and i have is that exact same thing all over again fraudulent loans made based on liar loans they'll take all those car loans and package him off to institutions and pension funds were to blow up and cause people to be impoverished it will be rated by rating agencies in a way that's completely fraudulent when i have in fact you're predicting in the next few quotes i am almost always talking exactly about that so these loans have increased by one hundred thirty. percent since the financial crisis so one in four loans auto loans is now a subprime mortgage a mortgage a mortgage on a car essentially because the actually like the length of a mortgage now so why is what's driving this the article in new york times points out exactly as you've been saying actually but we'll say it here as well the explosive growth is being driven by some of the same dynamics that were at work in subprime mortgages a wave of money is pouring into subprime autos as the high rates and steady profits of the loans attracts investors just as wall street stoke the boom in mortgages some of the nation's biggest ban

cent since the financial crisis so one in four loans auto loans is now a subprime mortgage a mortgage a mortgage on a car essentially because the actually like the length of a mortgage now so why is what's driving this the article in new york times points out exactly as you've been saying actually but we'll say it here as well the explosive growth is being driven by some of the same dynamics that were out work in subprime mortgages a wave of money is pouring into subprime autos as the high rates and steady profits of the loans attracts investors just as wall street stoke the boom in mortgages some of the nation's biggest banks and private equity firms are feeding the growth in subprime auto loans by investing in lenders and making money available for loans so again the banks have a one step removed so they'll never get in trouble it's just the middleman they're extending these loans this money to these intermediaries who give the subprime auto loan directly to the customer and then what are these private equity and banks doing well according to the article and like sub prime mortgages

for many students, a student loan is the first loan of their lives. if students consider the financial assistance that they need to get a decent education, it's critically important that they have the information they need to responsibly manage their finances. i particularly want to applaud the ongoing work and leadership in promoting financial literacy by the co-chairs of the house financial and economic literacy caucus, including representative hinojosa, who has been a strong advocate of financial literacy initiatives, and played a critical role in creating this commission. i'm also pleased to be joined by my colleague from alabama, mr. bachus, who sponsored this legislation to help create this commission. and i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from alabama seek recognition? mr. bachus: i claim the time in opposition although i am not opposed. the chair: without objection, the gentleman is recognized. mr. bachus: thank you. i want to commend the gentleman f

when looking at the biggest loan that federal loan people have is stafford loan, talking about a ratethat's going to go up as of july 1st to over 4.5%. taking a look at for graduate students, their loans are going to go up as well, we are looking at those loans going up to over 5%, from 5% to a little over 6%. rates on plus loans for graduates and parents, these are the most expensive federal loans, going to jump to over 7%. now, these new are for loans distributed between july 1st and june 30, 2015 and going to be fixed for the life of the loan, but definitely a hike. >> that seems crazy at a time where you can actually get a 30-year mortgage on a house for 4% or less. how much is that going to mean in terms of monthly pages? >> in terms of monthly pages, about $4 more per month for every $10,000 that you're borrowing. that's based on a ten-year repayment plan. some say $4 extra a month, it's gonna add up, when you're talking about new loans coming out, you know, for undergrads and then these rates likely to continue to increase. the maximum rate cap that's mandated is 10.5%. they co

; that the loans were due basically out. >> nor did she know how defaulting on those loans would affectuture career. >> if you default and you are trying to go to graduate school, that could mean you have no access anymore. >> the dangers of defaulting on student loans are poorly understood. a recently survey sound only 28% of respondents realize that failure to repay can result in poor credit, garnishment of wages and withholding of tax refund and social security. and student debt is nearly impossible to discharge through bankruptcy. he is encouraging her fellow alums to sign up for income-based repayments. the government program that allows federal student loan borrowers to cap their payment at 10%, and avoid a costly default. >> understanding the consequences of failing to pay back your student loan on time is a good start. but borrowers also need to be aware of the programs that keep them from falling into trouble. >> there are over 7 million americans in default on a student loan, and it is very troubling that most of them could have avoided that. >> this is student loan ombudsmen

what types of loans are most often coast signed? >> student loans. home loans and car loans.d, these student loans, i would assume is becoming a very big problem for mom and dad. do you see a lot of cases where mom and dad have to pick it up? >> this is a huge problem because we know that nationally we have a trillion dollars in outstanding student loan debt. and the number of college graduates, exceeds the number of jobs that require a college degree. so, for many people, we can expect the student to run into some trouble. so when the parents are asked to cosign, it is not a good prescription. gerri: mom and dad, think twice. that is what i say. benefit after car or house or education? >> if the primary borrower dies or bankruptcy, the student loans are not dissociablable. disdischargeable. where the primary borrower discharged or car loan, the cosigner is still on the hook for it. gerri: repayment options for private loans are less nextable? >> today because college tuition gone up dramatically, the traditional federal student loans are not enough. we're also in private loa

i sacrifice daily for my loans. i live at home, have a 50-minute commute to work every day because i can't afford to live on my own or even with roommates. i can't have the dreams i've dreamed of all my life. i'm 23 and i'm already telling myself that i can't own a house, that i will probably never have children because i can't afford to bring them into the world and take care of them then i can't even afford to take care of myself. that's what i live with every day, the anger, depression and disbelief that i'm forever stuck, closed quote. parents are calling and writing to me, they want to talk about the anxiety they have and concern they have over the debt their sons and daughters have accumulated. some parents have delayed their own retirement or made early withdrawals from their 401k to help their students with a student loan debt. a mother from middleton, massachusetts, wrote to me and said, and i quote, i have two children with multiple student loans. it's difficult enough to graduate, to find a job in the fie

loans. i am not the only bank in south texas to exit the mortgage business. other banks in my county have stopped and community banks in adjacent counties. this is occurring in texas and across the country. the real victims here are the working class and middle class prospective homeowners. banks want to make safe, profitable mortgage loans. denying mortgage loans to borrowers otherwise considered credit worthy goes against every sound business instinct a banker has. he support hr 273 and hr 241. they would exempt the mortgages held on the bank sheet from the ability to pay requirements and exempt creditors with less than $10 million. no bank is going to hold a loan it doesn't believe the borrower has to ability to repay. in conclusion, i ask this committee to look at the unintended consequences of the dodd-frank and make changes so community banks can go back to meeting the needs of local community businesses. unless changes are made, compliance cost continues to drive massive conciliatory

loans to poor people. i was astonished again, i get astonished a lot these days, that there's a criticism that under the bill fewer loans are being made to low-income people. yeah. that was part of what i thought everybody wanted to do. i thought there was a consensus that too many loans were being made to those people. and then when you blame the community we invest in. i'd like to cite testimony of our banker from texas who says community banks didn't make bad loans. i agree. and guess what? they are all subject to the xhoonity reinvestment act. if it was so distort iing. i know that this committee passed a bill on fannie and freddie but it hasn't passed the house even. so i think we are about to see the fourth anniversary of your party being in control of the house and not doing anything about this problem that you say is such a serious one. >> mr. deas, you are now recognized for your testimony. >> thank you, mr. chairman. and good morning to you, ranking member waters and the members of this committee

in portfolio as long as they're not predatory loans, no documentation loans, those kind of loans. and you have some protection under safe harbor. so i'm going to go to barney frank. let's talk about what we have done and what you have done to be of assistance to small banks and community banks. >> a couple things. first, on the point you raised, i am, again, very surprised to hear my republican friends now say our problem is that we have toughened up the standards for banks to low-income people. i thought that was a general agreement that was part of the problem. but there is this myth that somehow democrats were pushing for these loans. in fact, during the period from, really, the mid h-'90s, it was people on our side that were trying to restrict these kind of loans, and we passed the home protection act and he wouldn't use it. the state of georgia passed laws to assist subprime lending abuses and the bush administration preempted it. then i was working with brad miller and mel watt from the democratic side. we were trying to put regulation through to regulate subprime homes, and

making a commercial loan, or as we saw, a residential loan, can be a very risky endeavor. banks are designed to take risks, designed to leverage their capital base, designed to perform intermediation service. the liquidity rules that are being proposed not only are excessive, in my view, but are counterproductive. why would a rule say that you can't invest 100% -- you can invest 100% in just treasuries or italian debt but you can't invest and have liquidity credit for a money market mutual fund that can only invest in u.s. government? there's got to be some rationality, some balance to what we do. and the emphasis that saved and soundness is always going to be the predominate regulatory goal is not going to work in the long run. >> i agree with gerry. i think, again i want to clarify what i was saying on liquidity. i think it's helpful that the basel committee look at them side by side. my only point is i think there should be more emphasis on capital and more emphasis on reducing their allies on short-term funding because the centerpiece seems to be putting more liquid as

outstanding student loans. over 60 collectively owed about $43 billion in student loans. >> 60 and over. >> think about that. people that have guaranteed other loans and went back to school later in life. so we have a lot of student loan debt. it's starting to be so much that it is dragging down the economy. the reports are starting to pile up from the consumer financial protection bureau, from the department, the treasury department. and what it shows is that people are not going home at the rate that we would anticipate. they are no they just are not doing that economic things that we would expect them to do because they are burdened with debt. as we have a situation and one more case, it's growing and it's growing fast. oveover was the band a decade te amount of student loan debt has grown by 70%. so think about that. what can we do about student loan debt? about the outstanding student loan debt there are forgiveness programs. that is a piece of it. we can bring down the interest rate on all student loan de

making a commercial loan or as we saw residential loan, can be a very risky indefer. banks are -- endeavor. banks are designed to take risks, designed to leverage their capital base. designed to perform an intermediation service. they, the liquidity rules that are being proposed not only are excessive in my view but are counterproductive. why would a rule say that you can invest 100% in u.s. treasurys or italian debt but you can't invest and is liquidity credit for money market mutual fund that can only invest in u.s. government? got to be some rationality and some balance in what we do and the emphasis that safety and soundness is always going to be the predominant regulatory goal is not going to work in the long run. >> i would just say, i agree with gerri. you don't want to clarify what i was saying on liquidity. it think is helpful to the basil committee looked at liquidity and capital side by side. my only point i think more emphasis on capital and more emphasis on reducing their reliance on short-term funding. because the centerpiece seems to be putting more liq

this is money you have to repay. >> witelh loans you want to look at cost of the loan.hat is interest rate and fees? are those interest rates fixed or are they going to increase when the federal reserve stops easing and stops quantitative easing? so generally speaking federal loans are the best bet because they have low fixed rates and more available and better repayment terms. gerri: very good repayment terms. in fact sometimes you can get the debt forgiven. mark, thanks for coming on the show. great to see you. really appreciate your time. thank you. >> thank you for having me. gerri: did you know many students who qualify for grants don't even apply?$ this story continues. >>> wellto gerri: on to our users guide. we've been talking about all week your loved ones college education and best way to pay for it. filing fafsa forms or decoding misleading offers. if you missed any of this, visit my website, gerriwillis.com for all the cost cutting details. lots of good information there we want to make sure you don't leave any money on the table for college. here with advic

student loan debt in this country is now at $1.2 trillion.ow is that -- that impacting the overall economy? >> it varies. we are not as concerned as some about college graduates graduating and having lots of student loan debt. of far more concern to us are those that do not graduate and have the equivalent amount, because they don't have the increased earnings power that graduates do, but they have the big hills. that is where we see the most concern on the student loan front. >> dean maki is the chief u.s. economist at our queries. you onlways glad to have the program. thank you for your time. >> thank you. >> coming up, the caribbean college investigation, why have that not -- why have they not been able to reach an agreement with the u.s. department of education? ♪ ways to are multiple watch bloomberg television. we are on the web, bloomberg.com, on your mobile device, apple, and amazon fire. corinthian colleges failed to reach an agreement with the department of education to sell or close its 100 seven campuses. the for-profit college cha

interest rates on their loans are rising. i mean federal loans here.e're covering everything you need to know with the senior vice president for the princeton review. he is also the publisher of, paying for college without going broke. rates rising rob, by how much? >> .8%. fairly mild but the rates continue to creep up year-over-year. gerri: show the detail. stafford undergrad is going up to 4.65%. stafford graduate, 6.21. mom and dad, bad news on plus, going up to 7.12%. this seems pretty onerous. what does that mean as practical matter month to month? >> $4 more every month for each $10,000 a student will take out any of those stafford loads and gadd and undergrad and parent plus loan. gerri: if you're already crushed with student loan debt as so many people are, it is not good news. >> it is not great news. one of the things happened last year, july 2013 and july 2014, the federal government tied the interest rates directly to the market, to the 10-year treasury bill. we'll see this same discussion come up july next year. gerri: oh, great. thanks f

perhaps it is a small deficit but remember greece is in the class of a loan agreement with its credit goes to the troika of lenders and under the loan agreement we are supposed to be running six percent primary surpluses year in year out for twenty years you know they'll be able to meet our repayments through the trick of lenders that is an impossibility and therefore it is to be speaking of surpluses. now greece had a government debt to g.d.p. of one hundred seventy point four percent through the first quarter of the year and although by niels in greece are down short rates are high and that doesn't suggest an easy backstop for greece so how does greece get through this without a massive massive restructuring. it want the massive restructuring will have to happen if greece is to get through but remember i mean what has been happening over the last four years is the equivalent of the banking sector the strategy of extending and pretending. for years now a goose is being sold and. that the great and the good in europe as well as of the i.m.f. are extending credit cards lying to the gre

i think low finance loans is a big one as is leasing. leasing gives you that monthly payment and consumer friendly way to figure out if you can afford a car or not. i think with the generous deals, a lot of people are opting to buy a car. the rate was 17 million in june. 16 million was going to be great but 17 million is even better. >> great talking to you. >> thanks, becky. >> up next, we are on the money. casual wear in the workplace. wearing sneakers and jeans becoming the norm. does it kill productivity and profits if dress for success still rings true? later college student expecting to rack up more debt. how they can get some relief. you can find us on facebook.com/otm. our room. the hotel manager was clearly behind it. he was such a... kind man. con man. my husband wanted to... hug him. strangle him. and to this day we're still in contact with... the manager. the police. i wish we could do that vacation all over again. don't just visit paris. visit tripadvisor paris. [ male announcer ] with millions of reviews, a visit to tripadv

this is money you have to repay. >> witelh loans you want to look at cost of the loan.hat is interest rate and fees? are those interest rates fixed or are they going to increase when the federal reserve stops easing and stops quantitative easing? so generally speaking federal loans are the best bet because they have low fixed rates and more available and better repayment terms. gerri: very good repayment terms. in fact sometimes you can get the debt forgiven. mark, thanks for coming on the show. great to see you. really appreciate your time. thank you. >> thank you for having me. gerri: did you know many students who qualify for grants students who qualify for grants don't even apply? i had no idea i had shingles. there was like an eruption on my skin. red and puffy and itchy and burning. i'd lift my arm and the pain back here was excruciating. i couldn't lift my arms to drum or to dance. when i was drumming and moving my rib cage and my arms like this it hurt across here. when i went to the doctor and said what's happening to me his first question was "did you have chi

these are very high loans. we saw that auto loans performed better than housing loans. of course i suspect it might have something to do with the fact that if you don't pay your car loan, you'll got set of your house and the car will be gone. funny how that incentivizes people to pay. obviously, the median time to get someone out of the house and city of chicago is 1000 days after the stop paying the mortgage. 1000 days. i'm in no way implying that people are lazy or gaming the system. i'm simply implying that three years of free rent sounds pretty dam attractive. it might actually change a few people's incentives. i mentioned earlier the decline in mobility rates. in atlanta or chicago and you've lost your job and you're looking at the fact of getting three years rent-free, or i can move to dallas, texas and find a job and pay my own rent, that is going to change people's decisions on the margin. if you want to subsidize and assist people, that is a legitimate debate to have, you can do it in a way that does not lock them in place. if you want your relocation assistanc

in student loans. ilya will graduate in 2015. when she does, she'll have other $64,000 in student loans. nationally, outstanding student loans now total more than $1.2 trillion, surpassing total credit card debt and every year students are taking on more. an estimated 71% of college seniors had debt in 2012. with an average outstanding balance of $29,400 for those who borrowed to get a bachelor's degree. young people are for going long-term job opportunities and home ownership in order to meet the urgent demands of their large student loan payments. i relied on pell grants. academic scholarships, and federal loans all through school. just like my arizona state students do today. i know students need guidance and assistance to manage their student debt. i talk to young people who are excited to share their ideas and thoughts with me about how to solve some of the world's biggest problems. however, it concerns me that these same young people are daunted by the prospect of an expensive education that they

held the loan. if you go to the local bank of the bank where you made the loan, he has a branch manager of you lost your job but i know your employer will hire again or they can figure out this person is never toing to get that job back. they can do a much better job. one of the things in loss mitigation is trying to figure out of the people would are behind on their mortgages, whose got the chance to get back on their feet and who doesn't. i think if you have that local knowledge that is embedded in that, you could make much better decisions in this regard. you don't have to get into all of these negotiations with different people in that. the bank can locally make that decision itself. mentioned as well, the diversity economic geographic diversity problem i think we dealt with. so much of our mortgage market was capital marketed funded during the crisis whether it was overnight lending, these things aren't as sticky as deposits. what i moon by that, of course some of this is is tributed to deposit

first up is this some prime auto loan and the new subprime home loan well sadly all signs point to yes so what can we do to make sure that this bubble doesn't and like the last one we'll discuss coming right out and dr steve keen is on the show the heterodox economist sat down with me earlier today to talk about the b. i asked report among other things and today's big deal i'm joined by the host of the big picture here on our team mr hartman tom and i are discussing mergers and monopolies i won't want to miss the moment it all starts right now. with. the prime mortgages those are so two thousand eight but subprime auto loans those those are very in fashion right now now in the five years since the aftermath of the financial crisis although loans to people with tainted credit have risen more than one hundred thirty percent last year roughly one in four new auto loans went to borrowers with subprime credit that's people with credit scores below six forty now much like the subprime mortgage leading up to the crisis many subprime auto loans are bundled into complex bonds and sold as securi

one element of their game is buying and selling of loans, the loans which, you know, homes, homeowners and lives are attached to and often these loans are being sold to wall street speculators, some of the largest private equity firms in the country [speaker not understood]. with the cares program we have an opportunity to intervene and acquire the under water loans and get good actors to fix them. we make sure the city is protected. the city of richmond and other stakeholders to have the joint powers authority to negotiate a contract with the private partner, a private partner who commits to covering operating support, quality legal support, commits to indemnifying the jpa for [speaker not understood]. we're asking you the board of supervisors to -- there is no other program for these particular folks and for anyone who questions whether these homeowners deserve help, i've looked at these loans and if you know anything about [inaudible]. >> thank you very much. >>> [inaudible]. >> thank you very much. thank you. next speaker. (applause) >>> hello. i am speaking on behalf of prop 74 so

- her neighbour. >> i think we sketched the loan on the back of a napkin. to me it's a no-brainer, i no what a great job she's doing. >> reporter: high tech c.e.o. turned cattle rancher is a small but growing range of investor choosing to park the money in community businesses. >> we want to go back to the time when there was a local banker who knew you your whole life. spurred on by small companies, investing local has in recent years become a trend. >> we feel like today's financial system could be described as complex, opaque and anonymous based on short-term outcomes, and where people want to go is towards transactions based on long-term relationships. this is the opener of a firm connecting businesses in need. in the last three needs the firm's assets grew 40% to 170 million. >> just in the past several months i've been to little rock arkansas, louisville kentucky, there are a lot of places where this takes route. >> reporter: wealthy investors can afford to take a chance. not a luxury the average american might have. >> i can afford not to get my mone

loans that are going to be securitized. and that's why i see these as flip side to the same coin. i would like them to be softer, easier, defer and in both cases there's a common theme. you're deferring to the business judgment of the lender or securitizer. let mr. wilson make loans if he's willing to stand by that in his portfolio. on the other hand, if i want to securitize those loans let me do that as long as i stand behind them with risk retention. that was the single-biggest issue it seemed to me and i'm a little nervous about what's happening to it. >> yeah. well mr. wilson, you want to respond to that? >> i just wanted to plead with former chairman frank to support community banks as in house rule 2073 to say you won't support that because of something that was said here but to support community banks as in the exemption from those mortgages we hold in our portfolio and from the escrow requirements. to support that concept. >> i will certainly work for that. and i can't negotiate with someone who thinks i'm a lawyer.

this is money you have to repay. >> witelh loans you want to look at cost of the loan.hat is interest rate and fees? are those interest rates fixed or are they going to increase when the federal reserve stops easing and stops quantitative easing? so generally speaking federal loans are the best bet because they have low fixed rates and more available and better repayment terms. gerri: very good repayment terms. in fact sometimes you can get the debt forgiven. mark, thanks for coming on the show. great to see you. really appreciate your time. thank you. >> thank you for having me. gerri: did you know many students who qualify for grants students who qualify for grants don't even apply? when folks think about what they get from alaska, students who qualify for grants don't even apply? they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. w

what about student loans? >> tonight we had the illinois attorney general bringing suit against these companies that say they can help cut student loan debt. they do just the opposite. also coming up tonight on the show, too scared to quit. young workers are staying put even if they can find better opportunities elsewhere. what effect this is having on the economy. also a new report revealing the dangers of the centers for disease control and prevention may be exposing employees to. our citizens at risk also? and it's a solution gaining traction. tapping into your 4o1k to have your debt. will cause more problems? "the willis report" where consumers our our business starts right now. gerri: we begin tonight with a new threat targeting our nation's young people. the debt settlement industry. as graduates enter the labor market with overwhelming debt and unlimited job prospect debt settlement copies are honing their sights on students with questionable if not illegal practices. illinois become the first day to cr

in addition to saving thousands of loans -- on the life of the loans -- save thousands of dollars in the life of the loans, it will serve as a stimulus and reduce the deficit and it would enable tens of millions of americans to pursue their goals and move forward with their lives. i continue to hear from those i represent with their personal stories, they tell me what a priority student loan refinancing is for them and their families. a woman from reding massachusetts said, my husband and i already struggling to make ends meet scrape to get my loans current but the payments are almost too much to bear. with the income staying flat it's becoming more and more difficult to provide for our family, let alone pay back the loans at exorbitant rates. being able to refinance them would be a god sent for me and my family, closed quote. another person said, quote, i'm not looking for a magic solution to make my loans disappear. it was my decision to take them out and it's my responsibility to repay them. but lowering my interest rates would lower my monthly payments. i could breathe a little e

it's good news for small banks seeing higher loan demand and the most merger activity. "real money" with ali velshi. that is our show for today. i'm david shuster. thanks for watching. >> announcer: this is al jazeera. ♪ welcome to the al jazeera news hour, i'm jane in doha, the top stories. thousands continue to three from gaza as israeli air strikes car get the north. protests condemningly the air strikes take place around the world. families escape a ukrainian

for the loan forgiveness options that come with federal student loans. but half of private student loan borrowers borrow less than they could have in federal staffer loans. so without realizing it in many cases, people are turning to the higher price, less beneficial private marketplace when they still have unused capacity on the federal student loan side. it's clear that there's an information gap and the students need information about the terms and conditions of these loans. that's why i'm thrilled that this underlying bill contains an important part of my know before you owe act which i first introduced last session and reintroduced this session along with reptsive bishop and schwartz, to ensure that financial counseling includes additional disclosures on private education loans. with information about college financing options, warnings about risky or private loans, to help students make informed decisions about their choices so they get the best deal that's available to them under current law. i'm also pleased the underlying bill will improve exit

you could've made all those bad mortgage loans. and then the question is if you break up the bank and it's its part of the issue. it's one of the things that we asked him to look at with regard to discretion. and so why i changed my own position, i believe didn't agree with this but they are part of the complexity and i think that it's not just about complexity but it's a very good way to diminish this complexity. so my question is what is the level in which you have to get them down and precipitating this was a failure of the lehman brothers, so presumably if you think that no bank should be too vague than the big issue would be lehman brothers was like this at the time. and so then how does the federal government order dismantlement. i do think the complexity issue of the bull rule also has an amendment that was offered by paul when he was here which does give the fed the power to order the divestiture of any particular segment in particular institution if they believe that it isn't showing and doesn't have appropriate control. s

commissioner singh has a couple of questions for staff >> i said there are a 5 hundred permanent loan what does that mean. >> those loans are for a full 55 year term. >> is it monthly. >> they're paid pyre 1u78 if that's a cash flow we get a portion of the cash flow. >> it's no a grant. >> it's not a grant. >> so you pay it off in 55 years. >> we hope so yes and. >> i think it's a very good project i'd like to move this. >> i'll second. >> all i'd like to say say, i think eave received past reports and workshop on those items that's a long time in coming i'm very much in favor of having to vote and seeing this particularity go right ahead. >> commissioner mondejar. commissioner singh. commissioner rosales. and commissioner johnson recused. the vote is 3 i's and one recuseal >> we have a second resolution. >> i'll move it. >> commissioner singh has moved pits e it's been seconded. >> commissioner mondejar. commissioner singh. commissioner rosales. commissioner johnson is recused madam chair the vote is 3 i's and one recuseal >> we'll wait a few minutes for chairperson johnson to rejoin

that finally gets so in practice the first loan becomes a long term loan it doesn't put everybody on her but the second loan becomes a loan for another year or so so that we tried to solve the problem we did our brains with rules the rules should not be to punish or the crimean micro finance bank in itself is a huge institution it is impossible to control all its activities personally surely it's possible that some bad practices could have a carrot in your bank's operations no. possible in your organization you talk about government you talk about big businesses there are some people who'll make wrong thing bad judgment and so on it happens in good mean bank also but compared to any other big large nationwide institution i would say. bank is almost free from all those mistakes. in significant number of mistakes happen and we try to rectify it we try to put in a system where you can detect any fault in any any problem that arises in the system because that does system is computerized so that you can check it like from your head office what's going on in the remote villages in the remo

it's good news for small banks seeing higher loan demand and the most merger activity. "real money" with ali velshi. that is our show for today. i'm david shuster. thanks for watching. >> on "america tonight": the weekend edition. a critical health alert for millions of american women. a routine surgical procedure, 100,000 women have it each year. and a warning: that it could spread cancer. small. this is probably going to be a global epidemic, stage 4 cancers of women caused by doctors. >> correspondent sarah hoye, with a look, a simple diagnosis of common fibroids.