purchasing residential units in areas that are mixed use, whether or not folks are being informed by the realtor as to what the allowable uses are in this district, western soma is coming up. the residential enclave districts are fantastic. sometimes there are existing uses and we do want to see a continued mixed use in what is a pretty heavy or service light industrial, light industrial district. i do wonder and i have asked that before. what level of disclosure, what is the responsibility of realtors to people who are purchasing in these areas to disclose to them what is allowed as a right? they have not been misinformed by their architect, chances are this use would have gone through because noticing is not required. it is and as of right use. -- an as of right use. i would like to learn what information is required that the real terror disclose to people when purchasing units in these mixed use areas. also, it says here thatboth currently exists, that is not true though. -- that booth currently exists. it has not been used. has it been used? >> and -- according to the inspector has not. >> i

my name is lawrence with the realtors' association. since the treasury has been looking into the gse retomorrow be issues dub reform issues, what is your understanding about the current business operating of the fannie and freddie which are right now effectively nationalized in them reasons of their long performance of recently originated loans, say in 2009, 2010? of course, the mistakes were made in the past, in the bubble year, but is fannie and freddie's strategy somehow to regain their profit status to say they are able to work this thing out on its own and push off the reform, or what is your hint given your extensive background in the issue? >> sure, i'll say a few words. we met back in the fall of 2008, we had a meeting at treasury to discuss the possibility of using the hera legislative authorities to push mortgage interest rates down to, say, 4.5, something crazy. [laughter] that has gone beyond that. so, you know, fannie and freddie, obviously, the -- all the positives just been discussed with the origination quality which is

this file is months' worth of paperwork that the realtor developed to help her clients buy the house. >> took three months. it was full of garbage. >> reporter: the bank found fault with the borrower one day before the home was to close. >> banks are very tight. they don't want to give the money. and he put 20% down but even then, he did not get loan. >> reporter: he says town homes prices have dropped more than single family homes. the median was down 13% from a year ago. the median price then? 289,000. now it is 252,000. he says those kind of prices have have attracted investors who have cash, pushing up the price for families who need a mortgage. >> they will buy rundown house, fix it up, put it for sale in three months. >> home prices have dropped in the bay area. marin county dropped 10%. san francisco county prices dipped 1% from 620,000 to a median of $613,750. short sales where the bank and homeowner agreed to sell the house accounted for 20% of bay area home prices last month. each with low prices, pickings are scarce. >> our agent told us early on, really there are not a lot

this file is months' worth of paperwork that the realtor developed to help her clients buy the house. >> took three months. it was full of garbage. >> reporter: the bank found fault with the borrower one day before the home was to close. >> banks are very tight. they don't want to give the money. and he put 20% down but even then, he did not get loan. >> reporter: he says town homes prices have dropped more than single family homes. the median was down 13% from a year ago. the median price then? 289,000. now it is 252,000. he says those kind of prices have have attracted investors who have cash, pushing up the price for families who need a mortgage. >> they will buy rundown house, fix it up, put it for sale in three months. >> home prices have dropped in the bay area. marin county dropped 10%. san francisco county prices dipped 1% from 620,000 to a median of $613,750. short sales where the bank and homeowner agreed to sell the house accounted for 20% of bay area home prices last month. each with low prices, pickings are scarce. >> our agent told us early on, really there are not a lot

somehow, the realtors are just in their to sell the property without the recognition that the impact on the buyer does have some repercussions. do we have and should we take into account that these properties are -- and put the new order at risk? >> in the case of how this particular former owner had bankruptcy problems and legal problems, he really did leave behind a mess. i have met with many people buying his properties, and all having the same problems as ms. chambers. it is very complex. when you buy it from bankruptcy, you buy from a bag. the disclosures are not as much as you would have on a regular sale. the buyer as the buyer is at a lot more disadvantaged. you need to be very sophisticated to buy property out of bankruptcy, especially one in bankruptcy that has been torn apart and has notices of violation. >> you mentioned something interesting. did you meet with the property owners or the new owners before they owned the property or after? >> unfortunately, i usually meet with them after. a couple of them i have met with prior to buying, and i tell them as soon as i hear t

the realtors don't even want to show it because, you know, they are concerned about the liability of showing something and selling something where there's a disputed title. >> you sit and you are stuck. i'm sure you never thought, karen in a million years that this could happen to you. as you say, you and your husband were conservative. it got us wondering maybe this could happen to someone else. what would your advice be to sm someone looking to buy property? >> i really -- i don't know. i mean, i think we did everything right. i guess that, you know, just make sure that there is no easement of any kind that -- you know, attached to that property. you know, our home, we have an easement for the utilities to come and fix their wires. and cable to fix things. you know, just have to do your homework on easements. >> enjoy the lake as long as you can. we are going to check back in with you and see what ends up happening here to you and 1,200 other s aresidences. >> i would be happy to stay in touch. i just think that the -- it is not even a common sense answer to say -- to remove the st

. >> scott has been in scary situations twice while on the job as a realtor. >> we notice the cell phone on the counter and it turned out, there was a squatter living there who jumped into the kitchen cabinet. >> another incident involved a perspective home buyer. >> he showed up drunk with another friend. >> he knew something was wrong when the two men tried to get him to go in the basement. instead he left the house. >> they were going to lure me into the basement. over take me, and rob me. >> according to mris, 30% of the attacks against agents happened to men. >> it shows that crime really isn't gender specific. >> john highhouse says in this economy, many houses are vacant and people are desperate. >> property inspections are finding squatters. their situations where they arrange for house showings, which are set up for a robbery. >> a realtor in austin, texas, showed up to this condo to show a unit. >> they walked in, they found an inflatable mattress and the police believe it was somebody staging ago aggravated sexual assault. >> in our area, robert harrington shows her colleagues

i try to get the realtor out here but they said " no comment ".wo weeks i will return to see if any progress fifth. in antioch, kron 4. >>pam: we are learning what meg whitman is going to get paid. $1. according to the regulatory she is eligible for millions in cash, bonuses, stock options. she is hoping that that dollars salary proves that she is committed to turning h-p around. she is on the one of five self- made billionaires. last week, h- p fired there ceo after only 11 months on the job. so...what do you think? i'm not crazy about these light fixtures. kitchen's too small. what's next? 607 franklin st. ♪ sea bass... ♪ ooohhh! ♪ i like it. yeah, i love the kitchen. [ male announcer ] the epa-estimated 42 mpg highway chevy cruze eco. perfect for finding your way home. everytime you use your jcpenney rewards credit card reveal savings worth 15...20... or 30% extra off all apparel, shoes and accessories. no exclusions! plus with 4-hr steals save big on $14.99 sweaters for her. 60% off sportshirts and sweaters for him. $12.99 jeans for kids. and

and the day after they bought their home -- >> the selling realtor got about 25 calls. >> reporter: 25 calls after you purchased it? >> yes. >> reporter: homes here sell in three weeks or less, getting 99% of the asking price, sometimes more. home values here still going up. up 6% this year. in a town where the leaves have already changed colors and taylor swift plays on the radio, we learn, the hits keep coming. one final sign the economy is doing well here. we arrive at st. alexia hospital. suddenly, from the p.a. system, a lullaby. that music means a baby was just delivered. so, we're here to talk about the economic boom, but there's been a baby boom, too. >> that's exactly right. and one usually follows the other. >> reporter: babies are everywhere. this little girl, born the morning we were there. she's been in town for six hours? as babies go, so goes bismarck, growing bigger every day. isn't that the truth? the doctor told me when she started there, about 90 babies a month. now, they are well more than 100. 240 more babies a year. just one hospital alone. a real sign of this bis

denny's to be a conversation, maybe have someone from the association of realtors here to talk about this issue because this is not the first kind of case we have had like this. they are innocent i think in this situation. >> v three r report, it is something that the building department maintains. that typically says, that is what we rely on for the number of units in a building. it is something that has to be generated around the time of the transfer. maybe that is why the issue has come up as much. since is live work, it is not subject to the requirements. commissioner borden: i think it is a conversation we need have because we can't be in the situation where people are violating the code and we turn our heads. i don't hold this project sponsor liable for it, you are in a situation that is been used as one for a very long time. but we have an alarming situation that we don't even know the process by which they file every year which is super problematic. not only in these buildings but other buildings, it is interesting that we have this relationship with the department of building

the national association of realtors said them number of people buying homes dropped 3%, to about 5 million, which is 1 million below what is needed for a healthy housing market. >>> the raised promised by social security may be eaten up by medicare. the government announced the cost of living adjustment yesterday. on average $39 more each month. next week, medicare will announce premiums will rise, and that is expected to wipe out most of the social security race. >>> next, a big day for more than a dozen people who get special honors at the white house. the local military wife receiving the citizens medal. >>> grab your coat, the chilly forecast after the break. >> that does not sound like baseball weather. it is football weather. the redskins get ready for carolina and the birds -- and the capitals are on the road in the city of brotherly love. [ speaking french ] [ speaking french ] movie buffs! this film is tres bien, but the interest rate on your checking account is le pew. interest on your checking? earn more with new high yield free checking at capital one bank. your interest rate w

i want to thank the national association of realtors, the national association of home build,the mortgage bankers association, and all the other groups that have advocated and supported for this effort. this is an important tool that we can use to boost our housing market and economic recovery at no cost to the taxpayers. i see my distinguished colleague, senator isakson, on the floor and i certainly would invite him, as the cosponsor of this amendment, someone who has a long history in the private sector before he came to the congress on the whole question of real estate. i'd be happy to yield to him at this time. mr. isakson: i thank the distinguished senator from new jersey, mr. menendez, for his leadership on this issue. i ask to be recognized. the presiding officer: the senator is recognized. mr. isakson: thank you, mr. speaker -- mr. president. let me try to dispel what concern there may be and the concern i heard right before we a adjourned in awtion to why not to extend the loan limits. people were afraid, a understand i understand the fear, that might cause some additional liabil

seventy nine million dollars may disappear from people's plastic in russia might be under the year that your realtor has this account. in the first top of this year russian banks some lost seventy percent more money from illegal credit and debit card operations than in the same period last year and this number is actually very alarming considering that the overall number of operations has increased by just thirty seven percent or so some words the stolen over a billion rubles for a private bank account and a forecast of just to one point four billion more before the end of the year experts say most people here fall victim of skimming a method used by criminals to capture data from member the next tribe on the back of a plastic card russian legislation lax measures detected we thought this type of crime the maximum punishment for scammers here is two years in prison although often the managed to get away industry experts point out another reason and that is the banks attempts to save up on transactions safety special keyboard protectors can cost up to fifty dollars per a.t.m. this indeed could make o

. >> the word is spreading overseas with the help of realtors who says almost half of her clients are from asia. lee just sold this palo alto home to chinese investors for $1.7 million. >> we are going to see a lot of foreign money to come to this area. >> last year, bargain hunting foreigners spent $82 billion in u.s. residential real estate and the bay area is a hot bed. >> the bay area in places like palo alto, that's healthy for the market. >> there could be more in more diverse areas and a visa could be what it takes. >> they don't have visa and they are not one to put their money where they cannot travel or they can see their investments, personally. if they happen to get a visa, hopefully they can come down and spend their money here. >> under the rules of the residents visas, investors would not be able to take jobs here until the united states. they would need to obtain a worker visa for that. cbs 5. >>> king of beers is getting ready to brew beer with wind power. anheuser-busch is building a huge wind turbine at its fairfield plant. the final assembly began today. crews lift

. >> the help of realtors like julianna lee that says almost half of her clients are from asia. lee just sold this palo alto home to investors for $1.7 million. >> we are going to see a lot of foreign money, which will come to this area. >> last year, bargain hunting foreigners spent $82 billion in u.s. resident issue real estate and the bay area is a hot bed. >> the bay area in places lake palo alto, that's healthy for the market. >> there may be more and the lure of a visa could be what it takes. >> some investors don't have a visa and they don't put their money where they cannot travel or they can't see their invests personally. so if they happen to get a visa, hopefully they can come down. not open some more opportunities. >> under the rules of the residence visas, investors would not be able to take jobs, they would need to obtain a worker visa for that. in san jose, cbs 5. >>> friday looking into the weekend. a lot going on this weekend. >> there's a lot going on. what's your mind? >> raider game. >> all right, so i'll have the raider forecast just for you and you, but fir

i ask that the letter from the realtors, home builderrers and mortgage bankers -- home builders and mortgage bankers be added to the record. the presiding officer: without objection. who yields time? mr. vitter: mr. president, i yield back the time and ask for the yeas and nays. the presiding officer: is there a sufficient second? there appears to be. there is. under the previous order -- under the previous order, the senate -- the amendment requires 60 votes for adoption. the clerk will call the roll. vote:

this week the most closely watched monthly housing report, existing home sales from the national association of realtors on the document, we'll get the readings on inflation at both the consumer and producer levels and the federal reserve will release its beige book. i'm alison kosik at the new york stock exchange. >>> investors everywhere will be watching china on tuesday due to release its third quarter gdp figure. analysts are expecting a mild slowdown in growth from the second quarter reading of 9.5% annualized. manufacturing index are likely to drag down the figure for the third quarter. for some the outlook for 2012, next year is even less rosie. one government economist is forecasting that chinese gdp will fall to 8.7%. that's gdp growth i should say, fall to 8.7% next year. by comparison with what we're looking at here in europe and for that matter in north america, that would sound like a fairly blistering rate. it would mark quite a slowdown for the world's second biggest economy. easing of growth in china would actually mark a success for the chinese government which of course has been troog

. >>> the national association of realtors says home sales dropped 3% in september. es out to just below 4 million homes. the housing market has been hobbled by foreclosure, weak demands and falling home prices. >>> in a strange twist rents are rising despite the poor economy, one of the most expensive rental markets in the country happens to be right here in the bay area. ktvu's lloyd lacuesta in san jose with why we're seeing the increase, lloyd. >> reporter: frank it's the law of supply and demand in santa clara county. they can see rates are low resulting in higher rents. the number of houses and apartments for rent in the south bay is going down, while the cost to rent is going up. this four bedroom house is renting for $2,400 a month. haás year last year at this time it would have been $00 less. >> prior to this we had not raised rents in 10 years. >> reporter: higher foreclosures are pushing rents up. >> in the last few months they rented 1,095 to 1,450 for a two bedroom house or cottage in that area. >> because of the foreclosure thing again there are people o

sales of existing homes fell 3% last month, according to the national association of realtors. sing market is on track to match last year as the worst in more than a decade. >>> and the 30 year mortgage rate barely budged, fallly slightly from 4.12% to 4.11% this week. many borrowers are unable to take advantage because they can't scrape together a down payment or meet very restrictive lending standards. >>> a new authorized biography of the late apple ceo steve jobs sheds new light on that innovator's personal life. according to this book, jobs stopped going to church at the age of 13 after he saw a photo of starving children on the cover of life magazine. after his own company fired him, he called apple's managers corrupt people who cared only about making money. the author interviewed steve jobs more than 40 times, including a few weeks his death. the book is set to hit store shelves on monday. >>> there is another sad light -- satellite falling from space and the experts say it could hit within days. plus speaking of falling satellites, lindsay lohan violated probation, so a

. >>> the national association of realtors says home sales dropped 3% in september. o just below 4 million homes. the housing market has been hobbled by foreclosure, weak demands and falling home prices. >>> in a strange twist rents are rising despite the poor economy, one of the most expensive rental markets in the country happens to be right here in the bay area. ktvu's lloyd lacuesta in san jose with why we're seeing the increase, lloyd. >> reporter: frank it's the law of supply and demand in santa clara county. they can see rates are low resulting in higher rents. the number of houses and apartments for rent in the south bay is going down, while the cost to rent is going up. this four bedroom house is renting for $2,400 a month. haás year last year at this time it would have been $00 less. >> prior to this we had not raised rents in 10 years. >> reporter: higher foreclosures are pushing rents up. >> in the last few months they rented 1,095 to 1,450 for a two bedroom house or cottage in that area. >> because of the foreclosure thing again there are people out there

. >> reporter: the word is already spreading overseas with the help of realtors, like this one who says almost half of her clients are from asia. lee just sold this palo alto home to chinese investors for $1.7 million. she says others are willing to spend similar money. >> we are going to see a lot of foreign money which will come to this area. >> reporter: last year bargain hunting foreigners spent $82 billion in u.s. residential real estate and the bay area is a hotbed. >> in the bay area, places like palo alto, i think that is healthy for the market records but there could be more in more diverse areas and the lure of a visa could be what it takes. >> some of these investors don't have visa and they are not going to put their money where they cannot travel or think can't see their investments personally. so if they happen to get a visa, hopefully they can come down and invest their money here, you know, that opens more opportunities for all of us. >> reporter: now, under the rules of these residence visas, the foreigners would not be able to take jobs here. they would have to still g

i'm calling as a commercial and the industrial realtor, and also with a background in development and project management. and my point in question basically is there is nothing absolutely nothing in the general media about the stoppage of the funding for commercial and industrial money from banks and i find that quite troubling. for different as the -- different associations better discussing the the looming commercial inventory that is in default that's on the back burner but no one mentions and what impact that has only on our economy but also the commercial construction industry. thank you. >> guest: i will take a crack at that. i'm not a banking economist. certainly the construction industry, part of deutsch relies heavily on the developers being able to get financing and what we have heard for three years now is banks are turning to the developers down. on the other hand we still have high vacancy rates on retail and office property, and so i think it's understandable that a banker is not going to let a developer a huge loan and to put a new office building. gradually we are seei

at this point we're looking at another three to five years with the markets will be fairly flat. >>reporter: this realtorth better homes and gardens is the forecast is that property values may only go up 10% in the next five years this is bad news for sellers in good news for buyers. >> what is happening with the prices come down as far as they have them with the interest rates as low as we have seen them in the last 40 years, this may be one of the best buying opportunities that we have seen in a long time. >>reporter: while many are taking advantage not everyone is. some have decided to remain on the sidelines until the economy turns around and others who would trade up to mid range homes simply cannot do it now because they do not have the equity in their current homes to make them affordable. [music] >> here is the bay bridge toll plaza looking over the bay bridge is pretty busy coming into san francisco we have high clouds this evening and we will see low clouds increased during the overnight hours. we have a great star for the day on sunday. there may be a few showers or sprinkles the best chance f

the perfect time to buy. >> people are reluctant to take less. >> one of realtors says the forecast is that property values may only go up 10% in the next five years. this could be one of the best purchasing opportunities we have seen in a long time. >> while many are taking advantage, not everyone is. on the sidelines >>pam: san jose state university students are concerned after a series of sexual assaults reported on campus. terisa estacio spoke with police about how they're trying to make the schools safe for everyone. >>terisa: >> right here on the san jose state university campus, the first incident happened wednesday around 7:30 p.m.. that is one police say a victim was walking by herself near the sports complex when all of a sudden a man on a bicycle approached her and grabbed her inappropriately. police have only a vague description of the suspect. a hispanic male with spiky black here writing a be mx by. they said the suspect was with another hispanic male around the same age and also on abm next fight. police are increasing patrols. >>officer: and we are making sure the campus is safe by increasi

guest: call a realtor. theks will sometimes agree if you want to sell the house to do what is called a short sale. they will take less than you owe on the house. it can take a long time, but it may be worth asking a realtor familiar with the process. host: another email. guest: we did have a program like this. it was called the emergency, owner along program that recently expired and never got off the ground. it was designed to make the mortgage payments of people who were temporarily unemployed. very few people got their applications in in time because it took so long to set up the bureaucracy of doing it. there is some glimmer of hope on the horizon. states and localities are experimenting with exactly this. you may check with your state housing finance agency to see what they're doing in your state locality. there are some people who have observed that the $700 billion in tarp money that we shall allow -- shelled out would have covered all of the upside-down mortgages. that is an observation that some people

the feeling. >> how did you hear of us? >> reporter: maureen rodriguez was a realtor for 12 years before becoming a counselor. hird of the people she speaks to won't be able to keep their hopes. >> oh, i'm so sorry. every single client we talk to is a different story. there's no story that's the same. >> reporter: 800 miles away in chicago, 55-year-old ronald sweatt told rodriguez one of those stories. he worked for the railroad for nearly 30 years until he got injured and faced foreclosure. >> i never dreamed that i would be in that position. >> reporter: rodriguez eventually connected sweatt to a state agency that agreed to help him pay his mortgage. >> i just thank god everyday. and maureen. >> makes me feel good. it's a good ending. >> reporter: one good ending out of the 1.5 million stories homeowners have told hope hotline counselors since the crisis began. if you could wave your magic wand and talk to every single person who needed your services, how many people would you be talking to? >> about five million. >> reporter: so how come you can't get to the other 3.5 million? >> they don't know we're here.

the number of americans who signed up to buy contracts for homes fell for the third straight month since september. a realtor group says a number have canceled contracts after appraisals showed homes were worth less than the buyers bid. and exxon mobil earned $10.3 billion. that offset a drop in oil production. so far this month, crude prices are up 20% on signs the global economy may be recovering. that's your money watch. for more, stay with cbsmoneywatch.com. at the new york stock exchange, i'm alexis christoforous. >>> desperate plans, the wife of con artist bernie madoff says she and her husband tried to commit suicide in the wake of the financial scandal. jessica kartalija shows us the revealing interview. >> reporter: the only interview ruth madoff has given about her husband's crimes, she tells "60 minutes," she and her husband were so upset, they tried to end their lives. tonight, we hear ruth's emotional words and revealing new insight from madoff's son, andrew. >> reporter: bernie madoff was convicted of masterminding the largest ponzi scheme in u.s. history, stealing $50 billion from investors. a

the national association realtors said sales dropped 3%. economists predicted a 2% dip. last years alarming figures, the worst in 13 years. new condemnation of controversial comments by vice president joe biden. he suggested that rapes and murders could spike if congressional republic dance don't pass a bill to prop upstate budges to save the jobs of police officer and firefighters. it echoes similar remarks he made in michigan and republicans are firing back. >> vice president biden made a number of comments i believe were over the top. to me the vice president is attempting to use fear tactics on the american people, and really to me shows a sign of desperation of the vice president and of this administration because they realize that their policies have failed the american people. they inherited a tbag situation. and they have made it worse. megyn: joining me now is jamu green and andrea tantaros who is cohost of "the five." you have these republicans coming out, marco rubio also. but the rnc co-chair sharon day came out and called this irresponsible, mean spirited, sa

the national association of realtors says that they went ahead and looked at half of foreign buyers whothe reason they bought is because they think that u.s. real estate is safer and more profitable. >> wow. a lot of people don't believe that here. where in the country are they attracting most of these international folks? >> well, it's the areas you would guess, the big foreclosure areas like florida, arizona, the big attraction there is the lower prices and no matter how the economy is going they are the favorites of hawaii and new york. >> alison, it will give visas to some foreign buyers. how does that work? >> this is an interesting and creative way to try to kind of rev up the housing industry. it's a bipartisan bill looking to bring in more foreign investsers. it would offer a three-year residential visa if they spend a half million dollars to buy houses in the u.s. it is endorsed by chuck schumer and mike lee and senator schumer was on "out front" and talked about the economic advantages of this legislation. >> the number one goal is to help the housing market, which is the bigg

the people actually protesting... look, there are aate low of people in america angry. i was with 35 realtors in south carolina on wednesday who are looking at a disaster in housing that they know that it's the dodd-frank bill. it's the obama administration. it's bernanke and geithner. they're focusing their anger on the people who are causing them pain. they're not angry about other people being successful. they're angry about an obama administration stopping them from having a chance to be successful. >> schieffer: did you really mean that literally. you think they're just jealous? do you think that's the driving force? couldn't it also be that these people don't have a job? they don't know where to turn. they don't see any answers to the problems they have? and you think it comes down to jealousy? >> bob, yes, i do. >> schieffer: really? >> because it's class war warfare. some of them are there because they don't have a job, yes. but the fact of the matter is why aren't there jobs? go and picket the white house. demonstrate in front of the white house. the thing that this administration do

reporter, and supervisor maxwell urged the board to set up this working group, which comprised of representatives from banks, credit unions, mortgage brokers, realtors, community foundations, and a few nonprofits. there was a report that came out of it. a large number of recommendations were made. again, most of them were not implemented. there were a couple the kind of speak to the issues being raised by the hearing. the four broad categories of recommendations revolved around preserving homeownership, avoiding for closure, preventing predatory lending in the future crisis, protecting tenants during and after for closure, and for prioritizing affordable housing opportunities. one of the key specific demands was that banks be more accountable to the city with regard to for closure prevention, and more specifically there was interest in negotiating more loan modification, maybe like the invest in boston. supervisor avalos: but have used in any change based on this? >> there was an effort by the city to reach out to institutions. my understanding, and cities that would be better able to answer, is that a letter was sent highlighting some of the concer

. >> i am vice president of the national association of realtors. a few member's approach this with proposals if you could comment on changing accounting rules so lenders don't have to write down loans as losses for period of time as one proposal that comes forward and another one is allowing people to make principal right downs so for period of time they just make payments but it goes directly toward their principle allowing them to stay in their home and giving them incentive to stay in their home. some thought on that. >> having spent time working on the programs when i was in the administration there are a lot of great ideas. one of the two you mentioned was one we talked about at some point. very difficult. it goes back to the point that richard made when we first started. the silver bullet -- there is no silver bullet solution. those would be more difficult to implement than they seem because it would require some form of legislation and make things more complicated. without question it helps performance. >> all right. thanks so much to our pa

wexler, though, of course, florida's economy exploded during the mortgage bubble because you had a lot of people building new homes. you had realtorsng back. how do we turn the corner there? you get a feeling, if housing doesn't turn around in florida, it's all not going to turn around. >> it's a major component. my old friend, congressman buchanan was half right. he's correct that the free trade agreements particularly with central american countries will have an enormously positive impact on florida but what will also have a positive impact is the jobs plan president obama has before the congress. independent economists have said that 1.9 million jobs would be created nationwide if the congress were to enact president obama's plan and that the gdp would go up a full percentage point. that would have a disproportionately better than average impact in florida. yes, we should pass these free trade agreements, important for the country and particularly for florida, it's also important to have a more broad based jobs plan. tom brokaw talked before if there were to be a millionaire's tax, to put it into drawing down the deficit. that's