so that's why the issue came up today with shaun donovan, the hud secretary. here's one of the exchanges with senator patty murray, democrat from washington state. >> let me begin by asking you about the status of the fha's mutual mortgage insurance fund. given the seriousness of this housing crisis, it's not surprising that fha has sustained significant losses notice capital reserve account has served its purpose by covering those unexpected losses. but i was concerned when the president's budget stated that $688 million would be neededed to cover fha losses in fiscal year 2012. both the recent settlements and announced premium increases are expected to improve the mmi fund's financial position. i wanted you to update us this morning on the financial condition of the fha's mmi fund. >> as you correctly stated, the information that was in the budget was outdated on the day it was published and in fact, we were wait to make final decisions about premium increases till we knew the outcome of the settlement. i wish that had been resolved before the budget was fin

and shaun donovan of hud they're all talking about the settlement but that's actually a lie there is no settlement there is no set of documents that have been finalized so well while shaun donovan can get up and say well they have americal have to do this or that or the other thing we don't actually know what these banks are going to have to do and what we're giving up to get them to do that until we see the documents i think it's absolutely outrageous that we are talking these are hidden from the public even as they have announced well actually we don't know if they exist but they have announced a settlement but it's not clear there is a settlement yet it's crazy i'm sorry it's there's really no other way to put it now don't apologize it makes perfect sense to me to do it it sounds outrageous to me but then you know what excuse is there are legal reasoning and they try to offer for that. you know i mean no one's putting pressure on obama around this i mean for iraq obama's policies on financial reform have been you know a series of dishonest extend and pretend schemes and anybody wh

president's house and secure secretary shaun donovan is also calling for widespread home refinancing and democrats in congress are pleading for refinancing assistance for struggling homeowners as well but none of the people i just mentioned can actually do it none of them can actually force refinance however bad demarco this guy can since fannie mae and freddie mac. are currently backstopping all of these mortgages in america including more than three million underwater mortgages it's up to those two agencies to sign off on reef eyes since they're the ones who are primarily take the hit i mean it's up to ed to marco as the head regulator of fannie and freddie and the market was saying no way basically demarco is saying this and his job is to clean up the books of the mortgage giants he shouldn't be letting them spend money on refinancing plain and simple he's looking at the bottom line and the ongoing housing crisis is like refusing to put out a fire in your kitchen with water from your sink because you don't want your water bill to go up and despite all the pressure coming from the

pleased in addition to our speaker lineup we'll have secretary of housing and urban development shaun donovanoining us at 10:00 am on wednesday, which will result in the operation in our sights program lannie brui and director of i.c.e. john morton moving to 11:00 am but we're very pleased that secretary donovan can join us, as you know he was a crucial partner in the multistate over loan servicing and foreclosures. of course, it wouldn't be a n.a.g. spring meeting without the traditional sage reception tonight hosted by former state attorneys general which will be at 5:30 pm and then tomorrow we have our traditional supreme court reception where a couple of the justices will be joining us. i'd like to thank members of the planning committee for this meeting. attorneys general roy cooper, martha coakley, doug gansler, doug luy, john southers, and, of course, the fantastic n.a.g. staff for their considerable time and effort in organizing our meeting. if you could join me in thanking them for their hard work, we'd appreciate it. mra[applause] >> as we move into our first session i'd just remind

announce an additional speaker lineup we will have secretary of housing and urban development shaun donovan join us at 10 a.m. on wednesday, which will result in the operation in our sights program featuring lenny viewer from doj and the director of the ice, john morton, moving to 11 a.m. we are very pleased that secretary donovan could join us. as you know he was a crucial partner in the multistate over loan servicing and foreclosures. of course, it wouldn't be a naag spring meeting without the traditional state reception tonight hosted by former state attorneys general which will be at 5:30 p.m. and then tomorrow we have our traditional supreme court reception were a couple of the justices will be joining us. i'd like to thank members of the planning committee for this meeting, attorney general roy cooper, martha coakley, doug gansler, david louis, tom miller, john suthers, j.b. van hollen, and, of course, the fantastic naag step for the considerable time and effort in organizing our meeting. if you can join in thanking them for the hard work, we would appreciate it. [applause] as we move

." >> shaun donovan was on capitol hill yesterday testifying about his agency's budget request. >> thedget request for the department of housing and urban development. there are encouraging signs that our economy is moving now in the right direction. although we are not moving quickly enough for families that are still struggling, the private sector has been adding jobs for two years, businesses are growing, and confidence is up. we have stepped back from the press bus, which is good news for the housing market, which depends on a strong economy to recover and thrive. despite the positive signs, we see significant challenges. the recent settlement that was announced is an important step. it holds banks accountable and provides relief to homeowners. the settlement also paves the way for banks to proceed with foreclosures that installed in the pipeline. while it is important to reduce the excess inventory of distressed housing, increased sales of these properties at reduced prices may further depress home values. climbing back from the housing crash will not be easy, and i'm interested i

. >> housing secretary shaun donovan said today the federal housing administration has the resources to back its portfolio of home mortgages. the fund which has been depleted by the housing crisis would be replenished through increased fees and money from the recent legal settlement with big banks for their lending practices. secretary donovan testified before the senate appropriations subcommittee and housing and urban development at this hour-long hearing. [inaudible] -- 2013 budget request for a department of housing and urban development. as he began iraq on next year's budget, there are encouraging signs that our economy is moving in the right direction although we are moving quickly enough for families they continue to struggle and they certainly got a long way to go, the private sector is now demanding jobs for almost two years. businesses are growing in confidence is that. we seem to have said that imus in the precipice come which of course is good news for the housing market, which depends on a strong and stable economy to recover. despite the positive science we still face

. >> housing secretary shaun donovan said the federal housing administration has the resources to back its portfolio of home mortgages. the fund which has been depleted by the housing crisis would be replenished through increased fees and money from the recent legal settlement with big banks for their lending practices. secretary donovan testified before the senate appropriations subcommittee on housing and urban development that this hour-long hearing. [inaudible] >> -- 2013 budget request for housing and urban development. as we begin our work on next year's budget, there are encouraging signs that our economy is moving out in the right direction although we are moving quickly enough for families that continue to struggle but we certainly have a long way to go come the private sector has now been adding jobs from us two years. businesses are growing at confidences. we seem to setback finally from the precipice which of course is good news for the housing market which depends on a strong and stable economy to recover and thrive. despite the positive signs we still face significant cha

earlier today, shaun donovan said the federal housing and initiation would be able to meet funding requirementse fund which had been depleted by that housing crisis would be increased by moneys from the recent settlement with big banks on whole mortgage lending practices. the 2013 budget plan calls for $44.8 billion in spending. this meeting lasts about an hour. >> the 2013 budget request for the department of housing and urban development. there are encouraging signs that our economy is moving now in the right direction. although we are not moving quickly enough for families that are still struggling, the private sector has been adding jobs for two years, businesses are growing, and confidence is up. we have stepped back from the press bus, which is good news for the housing market, which depends on a strong economy to recover and thrive. despite the positive signs, we see significant challenges . the recent settlement that was announced is an important step. it holds banks accountable and provides relief to homeowners. the settlement also paves the way for banks to proceed with foreclosures t