >> hint hint. >> appreciate it. the audio tape that could bury the new orleans saint's chances from getting a reduced sentence from the nfl. does anyone win here? we will talk sports coming up. >> good weather and good music makes for a great time, even when you're on the road. finding a music festival starring favorite bands starts with a search. >> a number of destinations, bands in t

they did hamp a program that was supposed to give out $4 million. hardest-hit fund. what snapped overall the tarp bailout was $652 billion to the bankers, billion. so what was the initiative for the hardest hit $7.6 billion. it was supposed to go to 480,000 homeowners. what happened? only $217 million was spent, 3 lousy percent, and then only 30,000 homeowners were helped. that's 7% of the home owners that were supposed to be helped. what happened in the end? the same thing that always happens. the guys in the middle get screwed again, and the bankers got helped again. this is not a quincedense. this is the guy you have to change, because coincidently he always winds up giving 3% of 1% to the home earns, and giving everything to the bankers. etch-a-sketch candidate, an image where romney is anti gas. break the ice with breath-freshening cooling crystals. ice breakers. [ mocking tone ] i'm ms. brown. i'm soooo chocolatey. i'm giving away money to make people like me-eee -- is what he said. and i was like "you watch your mouth. she's my friend." frien

they were put on the spot last night at hamp stead hill academy. they competed against 5th graders in the quiz show. experts answered be of the questions with ease but some were easier than others. that was the right answer, money raised at the event will benefit several charter schools in east baltimore. >> i'm glad she got that one right. >> those would be hard questions. i wouldn't want to be on a show like that. no. kids are much smarter than you ever give them credit. wow. very good. a lot of fun. >>> good day for anything you want to do outside early on. a lot of folks called the weather department, a lot of bay ball opening day parade for little league. anything you have planned for the next several hours it's going to be fine. when the rain starts this evening, it's going to come down in buckets as we say. now the horizon is bright, the sun is coming up, what we are looking at is a nice day's start. rain several hours away. we will enjoy a nice saturday. temperatures getting up in to the vp. first warning live doppler radar, give you an ide

then, on march 31st, court records say she showed up at baldwin's home in the hamp tobs in new york.was the same weekend he proposed to his girlfriend, hilaria thomas. and she sent this e-mail to baldwin. i need to start my new life with my new name. then, another. i'm less than ten minutes away from you tonight. say i do to me. the next day, she's accused of following baldwin to new york's lincoln center. she reportedly had to be removed by security. on april 7th, more e-mails. i'm excited about creating genevieve baldwin. there's crucial things i need here and today. i need to see you now. and just this sunday, she is accused of showing up at baldwin's manhattan apartment building and trying to get in. that's when she was arrested. and her lawyer insisted the pair had a mutual relationship with communication going both ways. we're not hearing from baldwin's camp. the spokesman says that stalking is a serious issue and the case is being handled by new york police. >> it is serious. >>> for more now, we're joined by psychiatrist, dr. janet taylor, and our legal analyst, dan abrams is