we have a significant number of homeowners that were responsible homeowners, had good credit scores that lost their jobs in the biggest economic crisis this country has faced since the depression. and we believe if somebody can show that they are back at the work and responsible borrower again, that that's somebody that we ought to work with. i would agree that our standards are not clear enough in dividing those. so what we believe we need to do is clarify those standards but not necessarily eliminate the possibility that somebody who has done the right thing and through no fault of their own lost a job but can be a responsible homeowner again, has the chance. my view would be it's not just the three-year limit that's important, it's what are the criteria that we set for how somebody re-establishes their credit and being a responsible homeowner? >> my last question, thank you for your patience. first of all it sounds like there is a lot of things -- there are a lot of things that could be done right now to solve a lot of problems. and i hope that we as a committee will figure out a way

the homeowner told me they suffered from smoke inhalation. when firefighters got here the fire was huge before 1:00 this morning it was moving so fast they had suspicions, it seemed like it was accelerating quickly. they were also suspicious, because the gas main caught fire that's why pg&e is here it happened at shut-off they had to dig up the street to get in and shut it off. firefighters say this could be because the people here were bypassing the gas and electric meters. one more thing for them to investigate. >> that's why the arson team is here, trying to figure out what happened this is all new, they say right now, it is under investigation. two people taken to the hospital, we don't know their condition. the homeowner told me he thinks they inhaled smoke. all firefighters are okay. they kept the fire to this one house the homes are right next to each other. one home destroyed, the other hopes are okay. amy hollyfield, abc7 news. >>> dakota san jose fire investigators are -- >>> san jose fire investigators are trying to determine how a

this would save homeowners $100 million a year and lower the rates by 20% and allows homeowners to afford insurance and speed economic recovery when the next big one hits. maybe a fraction, 10%, of the homeowners have insurance and my hope is will help those within the city. i wanted to let people k know11:00 o'clock next week on inside i am working with the rec and park central richmond to unveil the new play ground and join us at 11:00 a.m. and fulton and the new cabrilo play ground and we have been working to revitalize the area so the parks and play grounds really help to revitalize our neighborhoods. please join us. also i wanted to acknowledge a community arts organization is celebrating its 25th anniversary at yoashys and one of the unique rare ones i think to revitalize chinese and asian arts but the whole community. it's called improv asian carts and it's the 25th anniversary. i have been a strong supporter since the inception and give thanks to the many people for their work to strengthen communities to show the history of the asian and the pacific islander experience in their a

homeowners have until december 31st to get in the application. it used to be applied automatically but to many ineligible people were getting credit. a law was passed requiring a one time application going into effect this year. follow us for a link to find if you need to apply. >>> we saw a little bit of snow yesterday. a lot of snow but look at what pittsburgh is dealing. drivers struggling to get around on the snowy streets there and as you can see, visibility was pretty bad in some spots as well. they still -- they may still dig out of hines field on sunday before the steelers game. >>> we are grad the clear skies are here now. wyatt is in the storm center with a look at your first forecast. >> before we get to saturday we have to deal with the wind president the wind advisory has finally been dropped. basically no warning up but we have high winds out of the northwest. 15 to 20, gusting to 36 top of the hour. still i gusty evening. if you have to put out the trash tonight going maybe wait until later. winds will keep dying down this evening.

so it makes investing in solar attractive to homeowners. right now it's not attractive to put a hundred solar panels on your roof, but under this policy germany has made tremendous advances. there is one country in the world that is 100% solar power as of last month. cca cannot possibly do what they need done. the word -- you can boil this whole argument down to one question, one word and that is "inevitability". we are running out of the oil. we are drowning in our own waste. we need to stop burning oil and the way you could do it is putting a couple hundred solar panels on each house in san francisco. this was indirectly mentioned in the guardian editorial but they don't say it and it's because they don't understand it. it's important to understand what being done in germany and other countries around the world because by doing this they're creating a massive cash flow to homeowners in these countries and it's an investment that the homeowners are glad to take the money out of equity and buy panels with. thank you very much. >> thank you

homeowners doesn't cover very much. everything from the sky is homeowners and everything from the bottom is flood. obviously everything here is flood. >> reporter: marchetti's insurer, n.j.m. will take a loss of more than $300 million from sandy, four times what it paid out from irene last year. industry estimates put the total amount of damage from superstorm sandy at $50 billion. insurance companies are expected to pick up between $10-$20 billion of that. that puts superstorm sandy at the top of the list ahead of hurricanes ike, ivan, and irene. monday we will look at why rebuilding from sandy is so expensive thanks to where she came ashore. ruben ramirez, seaside heights, new jersey. back here on wall street, tom, some interesting revolutions from netflix today saying it got a wells notice and being investigated by the securities and exchange commission. behind it is a very interesting debate going on. the reason for the investigation is that the ceo reid hastings had posted some information on his facebook page abou

plus, options for foreclosed homeowners. new hope even if you've been kicked out of the house. how airlines are hatching ways to sock you with fees. and, what tech stock is on the chopping block from one money manager's portfolio. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's tuesday, december 4th. i'm angela miles. in today's first look: as mixed messages come out of washington on the budget, stocks tumbled yessterday. oracle is among the latest corporations trying to beat the clock on next year's expected tax increase. oracle's board has approved accelerated dividend payments for the second, third and 4th quarters of next year. nhl owners and players plan to meet today in a renewed effort to move the puck on labor talks. let's see what's going on with the market today with matt shapiro, president of mws capital. good morning to you. > > good morning angie. > this is certainly one moody market. it seems to move on every word that comes out of washington. > > absolutely. actually, i am surpr

the homeowner thinks they suffered if from smoke inhalation.oncerns, including the fact that the the homes here are all close to each other, practically touching each other. >> more concerned protecting the buildings on either side which ended up being no damage. >> reporter: did you have suspicions [ inaudible ] >> by the time we go here, it was a large fire, suspicious at that point. >> reporter: neighbors told firefighters they thought there was a meth lab inside. the arson investigators did a sweep of the home and told the chief that she saw no evidence of any kind of a drug lab in the home. i asked the homeowner about that claim and he said he iÑw inside the home. he said those were his two tenants he's not sure what they were up to but said he didn't see anything like that this is still under investigation. the fire is out, fires just recently left. the house is destroyed. amy hollyfield, abc7 news. >>> san jose fire investigators trying to determine how an apartment fire that killed two grandparents and their 4-year-old granddaughter got

we did not expect homeowners to get on the route to often, but sometimes you can get up on your flat roofs. what do you have to do for routine maintenance on those? >> you can always tell, if groups are starting to bubble, that is a sign, it protect the roofing membrane from the sun so if there is none, ultraviolet light will be deteriorating, and it will start to bubble. all of the route jacks are the first signs of with a member in fails, so you want to check around those. all of those areas you have to check. anywhere there is penetration, those are the areas you really want to check. >> a flat roof like this with reflective coating needs to be recut it regularly. if you fail, the protection is gone and the roof deteriorate rapidly. it is not just silver paint, it is roof coating. so typically you need to hire the report to come back and apply a new coaching. you can say you want a uv- resistant coating, but it has to be compatible with what you have up there. roofs need maintenance. call and ask. if you do not do that, the life is short and pepper sibley. go over it and fix it up

under the program they will be sending contractors at no charge to homeowners. 400 projects have been completed so far but some say help is not coming fast enough. >>> at least 33 people are dead after a powerful typhoon hit the philippines overnight. the storm has knocked out power and suspended major land slides and more than 1,000 people evacuated -- have been evacuated from their homes that were hit hard one year ago. >>> the u.s. geological survey is warning homeowners about the danger coming up at 5:00. >>> the strike continues at the largest port complex. they set up picket lines at long beach one week ago today. dockworkers are refusing to cross those picket lines and that means ships are sitting outside the port and that means shortages in retail stores through the holiday season. >>> they will discuss a plan to shoot at birds at runways. it will allow trained employees to shoot blank or bird shot to disburse flocks of birds. more than 180 air collisions have happened. >>> and united airlines pays a bonus each month which tops on time goals. all domestic flights were workinge

but a company next to the housing development vows to sue the homeowners if they put up a gate. a resolution is nowhere in sight after months of negotiation. >> if we had a gate this may not have happened. >> reporter: for now homeowners can count on each other to keep the community safe. in oakland, i'm da lin, cbs 5. >>> checking your bay area headlines, a flat tire likely led to this deadly crash on the san mateo bridge. the chp says a driver of a honda was pulling over when an suv slammed into the car from behind. a woman in the back seat of the honda was killed. no one else was seriously hurt. >>> a very close call in san francisco. the driver of this car accidentally hit the gas instead of the brake. finally skidded to a stop africa reasoning off that cliff near the twin peaks look -- after karineing off that cliff near the twin peaks lookout. it is a long bay down. nobody was hurt. >>> if you plan to eat fresh dungeness crowd, san francisco crab tanks are crammed full again. the first big shipment came in this morning after crabbers and wholesalers settled a week-long pri

the new protections for car buyers, students and homeowners that are coming in the new year. ,,,,,,,,,,,, the d-m-v will start selling replica license plate desig from those years. and, the classic >>> fans of the 1950s '6s and '70s have ways to show off. the dmv will show plates for those years. they can be ordered for any type of vehicle not just classic car owners. >> you can have it on your prius, on your new camaro. you can have it on anything. right? >> the legacy license plates will cost you $50 whether you personalize them or not. they are available for preorder starting january 1. >>> when it comes to cars, have you noticed anything different on the road? cbs 5 reporter joe vazquez shows us luxury is a popular ride. >> latest attributes for jaguar is all-wheel drive. >> reporter: mario of british motors on van ness says this holiday has been a joyride. >> we are very excited about sales. cars are flying off the showroom floors. >> reporter: but what about the possibility of speed bumps that could be caused by an economic stalemate in washington? >> i don't see that our consum

neighboring homeowners can only watch as their own property values plummet.t, a fellow at the university of texas, sheila crowley, president and ceo of the low income housing and james perry. in full disclosure, he's my husband. james, i want to start with you on this. this is the work that you have been doing as americans are reading the headlines saying housing is back, what do we need to know? >> you have to step back for a second and think about what you said. in the fourth quarter, wells fargo made $4 billion. this monumental settlement was $175 million. they still made $4 billion with a "b." we have seen them rewarded for bad action. what's so heinous about how they act is they use people in minority communities to build their own ability to make profit. they network with pastors, community activists. they networked with tavis smiley and gave him millions of dollars to hold wealth building seminars. he attracted black folks to get them to use wells fargo to buy homes. the end result is wealth is stripped from communities, from cities, from black and lat

some homeowners fare landslides. >> and reports of lawmakers purchasing cars after having them fixed one your tax dollars. the long time next reached the end of the road. >>> good evening. i'm gasia mikaelian. the storm wasn't as big as the previous one but was big enough to cause plenty of problems. this pine tree fell on top of some parked cars. two vehicles were hit by the tree but no injuries. in san francisco a big tree came crashing down -- on a home. the homeowners say a branch punctured the roof of a bedroom just as the young son ran from the room. no injuries here either. >>> road crews cleaning up a rock and mud slide along highway north 1. and there could be a full closure tonight while crews fin issue the clean up. the slide was discovered about 1 this afternoon. drivers expect i did lays. >>> and new at 7. technology development that may be able to predict landslides. thrive san francisco where she to bees researcher attempting find ways when and where landslides might happen. >> reporter: can wear in the sea cliff neighborhood. now researchers say that are learning more

it expires unless congress acts. >> the average amount homeowners are short is $95,000.k goes away as part of the so-called fiscal cliff they could be taxed on the $95,000 as additional income starting in 2013. >> how much homeowners will owe on that amount depends on the tax bracket they are in. on average it would be $20,000 to $25,000. banks have extra incentive to sell short and absorb the loss. under the act that went in this year the nation's biggest lenders get a credit on short sales. foreclosures also sell for $30,000 less than homes sold via short sales. expect short sales to jump more as homeowners look to avoid getting hit with taxes and banks look to avoid getting stuck with properties. if we go over the cliff the tax bill homeowners face with the short sale may be steep enough to walk away instead. that would push foreclosure rates higher in 2013. for smart is the new rich i'm christine romans. >> coming up, a huge legal headache for pop star shakira. she's being slapped with a $100 million lawsuit by her ex-boyfriend and former business partner. does he ha

this is probably the choice preferred for most homeowners. the second technology which is coming on strong is called thin film. that's really a whole different technology using a lot less material. it's like sprayed or painted on, a different way of producing electricity. this stuff has a lot of potential because it can be used in a lot of different ways. this is a thin film panel here, right here and one of the innovative ways you can use this thing is on thought metal seamed roofs. they have an add he'sive backing on and they can stick down on the roof without penetrating the roof. it's a very effective and cheap and safe installation process. thin film has a smaller, a lesser efficiency. half as efficient but it's about half the cost. so if you look at it, a small system 1.2 kilowatt systems, it produces 1.2 kill what's in full sun or 1,200 watts. in crystal lynn it could would take 500 panels. in thin film it would take this much space. they would produce the same and at current prices they cost close to the same. let's look at the typica

homeowners who recently faced foreclosure may want to get their paperwork together this weekend. an important deadline is next week. jackie deangelis live with that story and more for us this morning. jackie, how are you doing? >> good morning, aaron. millions of homeowners in foreclosure in 2009 and 2010 could miss out on the chance to have their cases reviewed for possible errors and compensation if they don't act by monday. now, that's the deadline for people to request a free review as part of a settlement reached last year between u.s. regulators and 14 mortgage companies. the deadline has been extended three times due to poor response. more than 4 million notices were mailed out, but only 356,000 homeowners have asked for a review. compensation could run as high as $100,000. you can submit a request at independent foreclosure review.com. >>> also investors getting a fresh snapshot on the housing sector today. a report on pending home sales is at 10:00 a.m. the forecast arrives more than 1% last month after surging 5% in october. it's the latest piece of data suggesting that

and i'm here to tell homeowners that are 62 and older about a great way to live a better retirement. it's called a reverse mortgage. [ male announcer ] call right now to receive your free dvd and booklet with no obligation. it answers questions like how a reverse mortgage works, how much you qualify for, the ways to receive your money, and more. plus, when you call now, you'll get this magnifier with l.e.d. light absolutely free. when you call the experts at one reverse mortgage today, you'll learn the benefits of a government-insured reverse mortgage. it will eliminate your monthly mortgage payments and give you tax-free cash from the equity in your home.

the homeowner tells us he hadn't been inside for some six months. so far there have not been any arrests. >>> software company founder john mechanic after fee has surfaced in public for the first time in weeks. we have pictures in gat maw la city. his attorneys say he is now at a hotel there after sneaking out of neighboring belize where he's wanted for questioning in murder of his neighbor. says he fears persecution in belize and plans to seek asylum in gat gat. he spent weeks narrating his life on the lamb through e-mails, blog posts and calls to reporters. >>> and we are learning tonight more about the san francisco man charged in an attack on an autistic teen. oakland police say surveillance video from the fruitvale bart station helped lead them to 36-year-old gary steven atkinson. he was charged today with multiple counts including kidnapping and rape. police say atkinson has a criminal record. investigators say the 16-year-old was kidnapped after leaving the fred finch youth center in oakland last tuesday. the injured girl was found on an muni

. >>> got a warning tonight for homeowners. scams targeting homeowners do increase during the holidays: cbs 5 consumerwatch reporter julie watts with some ways to protect yourself. >>> reporter: >> i tried to smile and greet him. >> reporter: it was supposed to be a routine pg&e service call. >> he just walked right by me. >> reporter: but he insists it was anything but. when someone wearing the utility's uniform walked into his home. >> it started going this way. >> reporter: the former army translator said the man didn't introduce himself and immediately began walking through the house. >> he was basically bullying inside my house. >> reporter: but most concerning, he says the man wouldn't give his name leaving him wondering if it was really a pg&e employee at all. >> we take these matters very seriously. >> reporter: the man is confirmed to be a company employee and that pg&e runs background checks on all-tech in addition. he says the utility is now investigating the incidents. >> anytime a customer of ours feels uncomfortab

we spoke with the homeowner who says he's lucky to be alive. we'll have more on that when "mornings on 2" continues. >>> a search is underway for a drive who deliberately crashed into a concord video game store. ktvu's tara moriarty is at the scene to tell us what the driver was after and if the store will be open today. >> reporter: no, the store will not be opened today. it's boarded up. the manager just put a sign on the board. can see there were dvds strewn all over the floor. shattered glass after someone drove through the door deliberately. the police say the thief smashed through the front door, metal framing, in order to steal items from a display case. it happened just before 4:00 this morning at the clayton county center. an alarm triggered the call to police. when officers arrived, it was a very dramatic-looking scene with a silver honda sitting in the store with the driver nowhere to be seen. police say the car is registered out of redwood city. they believe it was stolen. we're not sure if there was more than one thief and if they

not as a homeowner but a renter. in the last two years, the homes that i have been in have been foreclosed on. so what happens, people -- so what happens, people will end up being homeless because of this. >> fight foreclosure! >> reporter: again, a group of about 64 foreclosed homeowners entered the bank branch. some san francisco police officers did show up and escorted the group outside. the department of justice did settle with wells fargo for $125 million to settle this claim. i just got a statement from wells fargo about this. it says in part, wells fargo is part of the solution to help revitalize neighborhoods and support homeownership. it goes on to say, since january of 2009, wells fargo has helped customers through $5.7 in principal forgiveness and also helped customers with loan modifications. back to you. >> thank you, brian. >>> what could have been a routine traffic stop this morning, resulted in a crash that shut down a busy san francisco intersection for hours. police say the driver crashed into a fir

. >> my homeowner insurance offered me $150 what can i do with that? >> they lost the home and business and sense of security. victims of super storm sandep ho on how they are coping. >> who can throw their hate in the ring for 2016. ladies and gentlemen. our guest host tonight dana preno. [ applause ] ♪ >> welcome to huckabee. i am dana pereno and i want to thank governor huckabee to have me guest host. it is it a month since the presidential election and half of the country is elate vindicate they voted for president obama and walking on cloud 9. the other half not so much. sleepless.nfuse despondant they wonder if the nation has gone mad and want to return to

emma robertson tweeted, quote, as a homeowner, i worry deductions for homeowners will go away.dent responded that middle class deductions will get hit. if that happens, it could derail our fledgling housing recovery. >> anything which really flexes downward the deductibility of home mortgages is catastrophic to the recovery. >> is he right? joining us, edward, a law professor and the former chief of staff at congress's joint committee on taxation. edward, do you agree? will it hit? >> absolutely not. it will have some modest effect, but the fact is that interest rates jump up and down all the time. right now we have home mortgage interest rates at historic lows. i just refinanced at 3% plus. if interest rates go to 4.25%, nobody would describe that as a catastrophic hit to the home mortgage market. that might move the cost of housing one percentage point or so. >> i wonder whether -- and when you think about buying a home, a lot of it is psychological. do i feel i'm in a position to do this? if we limb nate or cut the mortgage deduction, it might be more psychological. >> you'r

we're told around 2:30 this morning, multiple subjects entered the home, one with a gun when the homeowner, a 40-year-old man confronted them. he was shot in the back. we're told that he's going to be okay. he was transported to the hospital with nonlife-threatening injuries. the suspects fled out of house. police still looking for clues who did this. the man's wife and his 16-year-old daughter were unharmed. they're going to be okay. but right now, police still looking for those subjects that broke into this house early this morning. that is the latest report from fort washington. tony tull, news 4. >>> angie goff at the live desk with breaking news. >> we hear from chief foreign

hundreds of homeowners also had their hands full are leaky roofs. local roofers say the calls have been pouring in. >> we got so many calls that right now everybody is probably waiting just for the appointment to see what's needed to be done on the roof. an average of a week and a half. >> that's just the estimate. many companies are already backed up about six weeks for repairs. and it wasn't just the rain that caused problems. strong wins knocked down power lanes all across the bay area. leaving hundreds of thousands without power. pg&e crews worked through the night restoring power to 99% of the customers affected. and they are still working. right now, more than 2700 are still without power. >>> and this weekend storm flooded a marin county school. classes at white hill middle school in fairfax were canceled today while crews cleared rainwater and mud from classrooms, offices and the library. no word on whether classes will resume tomorrow. >>> and there was a pothole problem in pittsburg. it flattened dozens of tires on highway 4 before crews f

. >> if you're thinking about putting a home automation system in, check with your homeowner insurance. there may be discounts available to you on your homeowners insurance. >> our particular insurance company was 20%. it pays for itself. >> reporter: you can find some systems that are cheaper and do it yourself projects, but make sure you know what you're doing and that you test it. if you hire someone, make sure you do your homework. >> when hiring someone, you want to do your research on the company. angie's police collects information and get estimates, especially this type of the year when people are thinking about purchasing the latest gadget. make sure the person doing the work is experienced and that your house isn't the guinea pig. >> a home automation may cost more but you mr. know that you can monitor it. for more, click on the life-style tab. >>> you have the receipt and still the storp won't let you return the gift. we'll show you the gift return gotcha and we'll take a look at the top 10 entertainment stories of 2012. >>> watching the weather begin to improve, but there a

from the homeowners side we need to consider this. do we help people make smart financial decisions based on assumptions that may not be true in the decade ahead? how do we prepare people for the risks and responsibilities ahead? now let's switch to lenders like ourselves. what are the resets we need? the discussion often becomes centered on the availability of credit. whether banks should simply be lending more. by being overly aggressive caused the entire housing system damage and that wasn't caused by us not lending enough. we were lending too much. the u.s. had a dramatic lending of credit and credit to borrowers who previously would not have qualified or level at which they would not have qualified. subprime loans, little down payments. all the things we now know a lot about ex panneded dramatically. our bank of america primary window was countrywide. we exited subprime lending of our country's insist 2001. we were criticized by one for not being in subprime lending, and that was fine with us. we did so and still met our long-sta

we believe it will drive savings directly to american homeowners. the average american family spends over $1,800 a year which equates to a $200 billion drain on households, representing 22% of energy consumption, one-third more used in passenger trucks and cars combined. this will create thousands of u.s. jobs in the hardest-hit industries on jobs that cannot be of course using materials that are 90% made in the usa energy efficiency is unique in that it creates its own cash flow. it pays for itself. there are significant barriers that prevent this from being harvested more efficiency -- more efficiently. one is to begin -- and this is akin to building power plants. we know how to finance power plants. they supply predictable amounts of energy and utility can easily raise capital. however we lack the same capital for energy efficiency even notice understood to be the most cost-effective resource for meeting our needs. the energy efficiency efforts equate to a resource greater than any other source in the country. greater than nuclear, natural gas or

older homeowners now benefit from it and the younger homeowners are saying i am paying this and you are paying not. do you feel the mood has changed on the overall idea of prop 13. >> it is difference between someone who supports it and someone who doesn't. >> if it changes hands -- i have been in my home 30 years. the next door neighbor on the left and right pay ten times in property taxes than what i pay. >> why is that? >> i think we do reach a tipping point at some point. again, not to give anyone a nervous attitude. no one is suggesting we should be suggesting how we adjust residential property taxes. >> commercial properties are up. they get transferred when companies sell, bought and sold. >> which means they are not reassessed, the commercial properties are not paying higher taxes. they are paying the same taxes they were 40 years ago. this is the most dramatic view of it. in 1978 the taxes have flipped. we residential owners are paying 06% and commercial 40%. so, we are subsidizing very large corporations that are not paying their fair share. >> change that rule is changing the

the homeowner was shot at least once. his wife and his 16-year-old daughter were also inside. >> holiday season, i don't know, just a violent act. >> neighbors heard a loud bang. police checked for fingerprints and canvassed the neighborhood with dogs and high-power rifles. >> it's incredible, especially with all the things that have happened, the violence last week. >> police are trying to figure out how the intruders got into the home. the family has an alarm system and have been here 12 years. neighbors described them as some of the most pleasant on the block. >> very nice. >> detectives spent a lot of time taking pictures and collecting clues in an upstairs bedroom. the suspects took off through a window. wrynecks to me. >> the man who was shot in the back is expected to survive. his wife and daughter were not injured during the ordeal. john gonzalez, abc 7 news. >> a barricade situation in adelphi has ended peacefully. the standoff began late monday night after u.s. marshals tried to serve a warrant at an apartment o

now the race for homeowners to close before 2013 is heating up.couple weeks left before the fiscal cliff. what's at stake here? >> for the wealthy homeowners and sellers, especially, it's a lot of money. if you have a $20 million or $had $30 million home, you're talking thousands in tax savings. the concern was this could add to inventory and possibly depress prices. you had wealthy people not just listing their homes in hopes of selling them this year but taking lower prices to avoid higher taxes. in fact, the housing market, especially at top, has been strong toward the ends of this year. i think some of those fears are now alleviated, especially with all the foreign money coming into places like miami and new york. i think if anything, this will add some welcome urgency to those wealthy sellers that don't need to sell, but they just need a little bit of a deadline. it's kind of lighting a fire under them to sell. i think it's been a positive for this market. >> dolly, what are you seeing out there? is the tax, you know, differential -- capital

to pay back their debts and to be a homeowner, a successful homeowner, simply because they may have lost a job due to what is an unprecedented economic crisis that we've been through. so this is not just about time lines. it's about what the standards are for when we allow folks to borrow. >> well, my broader point is this and several other factors should also be about doing it in a way that you're aware of what competing opportunities rules are, like fannie mae and freddie mac. and if f.h.a. has laxer standards, i mean, clearly you're going to encourage the accumulation of weaker loans. i think that's obvious. >> yeah, i agree with you. one of the things that we announced just a few weeks ago with the act warle report is that -- act wearial report is that we are implementing standards on short sales which are aligned with what fannie mae and freddie mac are doing. so we are looking for opportunities wherever we can to try to align those standards. that doesn't mean on everything that we should be identical to them. >> another significant factor in terms of potential loss is the who

homeowners could use it. professionals could use it.g it, a lot of flooring people. >> i like that. i like that a lot. whether it's a homeowner, a contractor, a d.i.y.-er, lots of people could use the versacut. even i could use the versacut. >> i like the size of the blade. it's something that's lightweight and easy to use, but yet it's got the power of a bigger tool. i think i'm going to ask my wife to get me one for christmas. >> jennifer: just like the guys out in kansas city, when you pick up a versacut, you'll see how much easier it'll make your next project. >> versacut is lightweight and easy to use. it's designed so you can cut pretty much anything right in place on top of a simple piece of scrap lumber. >> take a minute right now, call and have a versacut delivered right to your front door. >> announcer: introducing versacut, the all-new, award-winning design innovation from rockwell, created to do the work of circular saws, table saws, chop saws and tile saws, so you can get professional, clean cuts in virtually any kind of ma

the homeowner, a man in his was inside at the time 16-year-wife and their old daughter. that man confronted the armed suspect. , but ishot in the back survive.to the armed suspect made it out of with a jewelry and cash. we spoke with relatives of the family. they say this family has lived about 12 years. they don't understand why them.e would try to get too early in the to say if this was attack or isolated. police are focusing their efforts on an upstairs bedroom. from what we conceive at street suspects broke home and it appears to be a robbery and a home invasion. a homeowner was shot in the back was rushed to hospital and survive.ed to in about a half-hour we will from those relatives. reporting live from fort gonzalez., john >> google service is will be today for a third student killed in a friday's school shooting in newtown, connecticut. this comes as students in the schoolty will return to sandy for those attending hook elementary. now more. >> the first funerals were held of friday'sictims shooting at sandy hook elementary. jackwo six-year-olds noah pozner and j

. >> the average amount that homeowners are short in a short sale is $95,000. tax break goes away, as part of the so-called fiscal cliff, those homeowners could be taxed on that $95,000 as additional income starting in 2013. >> how much homeowners will owe in taxes on that amount depends on the tax bracket they're in, but on average, it would be about 20 to $25,000. the banks have an extra incentive to sell short and absorb the loss. the nation's biggest lenders get a credit for short sales as a form of foreclosure relief. foreclosures also sell on average for $30,000 less than homes sold via short sale. so as we near the fiscal cliff, you can expect short sales even more as homeowners get hit with bank taxes and banks get stuck with foreclosed properties. if we go over the cliff, the taxpayer's base with a short sale may be steep enough to walk away instead. and that would push the fiscal cliff higher for 2013. i'm christine romans. >>> all right, pay attention to this, it would affect you. many of us rely on them. on-line reviews of businesses and products. b

homeowners could use it. professionals could use it.g it, a lot of flooring people. >> i like that. i like that a lot. whether it's a homeowner, a contractor, a d.i.y.-er, lots of people could use the versacut. even i could use the versacut. >> i like the size of the blade. it's something that's lightweight and easy to use, but yet it's got the power of a bigger tool. i think i'm going to ask my wife to get me one for christmas. >> jennifer: just like the guys out in kansas city, when you pick up a versacut, you'll see how much easier it'll make your next project. >> versacut is lightweight and easy to use. it's designed so you can cut pretty much anything right in place on top of a simple piece of scrap lumber. >> take a minute right now, call and have a versacut delivered right to your front door. >> announcer: introducing versacut, the all-new, award-winning design innovation from rockwell, created to do the work of circular saws, table saws, chop saws and tile saws, so you can get professional, clean cuts in virtually any kind of ma