what you hear about san bernadino developing a program has been constructed by m.r.p. why do you a joint powers authority? why does a county create this construction? the simple answer is because they need to create a special purpose vehicle. follow with me here? the county of san bernadino, if they start seizing mortgages it is a congressman indicated through this "quick take." what that means is they take the mortgage and decide how much to pay later. seems very convenient if you go with m.r.p.'s analysis, you are only paying 70% to 80% of the appraised value of the home. m.r.p. builds in this discount for borrowers who are still current on their mortgage. so the joint powers authority is taking these mortgages at 70% to 80% of their value but not putting up the money. they are taking the mortgage and saying we'll pay you later and then m.r.p. through their program will then refinance those mortgages through f.h.a.'s. >> ok -- we -- >> i need to finish where i'm getting to is that through that quick take program, if it is determined later it wasn't fair market value,

what you hear about san bernadino developing a program has been constructed by m.r.p. why do you a joint powers authority? why does a county create this construction? the simple answer is because they need to create a special purpose vehicle. follow with me here? the county of san bernadino, if they start seizing mortgages it is a congressman indicated through this "quick take." what that means is they take the mortgage and decide how much to pay later. that seeps very convenient if you go with -- seems very convenient if you go with m.r.p.'s analysis, you are only paying 70% to 80% of the appraised value of the home. m.r.p. builds in this discount for borrowers who are still current on their mortgage. so the joint powers authority is taking these mortgages at 70% to 80% of their value but not putting up the money. they are taking the mortgage and saying we'll pay you later and then m.r.p. through their program will then refinance those mortgages through f.h.a.'s. >> ok -- we -- >> i need to finish where i'm getting to is that through that quick take program, if it is

>> thursday night 9:00 on the fox business network california versus texas i went -- i was in san bernadino and was the acting mayor. >> i am out of time. >> jedediah, congrats on fnc. bill schulz, joe devito, kennedy that's it for me. >> bill: the o'reilly factor is on. tonight: >> there will be pundits and politicians and central interest lobbists publicly warning of a tyrannical all out assault on liberty. >> bill: president obama changing america's gun landscape. is it constitutional? is it the right thing to do? and will it protect the folks? we will answer all those questions and senator marco rubio will weigh in. >> i have never doped. >> that's crazy. i would never do that. that's. no. >> the fallout continues over lance armstrong admitting is he a liar and a doper. he has huge legal problems now. and he also has a problem with dennis miller that could be his worst nightmare. >> every time he opens his mouth, i shake my head so rapidly you can blend paint colors in my mouth. >> i agree with you. i am on your side for this [inaudible] not invitation somebody with a gun. >> bill: an i

in particular, hard on the community such as loss vegas and san bernadino more than half of all homeownersare under water, and many by more than half of their home's value. so this is creating some significant problems. for one thing, underwater home owners are at a much greater risk of foreclosure in part because in the event of some of their financial setback, the bar where has no other commission to fall back on and also the negative equity constrained lending beyond the housing market some small-business owners, college students and the elderly often rely on a home-equity for capital or collateral. and we also impact on the aggregate demand in the economy and the - will affect -- wealth effect. it is a serious problem and a drag on the economy for the multi-track and other question is what to do about it, which brings us to today's program. what we discuss more of the innovative and controversial proposals for reducing the mortgage principal, the use of eminent domain to seize underwater mortgages owned by private investors, right down the principle, and then refinance the loans that l

guest: scranton, harrisburg, san bernadino, these are the exceptions.we are at a fairly good financial shape. we have had significant challenges but we have met the challenges. reality, the biggest challenges we have our the same as the lock others. that seems to be the one factor of many of these cities. host: if he were to draw the pie, how much goes to a pension? how much is taken off the top before you can do anything? guest: in most cities, 70% plus goes to public safety or more. 70% or more goes to [indiscernible] in arizona, we are lucky. we did not run our own plant in mesa. we have a state wide pension plan for most of our employees. that seems to be our biggest long term financial crisis for cities. those situations are very rare. the vast majority of the thousands of cities and towns in america are financially solvent and have a great future. from let's go to thomas illinois. an independent line. good morning. caller: good morning. my comment is relative to poke to both finances -- guns and finances. -- legalizing marijuana would remove guns