on henry's comments and it's extraordinary that the grants across the country that were awarded to hud two of them are in the same state and it's more extraordinary that both of them are in the same city, san francisco so congratulations. [cheers and applause] so for context i just want to mention a few things and this is no news to all of you here in the room and the people standing up with me today, but today in america more than 10 million people are living in neighborhoods of concentrated poverty and limited investment and opportunities for themselves and their children, and we know that one of the most important factors in determining the economic and financial success of peoples whether or not a child grows up in those high poverty neighborhoods? a. the fact that we can predict health, education outcomes of children based on the zip code, where they live is really a tragedy and it's not something that we as americans want to see as an outcome for the next generations and part of the obama's in fact and i have builds on this and the revitalization program and with choice neighborh

two fantastic planning grants from hud as part of a intense national competition and the reason we got this nod is the people decided they're going to come together and get this done. this is a choice. this is a choice that we made with our residents here that we're going to better ourselves. we're going to lift ourselves up. we're going to do it together. that's what it means. that's why the housing authority is here because they believe in the same thing. i want to thank the commissioners and staff and henry a fantastic job and all the leadership with all of the commissioners. i want to thank our partners. let 300,000 grants and they reflect the deputy administrator a collaboration and agreement that we're doing it the right way, and i want to thank president obama. he has been wonderfully supportive of the examples we provided here. i want to thank secretary shawn don van and his staff and the regional staff for recognizing what is going on here. i want to thank hope sf and all of the partners that we created. you know i was here when the planning grant was given to alice griffin an

and hud should scale back oversight of small agencies. in response to the concerns we have taken steps to adjust how public housing authorities are scored-under-par the system, and we are willing to change and consider other changes as well. broader reform that embraces traditional real estate management practices will bring substantial administrative relief to phas of all sizes helping to put the public housing portfolio on a more solid foundation. reform is the next step on the path established nearly a decade ago with the implementation of asset management, a system where accounting budgeting funding and management are performed at the property level rather than the public housing level. the rental assistance demonstration a top priority of the administration, also nope as rad, addresses the contractual relationship between county authorities and hud and has the option to convert to long term project based section a contracts enabling them to leverage private investment on terms similar to those available to private property owners par

this is included hud, fema bacillus department of homeland security, transportation come energy interior and health and human services plus a small business administration and the army corps of engineers, state and local officials and private businesses and charitable organizations. hud personnel have been on the ground staffing fema disaster recovery centers and doing a variety circulated works such as

and i worked with working with hud on how the regs were going to be implemented. there was concern because people were thinking where are we going to find all these people qualified for these mortgages. and there were underwriting efforts to make the guidelines more friendly towards nationalities that may have a different way of dealing with home buyering like where you have, um, extended family type of support, gifts and things like that. but, um, but there was concern because it is a public and a private company with market share. and countrywide was coming in with securitization. but at that point my perception was that fraud was really -- you had criminals. it wasn't until housing really became seen as an investment good that everyone got on the bandwagon, and the mortgage bankers came in. so that was my perception. but we did, i mean, we did the exotic products at that time were, like, tiered payment mortgages, i mean, home equity loans were just coming on board. most of the exotic things were really certain type of a.r.m.s, and the low-doc loans were monitor

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she is responsible for the oversight of hud and hud housing programs.please proceed with your testimony, secretary sandra henriquez. >> thank you and good morning. chairman johnson, ranking member shelby, members of the committee, i think you for inviting me to testify this morning. the opportunities for reform with the hud program. we provide critical housing assistance and communities around the nation. not surprisingly, the demand for rental assistance has increased. in order to reduce the administrative burden from public housing authorities and increase efficiency, generating cost savings were possible. in light of the affordable housing, we are working hard to preserve other housing ideas. we are strengthening the portfolio and pleasing possibility to respond to local needs. there is broad consensus among experts and practitioners for a number of reforms that will streamline and simplify the rental assistance program. hud purporting number of reforms and these include consolidating self-sufficiency program and open eligibility. we are testing the

are there any actions hud then take to reduce the burdens on small pha's? >> yes, we are examining particularly but reporting and regulatory burden on smallpha's and we are trying a couple of things in a couple of different areas. we want to look at what we can do to streamline across the board. it two, we are looking at our own data collection systems to make sure we ask for it once and not in the bucket ways. and when we ask for it, it is information we are going to use. to make sure our data collection is as tight as possible. in addition, providing regulatory relief to small agencies in particular. there are some things we think makes totally good sense from a property management and monitoring perspective. we want to take those not just for small agencies, but we want to take them to scale because if they are good for small agencies doing real estate property management, they are good for other larger agencies to do the same work as well. there other issues around regulatory streamlining that we would like to talk more with both the committee and small

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hud was still regulating fannie and freddie and admitted it didn't have the time or expertise to keep track of them. congress decided it was going to create a new improved regulator for fannie and freddie and jim johnson said that is fine just do it our way. he said the regulators should not be allowed to micromanage fannie and freddie because that might prevent them from doing their job which was to keep the housing market healthy and make more and more americans into homeowners. in 1992 congress obediently created a very weak regulator for fannie and freddie. one of the few dissenters was representative jim leach of iowa who noted the 1992 legislation was written by lawyers for fannie mae. after this great victory, fannie mae had a huge growth spurt under jim johnson. you can see that for the first -- in the 70s and 80s fanny was a small agency but as we got into the 90s it grew very fast. part of that was the disappearance of s&ls who were competitors. one of johnson's main allies and golfing buddies was angela mozilla, son of a butcher from the bronx who helped create the largest

if the housing counselors that are hud-approved are having an issue - and they certainly are - getting to the right department, we know the borrowers are as well. > so people facing foreclosure should definitely contact hud, whether you are in the home now or out of the home, correct? > > yes. > any kind of foreclosure issue. > > the home preservation, and there is a website that they can go to for the independent foreclosure revue, which they should do immediately, it is independent foreclosure review.com. > mary jones is executive director of agora community services. thanks for coming on the show today. > > thank you for having me. just ahead: the election is over, but the coal play lives on. signs one coal stock is heating up next, in chart talk. coal stocks were all the rage during the presidential campaign. now that the election is over, it might not be over for one coal company. scott bauer of trading advantage joins us now for a closer look at a coal stock. good morning to you. > > good morning angie. > what are you seeing in walter energy? > > this one is really sticking out.

our project problem is the individuals and hud, i never thought hud would get high marks in the eastern shore. you are. and also in other part of the state where there's compelling need in which you responded particularly to the most vulnerable population and those that in assisted or subsidized houses. thank you. we in maryland, first of all, we are a water state. we have the ocean, we have the bay, we have rivers that leave the bay. it could flood and send terrible flooding flood. we're part of reform. i used to chair the funding of fema, so i'm a fema reformer. we practiced the three r. readiness, response, and now recovery. readiness,ic it worked. i think it worked in maryland. governor o'malley with the insistence we were ready -- we were ready and resilient. we all said -- punishment on ocean city. that protected $2 billion worth of property because we spend public money to protect private property. that worked. but now we're in to the recovery phase and this, and the response was great. we had heroic people. we were hit by a hurricane, on the shore and coming up our bay all the w

it is really the programs that hud and others have.t is why we look at this from the standpoint of the recovery framework. much of this is going to go far beyond. >> there lots of families who are impacted by this. the other question that i have, one of the problems that we had was getting the fuel to these places. once we get them to these places, they could hook up and as the governor said, it's not an issue surrounding fuel. it is an issue of how do you deal with that. many states have been coming back with requirements to look at pre-wiring. it is not easy to get a generator that. been doing some things ahead of time where does involve the private sector, it's going to be their money and also their customers, looking at pre-wiring and identifying key areas of the state would want to make sure that if the power went out, they could serve as a community. these are things that i think we will be working with our state partners with. >> i also think you should look at food stores for it is the other issue, obviously,. >> if history tel

hud is already assisting affected state and local governments. immediately following the storm, we hosted a call to help grantees understand how existing resources may be used for response and recovery efforts. further, hud has issued a waiver to make it easier to receive funds for emergency needs. as you know, sandy recovery and rebuilding include $17 billion in disaster recovery. this allocation will provide the necessary resources to plan and implement long-term recovery in the region, while helping impact did -- infected communiques -- communities -- while helping communities.munich t mitigation efforts have been found to provide a $41 return on investment. allocation of $40 million allowed for the rebuilding of stronger and safer wastewater facilities the were able to operate without disruption despite serious storms and flooding. we offer important flexibility and effectiveness by allowing jurisdictions to sign long-term housing and infrastructure recovery programs based on specific needs. our experience also demonstrates the importance of

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i won't be far in the secretary on hud. but i enjoy working with this committee. enjoyed being chairman of the committee. the people on this committee are super. this is a very important committee. not only for the senate but for the american people and perhaps the world. banking and housing and everything that goes with it goes right to the heart of everything in america. job creation, the money, the regulations of banks, the insurance exchange commission, money laundering, sanctions from iran, you name it. this is an active committee. so i will be around. i will be moving down one notch. having said that, welcome again, mr. secretary. just days after the president's reelection, the fha released in 2012 action where a report, which revealed the economic tide of the fha fund has fallen, negative $16 billion. that means the fund capital reserve ratio, as i understand, now stands at a negative 1.44 trillion. this year is obviously -- this news is obvious a very disturbing to us. for those of us have been long concerned about health of the fha. four years the problem

know your rights, if you believe you have experienced housing discrimination, contact hud. >>> i'm sara this week we go inside an almost $28 million townhouse and a downtown home with an indoor pool. and how to destress this holiday season. but first i get a behind the scenes tour of the "30 rock" set with tina feys. >> this is a large new york bedroom. >> yes it's big for new york. i don't think it looks as big on tv.

in 2011, hud had its projection showing fha capital ratio reaching 2% in 2014. now despite these reassurances the actuarial report projects that the fha fund has a capital reserve as i mentioned earlier of negative 1.44%. what is the response to the fha's leadership? just this year after further declines in the fha fund secretary donovan and acting fha commissioner carol hallett testified to two different senate committees that the fund would, quote, return to the congressional demanded capital reserve ratio of 2% by 2015. needless to say i am not nearly as optimistic about the future of the fha. i hope it works, hope it does. the inability of fha's leadership is clearly recognized, raising doubts about the credibility and willingness to properly manage fha's finances. i think it is time for fha to face facts. first, the capital reserve ratio of the federal housing administration is dangerously low and every year since 2006, second, the fund's capital ratios have been below fha statutory obligations every year since 2008. third, every year since then, future gro

think is doable and the department of housing and urban development came together to establish the hud slash veterans housing program which, is models after section eight and san francisco has received 500 of the vouchers to date. we have learned that our chronically homeless veterans were having a difficult time finding apartments in the private marked in fact many veterans have had vouchers issued in 1212 and so what we have here is a situation where we have a federal agency, the mayor's office and housing authority and human services agency who have focused to encourage private landlords to provide housing for these veteran and is a few months ago one of those landlords the owner of 2524 mission street came forward to offer to least his 33 stew apartments which are above the restaurant on joule which, is now the -- restaurant to least those apartments to veterans who have those vouchers and i think for those of us who really see the need to address this issue this is a very exciting possibility. you know the idea is that we would have a process that actually allows these veterans wh

and when we come back, we'll hudding around the water cooler, where it gets awkward in an interview betweenhe obamas and barbara walters. that's next when "way too early" comes right back. ♪ >>> okay, enough with the real news, let's gather around the water cooler to watch barbara walters try to pull back the curtain on life at the white house. the 83-year-old journalist sat down to interview president obama and the first lady, assuming we've all heard plenty about the fiscal cliff, walters wasted little time pivoting to more intimate territory. >> when you look at this picture, what do you think? at what point was it taken? >> i think we were campaigning in iowa. >> so, why were you hugging so hard in iowa? >> because i love my wife. >> well, and also, i hadn't seen him in a while. i mean, you know, when you're campaigning, we're two ships passing in the night, and the first time i saw him was when i walked on stage to greet him, and that's my honey giving me a hug. >> giving you hugs. >> how do you keep the fire going? >> that's a good question. >> you know, we've been married now 20 year

. >>> and when we come back here, we'll hudding around the water cooler where jimmy kimmel has some solutionsiday shopping blues. that and more when "way too early" comes right back. >>> well, enough with that real news. let's huddle around the water cooler with louie louie. louie, what's the latest? yesterday is going to be tough to top. >> thank you. there was a majority feel on the floor. he got a little sidetracked with one particular sidetrack of ben nelson's appearance. take a look. >> i think if the truth were known, many, many senators would be very envious as i am, and i would eve think the presiding officer, that hair of ben nelson's. i mean that is a mop of real hair. it's often that people call his office. they believe he had a toupee. it's his hair. he'll pull it for you any time just to show you that it's real. i mean he has hair like a 15-year-old, mr. president. and so i have to acknowledge i am a little envious of his hair. >> as you can see, senator reid is not wrong. that is a flowing mane of silver hair. >> the best thing was unsaid. the smile. just let that go. >> let's m

doug. >> reporter: the federal housing authority, which is a part of hud, jon.t simply failed to manage its money. to understand why this is so dangerous you have to know what the fha does. it does not provide mortgages directly, it insures mortgages. but it also allows borrowers to qualify for mortgages with putting only minuscule amounts down on the purchase of a home as little as 3.5% on the home's value. compare that too private lenders which require 20% of a home's value. without putting down large down payments borrowers are at real risk. not only are they not building up equity, any economic downturn in the housing market can make their homes worth less than what they owe and could lead to the bursting of a second housing bulb. the fha losses were uncovered by a recent audit and have sent shock waves through the authority. >> even "the washington post," which is not exactly a right-wing think tank said recently, quote, right now the critics are starting to look pretty presentation. affordable possession of one's own home is the american dream. government

that's more than all of the hud outlays. they were $40 billion. which is need to equalize some of the stuff we are doing already. i would get push back on this from doug. the only part of the panoply of programs that is producing rental housing for lower income families is the low-income tax credit. >> you are so wrong. >> new construction is down. it is producing it heavily in terms of rehab and renovation. an awful lot of that stuff is in markets where if the use restrictions are allowed to expire, it will be lost for low-income families. another piece that got lost about investor owners of small properties is that one to four- family buildings that have relied of rental units in them were always financed as single- family homes. it is hard to get financing for that kind of housing now. a lot of it needs to be rehabilitated or refinanced. we need to figure out how we can effectively finance those small buildings. it is up to 50. that is not a subsidy but paying attention to how the financing system affects rental, and rental that is not luxury r

proposed resolution approval for the upcoming 2012 continuum of care fund and p obligation we're doing for hud. we've been doing this since 2008 because we're required to bring the resolution to you since then. as you know, the san francisco local homeless coordinating board which is the san francisco obligation for the [speaker not understood] housing and urban development continuing care grants homeless assistance. in 2011 computation had awarded san francisco over $19,74 3,333 -- 34 dollars in competitive continuous care homeless assistance grants. actually the first in the country last year. in 2012 the proposed resolution would [speaker not understood] to apply for $23,572,2 80 including an estimated $99 3,9 10 devoted to new permanent housing for currently homeless people [speaker not understood]. we call touch-tone bond project which we've been doing everywhere. [speaker not understood] provide homeless individuals [speaker not understood]. and you have in your package attached the list of all the organizations that are going for renewal. as you know, we undertake intense community proc

the department of housing and urban development where ryan currently works wells fargo settled with hud for allegedly kicking people out of their homes without trying to offer them a refinance of their mortgage and doctored their paperwork clearly no hard feelings for a while so far though it has grown its mortgage unit significantly since the economic crisis and now makes up nearly a third of the whole mortgage market and that's according to inside mortgage finance before i was part of hyde he spent twenty six years of freddie mac. the housing behemoth that was taken over by the government to prevent its collapse in two thousand and eight when ryan moved to the agency while ryan takes a cushy new job at wells fargo taking as close government connections with him almost fourteen point nine million homeowners still owe more on their mortgage than their house is worth. over the revolving door in washington to play in the money game here in d.c. it's been said that politicians long ago sold out the american people for campaign cash this story just proves that point the hill newspaper repor