we want to focus on homeowners and what lies ahead. with us dennis kelleher, jordan estevou, and aruna who reports for reuters. it was announced last year $25 billion designed to help drowning homeowners. jordan, what has the money gone towards? >> $10 billion of those dollars were supposedly set aside for homeowners particularly to help with those who have underwater mortgages, and we were promised at the time. we thought the $26 billion was too little given the fact that there are 12 million people underwater, and that represents in the hundreds of millions of dollars of underwater debt. but you know, it was too small but we thought it was a good start, and we were promised that 1 million people would get relief, 1 million people would be helped. two years later we learned that this has not even come close to helping a million people with their underwater mortgages. a lot of relief has gone to what banks were going to do any way. it's important that future settlements that we really read the fine print, that the details are made publ

so it's a good event for the homeowners who are in need. live in oakland, back to you in the studio. >> it's a win-win, cate. we know it's a really popular event, too. any advice for people who might be heading your way today? >> reporter: well, that's a great question, frank. when i spoke to organizers this morning, they say walk-ins are accepted. but the best bet for those homeowners who want to come is to preregister on the website and that's naca.com. just so you can have all your documents before you come in. >> good idea. cate caugiran live for us over in oakland. thank you, cate. >>> u.s. postal service is hiring here in the bay area. it has immediate job openings here in san francisco. , the peninsula land north bay area towns, as well. open positions include mail handlers to tractor-trailer operators. you can find out about the job opportunities at the usps.com website and search under california. >>> a bird strike forced an alaska airlines flight from san jose to hawaii to make an emergency landing in oakland. the pilot felt a vib

. >>> and one your later, on the anniversary of hurricanesandy, helping homeowners keep heads above water. that and more tonight on "nightly business report" for tuesday, october 29th. >>> good evening everybody and ç welcome. on this day in 1929 the stock market crashed and 20 points meant 12%. today, 84 years later the dow closed at a record high and the s and a 500 and the mid cap 400. call it green tuesday, if you'd like and some economic indicators market pros watch are flashing yellow, maybe even red. more on that in a moment. here for the record are the numbers on wall street today. a day of historical irony as the policy makers convene to discuss the economy and what to do without it. the dow with a last-hour sprint was 111 points and nasdaq gained 12 and s&p add add 10. >>> investors bought up stocks. retail sales fell in september down 1/10th of a percent, the first drop in six months. the decline because of a big drop in auto sales. home prices cooled off. the s&p index that tracks shows home prizes rose 1.23% in august. theç slowest gain since march. the data points down but

accepted all the risk they got these homeowners into enormous a debt then all the banks decided you know what we're going to go into debt we could have a banking crisis because we inflated a huge bubble then they won it and they illegally foreclosed on these properties they stole the property from these people that they fraudulently sold the mortgages to to begin with and trading on inside information against their own clients as goldman sachs did now what you're saying is five or six years later after basically throwing these people out on the street they end up buying them up for all cash with money that they get a zero percent interest rate they charge them rent on people that were living there to begin with and now they're in a crisis again which will probably lead to another bail out of the hedge funds like we saw with long term capital management is that about it yes exactly what's happening next you've got. ok so here you have a class of predatory financier as i mean in the u.k. it's amazing to me that having the experience of fannie mae and freddie mac. the u.k. seems like t

accepted all the risk they got these homeowners into enormous a debt then all the banks decided you know i we're going to go into debt we can have a banking crisis because we inflated a huge bubble then they wanted and they illegally foreclosed on these properties they stole the property from these people that they fraudulently sold the mortgages to to begin with and try to get inside information against their own clients as goldman sachs did now what you're saying is five or six years later after basically throwing these people out in the street they end up buying them up for all cash with money that they get a zero percent interest rate they charge them rent on people that were living there to begin with and now they're in a crisis again which will probably lead to another bailout of the hedge funds like we saw with long term capital management is that about it yes exactly what's happening next you got it ok so here you have a class of predatory financier as i mean in the u.k. it's amazing to me that having the experience of fannie mae and freddie mac. the u.k. seems like the goin

but only 18% got to homeowners. >> people are not educated. they are not getting the word out. >> reporter: keith rockmale of bay area resource a nonprofit coalition of real estate tax who assist homeowners in trouble say there's lots of reasons. >> not saying it's not possible, but you know they just get beating down by the system and that the guidelines are so strict that they really can't qualify. >> you get a flat rate to work with a consumer. >> reporter: the green lining institute says helping homeowners to work through mountains of applications requires help from experienced counselors who the treasury does not pay enough to do all the work. >> they don't actually have a real plan of action for how to compensate or adequately compensate. the direct line of commune -- commune case -- communication and help the community get to where they need. >> reporter: that's just one of many funds in the state and other states and nationally that simply are failing to get the money where it's truly needed. >> a lot of these programs are created by a

this event is for those homeowners and ones who might be on that course.ypically, homeowners save on average between 500 and $1,000 a month on their monthly payments. and the best part of this event, it's free. if you are interested in coming, now, this event will take place over the next five days. the doors will open at 8 a.m. and it will go to 6 p.m. so homeowners will be able to come here to the oakland marriott citycenter. they will be able to sit face to face with their lenders and have that same-day solution. live in oakland, back to you in the studio. >> cate, we know this is a very popular event. any advice for people thinking about heading over there today? >> reporter: what i heard from organizers is they take walk- ins so you can come in at any time during those hours from 8 a.m. to 6 p.m. but the best thing to do is preregister on the website and that is naca.com. so you can put in your documents and have all that ready by the time you meet here with a lender. >> okay. good advice. cate caugiran live in oakland, thank you. >>> and we're follow

there are over 10 million american homeowners that are underwater. and in richmond, california, the mayor and the community are fighting back and saying, "we're not going to take this anymore." they've tried to get wall street banks to rewrite their mortgages so they can stay in their homes and avoid foreclosure. and when wall street wouldn't do that, the city council said to the banks, "we're going to take these mortgages by eminent domain. we're going to buy them from you. if you don't want to sell them to us, we'll do it by eminent domain. and we're going to sell them back to the homeowners for about half the price, for the current market value." and of course wall street, the wells fargo bank and other banks, have sued the city. the federal judge threw out the suit. and they're going to win, the city of richmond is going to take on wall street and they're going to win. and once they do, that idea is going to spread throughout the whole country. there are dozens of cities ready to pounce and to do the same thing. and wall street is frightened. and

more than 11 million homeowners across the country are underwater.timated that number could double in the next year, which means nearly half of all american mortgage holders will owe more on their homes than those homes are currently worth. >> we've been through an event that none of us have ever experienced in this country since the depression. >> to try to stem the tide of foreclosures, the commissioner of the federal housing administration, david stevens, says the obama administration has set aside billions to give banks the incentive to help struggling and underwater borrowers with their mortgages. but banks have been slow to modify the terms of those loans. >> the fact of the matter is, these programs are designed to affect those who are most at risk, who are unable to make their payments, and it does require the investor, the servicer, to participate. >> the decision to walk away from the sinking home by people who can afford to pay is spreading like a virus, because as one person on the street does it, the next-door neighbor says, "what am i d

that means giving families the knowledge they need to be successful homeowners.hat means giving families access to affordable health insurance and reforming our immigration system. that means eliminating uncertainty so that credit can go to millions of tires who are ready to own. getting housing finance reform done to ensure a crisis like this never happens again. of these components can help shape a solid foundation for the future. it, we have got to make happen. despite all that has occurred here in washington recently, and in our economy over the past five years, i still believe we could get the things done in this country. we could make the housing market and for both the industry consumers. we could shape a better and stronger america for all. i look forward to working with the mortgage of bankers association to make these goals a reality. thank you. thank you and congratulations for your 100 year anniversary. thank you. [applause] please give a warm welcome to in the com posses president of financial services. ♪ [applause] >> thank you. good morning, everyo

does she have a problem with the homeowner? >> mitch is the real estate owner. i understand this woman was trying to serve you papers. what the heck is going on here? >> i'm guess being it's related to a lawsuit which took place at recreational facility that leases property from me. >> you had two interactions with her before, you thought she was a salesperson. >> initially on the first visit, i was working on the side of my house. she came up asking are you mitch? i said, no, i'm not. i didn't want salespeople, i'm out there working. the next day it turns out she came back at 9:00 in the morning and then she came back at 1:00 and did the performance you see on the video. >> this isn't a matter of you just had to go really bad? >> absolutely not. there is a port-o-can literally 75 feet from where she's standing. she's making a statement saying, okay, you avoided me, you tricked me. i'm going to get you back. >> what's your plan of action. are you just going to publicly shame her on youtube or are you going to press charges? >> at this point i don't know who she

al jazeera, new york. >> robert, a banker and homeowner and refinancing. he works with programs in ten states around the country. what is driving this? >> i think it's a combination of the ten-year rebounding a little. >> what do you mean by saying the ten-year rebounding. >> the ten-year treasury, the yield is indicative to how the mortgage interest rates go. we found in may, we were a caught a little off guard with a spike in the ten-year treasury, 50 ticks up which caused a sudden increase in mortgage rates. >> what do you think caused that up tick? >> i think it's when the fed and bernanke spoke, and spoke of-- >> tapering, right. >> when the bonds stop the rate starts to rise. >> we're talking abouting the tapering of the stimulus plan from the federal reserve. >> it would cause interest rates to rise and it's a lot of speculation. that's what it comes down to. when people system late that the rates are going up, they start to rise. when the ten-year start to rise. we see the ten-year at 1066 and then 292. and then september 18th they had another meet

. >> the peninsula city where a homeowner found a mountain lion in his backyard. >> and how getting evenith an ex could land you in jail. >> and a major setback for surfers and other beach lovers. >> it's shaping up to be a mostly sunny day around >>> fire investigators think a fire broke out in the attic of a house this morning. attic had been converted into a religion room. the homeowner and three family members, all adults, got out safely. >>> prosecutors are considering whether to file criminal charges in the death of a young asiana airlines crash victim hit by a san francisco fire truck. the district attorney has a report from the sheriff's investigation. the fire department called it a tragic accident. the 16-year-old was one of three teens from china who died after the crash after san francisco airport on july 6th. she had been covered with firefighting foam when a fire truck drove over her. autopsy findings presented to her family this week revealed she had fatal injuries to her head and pelvis. >>> there may be an odd smell lingering around newark for the next few days. evergree

. >> reporter: on october 1st, over 280,000 businesses and homeowners will be affected. >> a lot of these are mom and pop businesses, as we are, and they are just -- there is just not that much profit in them, and they will not survive. >> reporter: this insurance agent is one of the policy-holders. flood insurance premiums on his office building in louisiana set to rise 25% a year for the next four. his payments going up to $13,000 by 2016 as he loses his grants provided in the flood zone, these changes are a part of the waters act, raising premiums to better reflect flood risk and get the program out of a $24 billion hole, homeowners like dan at the rockaaways in new york, hard hit by sandy, the maps re-drawn by fema put his home and tens of thousands of others across the country in high risk zones requiring far higher premiums. the premiums will become an unaffordable $20,000 a year. >> obviously, we live on the water. we know it is a risk. but the rates that we're hearing almost 10 times what i'm paying now, it is just impossible for us to afford that. number one. and to resell this h

we'll tell you what the homeowner thinks may have caused the blaze. >>> a beautiful day around the bay area. sunny and warm. ktvu's mark tamayo will be here with details including how long this nice weather will last. >>> and new information about two missing sisters in the south bay. why police believe no foul play is involved in their disappearance. to thosuffered in silence... hoped... and lived in a state of fear... welcome to a new state... of health. welcome to covered california. the place to find quality, affordable coverage. financial help for those in need. and nobody can be denied because of a pre-existing condition. enroll now at coveredca.com or call 800-675-2607. >>> new information. a disappearance sunday of two san jose teenagers. police don't believe there's any foul play involved in the disappearances of 16-year-old adddy lynn and emily -- adly lied and emily -- adelide and emily dorcech. they believe this is a custody dispute. the father has filed a missing persons' report and set up a facebook page to find them. >>> the death of lynne spaulding has led to new safety

she sees many homeowners like robinson resist all types of insurance.loods are no exception. >> the reality is if you don't have the insurance you can't fight for the protection that you're entitled to. >> reporter: the average premium for flood insurance is under $500. homes in high risk areas can run you more than $1,000 a year. boch says the bay area's flood zone map is in need of an up great. just because your home doesn't

especially among homeowners living in low-lying flood zones. laura adams of insurance quotes dot com tells us they will no longer be entitlted to government assistance on some flood insurance. "basically this is going to remove the federal subsidy that many homeowners have been enjoying, so that's been keeping their rates sort of artificially low. so once those subsidies are taken away, these homeowners are going to see their rates increase. it going to happen gradually over a course of years." depending on where the home is located insurance costs could double, triple or even quadruple. a bi-partisan group of lawmakers are fighting for lower flood insurance rates. in lieu of an unemployment report this month --- bill moller and company step in to assess the situation. thats next. and later, corporate earnings kickoff! we check in with how traders are preparing as jpmorgan and wells fargo report. we'll be right back! friday's official september jobs report from the bureau of labor statistics - was officially cancelled. the government shutdown h

we just spoke to the homeowner.you what he thinks may have caused the blaze. >>> good morning. the toll plaza, still not doing that well if you are trying to get into san francisco. you might want to think about using another bridge or taking b.a.r.t. >>> we're out of the gate with sunshine. it will be a mild to warm day. but you know it can't last. any changes brewing? we'll talk about it and see if there's any fog. [ laughter ] he loves me. he loves me not. he loves me. he loves me not. ♪ he loves me! that's right. [ mom ] warm and flaky in 15, everyone loves pillsbury grands! [ girl ] make dinner pop! so i should probably get the last roll... yeah but i practiced my bassoon. [ mom ] and i listened. [ brother ] i can do this. [ imitates robot ] everyone deserves ooey, gooey, pillsbury cinnamon rolls. make the weekend pop. >>> stock market surging as washington closed in on a deal to avoid a deet fault by the u.s. government. also good earnings reports out from bank of america, mattel and pepsico. the markets are u

the homeowner is going to stay here until he can get an electrician.e going to a nearby family member's home. >> the mother of a bay area girl who disappeared defy years ago says he is grateful police are re-opening her daughter's case. the police will take another look at evidence in the 1988 abduction of the 7-year-old amber. the case was closed in 2009 after serial killer curtis dean anderson confessed he kidnapped and murder amber saying he left her body in arizona. he died a month after making the confession. the family is skeptical of the involvement because this is no trillion evidence linking him to amber. >> i am excited and maybe my days of running into the prick -- brick walls are over. >> they are using techniques to get new evidence. >> day two of 9 federal government shut down shows no signs of easing. the president is postponing an economic trip to asia. we learned president obama will meet with some of the top c.e.o.'s about the shutdown, and house of representatives republicans tried to fund some of the popular items affected by the sh

if the homeowner said he heard a crackling sound and that alerted him to the fire. they were able to knock down the flames in 20 minutes. they had to cut through two skylights in the roof to ventilate the home. the fire started in the attic area. they were able to talk to the homeowner about what was in that room. >> there's a little language barrier. he described it to me as a prayer area, a shrine. but, there was no live candles. i asked him about that. he described it as a light. >> so, firefighters still have to conduct their investigation out here. but, so far from the information that they were able to receive, they don't appear that there was anything malicious. obviously, something in that room sparked that fire. they're in the monopoly up stages, back here live, you can see they're out here with their flashlight, just kind of going over the house, making sure that it is safe to leave. the family originally was going to get some help from the red cross, but instead, no, they're going to find other arrangements for themselves on where to stay, but it doesn't

and connecticut, colorado and pennsylvanias as issuing most of the money to homeowners. one important note: states were given discretion over how to handle the settlement money. five former employees of convicted swindler bernie madoff go on trial this week -- for their alleged participation in a $65-billion ponzi scam. the "5 employees" plead not guilty-- however, prosecutors contend that bernie madoff could not have acted alone in the decades-long scam. jury selection started yesterday. the trial could bring out testimony from director steven spielberg, actor kevin bacon and actress zsa zsa garbor who lost money in the scheme. bernie madoff is serving a 150-year prison sentence. jc penney reports having enough cash on hand to last until the end of the year. that caused a rush of buying in the stock tuesday-- with share trading well above s8 before closing at $7.77. there were concerns the jcp was burning to quickly through its cash. but the retailer anticipates $2 billion in year-end liquidity. jcp also reports revenue fell 4% in september while online revenue increase

i'm not a homeowner. or business owner. in fact i'm not even from here. i'm a composer and classical pianist in brazil. 2 years ago i adopted my 1st dog extremely active red golden retriever who completely changed my life. one of the only ways i can really tire her down is actually [inaudible] off leash run both equally important. the goal was to [inaudible] it's a vibrant and the dogs care good care that owners provide to their dogs many [inaudible] in the dog world. newly search is being done on [inaudible] dogs have emotions. i hope future research will encourage again and in good treatment of animals. [inaudible]. communication is what maintains them a healthy community and this is exactly what is not being done by gg nra. so dogs are friendly and they deserve their space to. i can't imagine the impact that will have in [inaudible] dog parks that are crowded. doug parks and off leash parks should be designed for recreation and that includes our dog. thank you. >> thank you very much. next he could. >> my name is lisa vettori. i actually also want to t

. >>> oakland homeowners are planning a rally in front of city hall today to support richmond's plan to help rescue underwater mortgages. and to call on oakland leaders to adopt similar efforts. in july richmond became the first city in the nation offering to purchase more than 600 mortgages from banks and achieve principal reduction for homeowners who owe more on their mortgages than their homes are currently worth. a delegation of oakland homeowners says it's planning to call on banks to work with families trying to keep their homes. >>> this morning thousands of students around the bay area will be getting some physical education. even before they get to class. today is international walk and roll to school day. in san francisco, more than 12,000 students are expected to walk or ride their bikes to the city's 76 public schools instead of getting car rides from their parents. the event is trying to raise awareness about safe routes for walking and bicycling as well as that all important exercise. >> all right. we'll see how the weather is for that. we also want to be keeping our ey

on a dog owner a homeowner and business owner in the city. i'm astounded that this even [inaudible]. because the city has so many wonderful things about it that are attractive all over the world. one of them is there are dog park out at fort constant in our attitude about live and let live environments. this is coming from an outside source that has no respect for that and so besides congratulating you on your resolution and hope that you have some affect, i would urge you all to even provide a greater area for dog owners can walk their dogs off leash. as many said it's important part of the dogs socialization. it makes for nicer chesler dogs when they are on leash in confined spaces , and it's good for everybody in the city. thank you. >> thank you. next speaker. >> good afternoon supervised my name is vicki cannon and i wholeheartedly support the resolution and thank you for the sponsors of the documents. i want to point out that there's a long history as you mentioned supervisor winner, of attempts to get rid of dog walking with the gg nra

underwater homeown s homeowners, whose mortgages might be eligible to be -- to be changed to perhaps,out of this $4 billion piece of this deal. the rest of it is going to go to the treasury department and perhaps will, you know, make up for some of the damage done by the shutdown that you were just talking about. >> so, then, where does the money go? is this going to impact the markets, and on and on? >> well, yeah, the treasury department -- the treasury is going to get the big chunk of the money there. some of it is going to go towards helping to make up some of the losses that fannie mae and freddie mac took for buying some very poor loans from jpmorgan and some of the other companies that it owns. and some of it will, you know, had it's not clear whether any of it will get to investors. and like i said, some of the homeowners, some underwater homeowners might get better terms on their mortgages as part of this deal as well. >> okay, evan perez is our justice reporter joneg eer joim d.c., appreciate it. >>> we've had close calls from asteroids but we've never tried to catch one. th