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Oct 30, 2012
10/12
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mac and fannie mae behaved and the rest of the industry did.t mac and fannie mae behaved and the rest of the industry did.w mac and fannie mae behaved and the rest of the industry die the mac and fannie mae behaved and the rest of the industry did.e freddie mac and fannie mae behaved and the rest of the industry did.n the way freddie mac and fannie mae behaved and the rest of the industry did. so, i don't believe that the two g.s.e.'s were the cause of the crisis.al i do think they did reduce underwriting standards. i can understand as a c.e.o. why you might have done hat given what the competition was doing. i do think there were some mistakes and problems made that were connected to the g.s.e.'s, and certainly one that i found troubling was sum retailed in a book -- summarized in a book called "reckless endangerment" which is a story of crony capital i capitalism exhibited by the two g.s.e.'s. i view that book almost as a playbook on how businesses can execute crony capitalism and get close to government for their benefi benefit, not just an incredible lobbying organization, not jus
mac and fannie mae behaved and the rest of the industry did.t mac and fannie mae behaved and the rest of the industry did.w mac and fannie mae behaved and the rest of the industry die the mac and fannie mae behaved and the rest of the industry did.e freddie mac and fannie mae behaved and the rest of the industry did.n the way freddie mac and fannie mae behaved and the rest of the industry did. so, i don't believe that the two g.s.e.'s were the cause of the crisis.al i do think they did reduce...
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Jun 6, 2012
06/12
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and for fannie mae and freddie mac, i have a brief anecdote. back in the '70s when i was at hud, i was supposed to be the prudential regulator, but, of course, that was only supposed to be 1% of my time. it was like with one eye shut. they really weren't going to be serious with prudential regulation. they had a lot of people involved with making fannie and freddie mac getting housing goals. it amounted to me making one call a year to david. david, how are you doing today? it's great over here. it's fantastic. as i look at your books, you're $10 billion under water. yeah, who cares. we can have as much debt. our debt hasn't risen. what different does it make? how many financial analysts do you have in that shop? he says i think there's one guy down there writing newsletters. i said how about legislative affairs and people, you know, in charge of the care and feeding of hud? he said there must be 50, 75, they're growing like crazy. that tells you what you really needed to know about these entities. they didn't face a bankruptcy constraint. so wh
and for fannie mae and freddie mac, i have a brief anecdote. back in the '70s when i was at hud, i was supposed to be the prudential regulator, but, of course, that was only supposed to be 1% of my time. it was like with one eye shut. they really weren't going to be serious with prudential regulation. they had a lot of people involved with making fannie and freddie mac getting housing goals. it amounted to me making one call a year to david. david, how are you doing today? it's great over here....
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Jan 24, 2012
01/12
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he was under contract with freddie mac for roughly six years. mr. gingrich has done himself nol favors in responding to that criticism when his first instinct was to say he wasn't paid for lobbying or consulting, more paid as a historian. >> your firm was paid $300,000 by freddie mac in 2006. what did do you for the money? >> i offered advice. my advice as a historian when they walked in and said we are making loans to people with no credit history. >> historians at that point crying out how much hundreds of thousands? how do i get a gig like that? the his storian line also led to this attack ad in florida by mitt romney against mr. gingrich. >> while florida families lost everything in the housing crisis, newt gingrich cashed in. gingrich was paid over $1.6 million by the agency that helped create the crisis. >> i offered advice, my advice as a historian. >> a historian? really? >> the micro context of this release tonight is that mr. gingrich seems to be attempting to nip this criticism in the bud by having his former consulting company release th
he was under contract with freddie mac for roughly six years. mr. gingrich has done himself nol favors in responding to that criticism when his first instinct was to say he wasn't paid for lobbying or consulting, more paid as a historian. >> your firm was paid $300,000 by freddie mac in 2006. what did do you for the money? >> i offered advice. my advice as a historian when they walked in and said we are making loans to people with no credit history. >> historians at that point...
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Jan 24, 2012
01/12
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he was under contract with freddie mac for roughly six years. mr. gingrich has done himself nol favors in responding to that criticism when his first instinct was to say he wasn't paid for lobbying or consulting, more paid as a historian. >> your firm was paid $300,000 by freddie mac in 2006. what did do you for the money? >> i offered advice. my advice as a historian when they walked in and said we are making loans to people with no credit history. >> historians at that point crying out how much hundreds of thousands? how do i get a gig like that? the his storian line also led to this attack ad in florida by mitt romney against mr. gingrich. >> while florida families lost everything in the housing crisis, newt gingrich cashed in. gingrich was paid over $1.6 million by the agency that helped create the crisis. >> i offered advice, my advice as a historian. >> a historian? really? >> the micro context of this release tonight is that mr. gingrich seems to be attempting to nip this criticism in the bud by having his former consulting company release th
he was under contract with freddie mac for roughly six years. mr. gingrich has done himself nol favors in responding to that criticism when his first instinct was to say he wasn't paid for lobbying or consulting, more paid as a historian. >> your firm was paid $300,000 by freddie mac in 2006. what did do you for the money? >> i offered advice. my advice as a historian when they walked in and said we are making loans to people with no credit history. >> historians at that point...
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Jul 12, 2012
07/12
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CURRENT
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big mac. they decided for some reason to reveal the secret sauce which they have never revealed before. what is more shocking, it is not thousand and island dressing. >> i'm chef dan the executive chef for mcdonald's. we have a question from christine. what is in the sauce that is in the big mac. we're going to make a version of the big mac with ingredients that are similar that you could buy at your local grocery store. here we have store-bought mayonnaise relish, and then a classic yellow mustard. here is a little bit of a white wine vinegar. then garlic powder onion powder and paprika. it gives a little bit of flavor and enhances the color a little bit. >> cenk: you might be wondering what the court is about. first of all i'm not sure that i believe it. i still think it's thousand island dressing. second of all, is it a trick to get us to buy more big macs. >> i mean, who cares what sauce is on the big mac. i want to know what the meat is made of and the bread. just because the sauce is hea
big mac. they decided for some reason to reveal the secret sauce which they have never revealed before. what is more shocking, it is not thousand and island dressing. >> i'm chef dan the executive chef for mcdonald's. we have a question from christine. what is in the sauce that is in the big mac. we're going to make a version of the big mac with ingredients that are similar that you could buy at your local grocery store. here we have store-bought mayonnaise relish, and then a classic...
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Jan 24, 2012
01/12
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CNNW
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that refers to freddie mac. stable? housing prices are down 24% from their peak and the facts are, no matter what you believe about freddie's contribution to helping people buy homes in this country, the fact is that america's home ownership rate today is about 66%, almost identical to canada's 68% and canada has no taxpayer subsidized institution like freddie. and more r outrage. freddie still owes 56 milli$56 billion to taxpayers. that's part of the $71 billion bailout they were handed during the crisis. that is more money than any bank in this country ever got. so just how much will gingrich's ties to freddie mac hurt him in florida? in florida, 44% of homeowners at this moment with under water on their mortgages. the average home in florida worth half what it was when newt gingrich worked for freddie mac. douglas is a former economic adviser to the 2008 mccain campaign. john avalon is a cnn contributor. what do you make of that? he's putting out one year to say yes, i know, sounds like lobbyist. is that going to be
that refers to freddie mac. stable? housing prices are down 24% from their peak and the facts are, no matter what you believe about freddie's contribution to helping people buy homes in this country, the fact is that america's home ownership rate today is about 66%, almost identical to canada's 68% and canada has no taxpayer subsidized institution like freddie. and more r outrage. freddie still owes 56 milli$56 billion to taxpayers. that's part of the $71 billion bailout they were handed during...
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Feb 4, 2012
02/12
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our story deals with loans owned by freddie mac, guaranteed by freddie mac. the transactions we are talking about where loans were cut up, those were freddie mac boned loans -- owned loans. anyone around the world can buy mortgage bonds. if they fail and they are guaranteed by the government, the government makes good on the guarantees. i do not know if anybody has done the numbers on how many of the payouts have gone to foreign investors versus investors in this country. that is how is works -- it works. host: philadelphia on the democrats' line. caller: i want to know what is really being done. it sounds like freddie mac is still all right. guest: jesse eisenger, hinted that the after-effects of your story. long term, what might happen on capitol hill because of your story? guest: 1 is the fate of president obama's housing initiative, the things chris talk about. the second thing is, is grappling with how to resolve the entities. nobody wants conservatorship where we have freddie and fannie lost forever. that is untenable. there is a debate about what we sh
our story deals with loans owned by freddie mac, guaranteed by freddie mac. the transactions we are talking about where loans were cut up, those were freddie mac boned loans -- owned loans. anyone around the world can buy mortgage bonds. if they fail and they are guaranteed by the government, the government makes good on the guarantees. i do not know if anybody has done the numbers on how many of the payouts have gone to foreign investors versus investors in this country. that is how is works...
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Mar 31, 2012
03/12
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from an early stage mac, then carol, was more masculine than feminine. which is no big deal. >> i grew up until i was 6 in tennessee. and i think being a tomboy even back then was fairly acceptable up to a certain age. the older i got, the more unacceptable that behavior became. i know as i started to hit puberty, and i was pretty much appalled at hitting puberty as a female, my parents actually said at one time, you could have a sex change operation. but you would have to be put in a mental institution. so, i think at that point, i -- whatever feelings i had, that way were completely quashed. >> reporter: instead, in her late 20s, carole comes out as a lesbian, which her mother suspects. but does not accept. carole joins the army at 31. and is still on active duty seven years later, in 1986, when she meets a young mother named judy hoff. judy has a history of dalliances with women. her husband isn't threatened. >> my husband thought it was great. turned him on. but then i met this person. and fell head over heels. got a divorce. we moved in together. an
from an early stage mac, then carol, was more masculine than feminine. which is no big deal. >> i grew up until i was 6 in tennessee. and i think being a tomboy even back then was fairly acceptable up to a certain age. the older i got, the more unacceptable that behavior became. i know as i started to hit puberty, and i was pretty much appalled at hitting puberty as a female, my parents actually said at one time, you could have a sex change operation. but you would have to be put in a...
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Feb 1, 2012
02/12
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what has freddie mac said about just that key question? >> well, freddie mac has said that they're not going to comment on the inner workings of its portfolios. so they referred us, basically, to their regulator, which did issue a statement yesterday that was interesting in some ways, if you want to talk about that. >> tom: yeah, we'll quick. give us the idea. this is the federal housing administration regulator of fannie mae and freddie mac, both in conservatorship. did it defend the portfolio trades? >> one thing as a reporter you look for, nothing in the statement said that we had gotten any facts wrong. you also look-- did we get the story right? >> tom: did not quibble with the analysis. >> did not quibble with any of the facts in the story. i believe they were trying to say, look, we have a huge portfolio, hundreds of billions of dollars. these trades were only several billion dollars. but we're talking about $3.5 billion worth of trades tied to $20 billion worth of mortgages that involved tens of thousands of real homes and real hom
what has freddie mac said about just that key question? >> well, freddie mac has said that they're not going to comment on the inner workings of its portfolios. so they referred us, basically, to their regulator, which did issue a statement yesterday that was interesting in some ways, if you want to talk about that. >> tom: yeah, we'll quick. give us the idea. this is the federal housing administration regulator of fannie mae and freddie mac, both in conservatorship. did it defend...
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Apr 8, 2012
04/12
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we talked about that for fannie mae and freddie mac clones. it is a very big important step, the largest federal-status settlement in history but also one step with and all the other steps we're taking in the administration. >> in january, 2009, you are coming in and knowing everything you have been for the past three years, what are two or three things you might have done differently when attaching the housing crisis? >> maybe the most important thing we have learned is how difficult it is to get the service service and all the various players in our housing market to move to helping homeowners. >> would you have required them to do certain things? >> we would have put more requirements and as for the settlement is important. the president and i realized we had an opportunity through the enforcement action. we could force servicers to do things we had provided incentives for. we learned that there were many barriers in the market to being able to help homeowners. the conflicts between mortgage insurers and those who held the loan, the conflic
we talked about that for fannie mae and freddie mac clones. it is a very big important step, the largest federal-status settlement in history but also one step with and all the other steps we're taking in the administration. >> in january, 2009, you are coming in and knowing everything you have been for the past three years, what are two or three things you might have done differently when attaching the housing crisis? >> maybe the most important thing we have learned is how...
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Jan 24, 2012
01/12
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CNN
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and return the funds he made from freddie mac. i wouldn't have normally suggested that other than he was the one that said if you made money on this failed model you ought to return that money. >> within hours of that, the gingrich people released the 2006 contract. you'll recall he's struggled in the past to explain the work he did for freddie mac and reconcile what appears to be beltway insider buck raking with his anti-beltway establishment campaign. is the what he said in november. >> i have never done any lobbying. every contract was written during the period i was out of the office and specifically said i would do know lobbying and offered advice as historian when they said we are now making loans to people with no credit history and have no record of paying back anything, that's what the government wants to do. i said to them at the time, this is a bubble, this is insane, this is impossible. tonight, one year of the contract is out. ur political anl list gloria borge has the late details on it. the contract doesn't really t
and return the funds he made from freddie mac. i wouldn't have normally suggested that other than he was the one that said if you made money on this failed model you ought to return that money. >> within hours of that, the gingrich people released the 2006 contract. you'll recall he's struggled in the past to explain the work he did for freddie mac and reconcile what appears to be beltway insider buck raking with his anti-beltway establishment campaign. is the what he said in november....
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Jun 6, 2012
06/12
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how could they achieve comparable leverage to fannie mae and freddie mac to compete when we know that was set by the government? why didn't the smart at-risk investors stop buying the securities? if the smart guy stopped, then the market would be shut down. how could everybody for eight years make up front book and cash profits in a money-losing operation? before it closes down. and why didn't the speculators stop them? if you can answer those five questions you will know why the pls was allowed to go on for so long. and the short answers are it had nothing to do with market discipline and market failure because there was no market discipline. markets had been replaced by regulation across the board. you have one or the other. and we had bad regulation in each case. the affordable housing goals trumped prudential regulation. and the regulators didn't stop them from making bad loans. and then i'll show why and how the s.e.c. and bank regulation arbitrage provided similar leverage to these private label securitizers as fannie and freddie mac were able to achieve. the smart money was rep
how could they achieve comparable leverage to fannie mae and freddie mac to compete when we know that was set by the government? why didn't the smart at-risk investors stop buying the securities? if the smart guy stopped, then the market would be shut down. how could everybody for eight years make up front book and cash profits in a money-losing operation? before it closes down. and why didn't the speculators stop them? if you can answer those five questions you will know why the pls was...
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Jan 28, 2012
01/12
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CNNW
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what he was doing was clearly promoting fannie mae and freddie mac in this case, freddie mac, to the tune of $1.6 million. that is one of the reasons we're in the trouble we're in. >> first of all, notice that the governor wasn't aware of the ad he was running. he's not aware of the investments made in his name. >> of course i -- a blind trust. >> and my investments with his, comparing a tuinei mouse with a giant elephant. the fact is -- that there is a very substantial question. you didn't give instructions to say, gee, let's not do this or let's not do that. you're very quick to draw the widest possible exaggeration. the fact is the only time i ever spoke to the congress about this issue was in july of 2008, the "new york times" reported it. i told the republicans in the house, vote no. do not give them any money. they need to be reformed and answering it's question earlier i would break each of them up into five or six separate units and over a five-year period wean from them all federal sponsorship because we need to get away from those gigantic systems. >> a follow-up question t
what he was doing was clearly promoting fannie mae and freddie mac in this case, freddie mac, to the tune of $1.6 million. that is one of the reasons we're in the trouble we're in. >> first of all, notice that the governor wasn't aware of the ad he was running. he's not aware of the investments made in his name. >> of course i -- a blind trust. >> and my investments with his, comparing a tuinei mouse with a giant elephant. the fact is -- that there is a very substantial...
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Jun 4, 2012
06/12
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KNTV
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mac 'n cheese... mashed potatoes and gravy! mac 'n cheese. mashed potatoes and gravy what are you doing? what are you doing? mac 'n cheese! should we tell em we got two free sides? and miss this? say "mashed potatoes!" never! [ male announcer ] buy any kfc 10 pc meal or larger and we'll throw in 2 more large sides, free. that's 2 extra sides of your choice and one happy family. today tastes so good. that's 2 extra sides of your choice and one happy family. what makes me feel truly decadent? [announcer:] new revlon colorstay whipped crème makeup. its unique formula flexes with skin for a flawless finish. the feel of nothing but silk on my skin. lemon burst, blackberry harvest, pina colada... i can't imagine where she is... orange creme... [ grocery store pa ] clean up in aisle eight.
mac 'n cheese... mashed potatoes and gravy! mac 'n cheese. mashed potatoes and gravy what are you doing? what are you doing? mac 'n cheese! should we tell em we got two free sides? and miss this? say "mashed potatoes!" never! [ male announcer ] buy any kfc 10 pc meal or larger and we'll throw in 2 more large sides, free. that's 2 extra sides of your choice and one happy family. today tastes so good. that's 2 extra sides of your choice and one happy family. what makes me feel truly...
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Feb 5, 2012
02/12
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more money for freddie mac. host: chris arnold, is this a deliberate ploy by freddie mac to do this? guest: well, we are not alleging that freddie mac did anything illegal. nothing in our report turned that out. there is a fire wall between the investment side of the business and the side of the business that manages home policies. but at the same time, it is fair to ask the question. credit is being tightened and a lot of ways that some people think don't make sense. the federal reserve has raised questions at the same time that freddie mac is placing these target it bets, as jesse said, that pay off. this is sort of a leveraged, magnified way. this is important to understand. that's say that we loan you $100,000 to buy a house. traditionally, the way this works, if you refinance, you have 100,000 hours back. ok, we're not making 7% any more of you, but we have our money back and we can give somebody else the loan with that money. but freddie mac did is they sold off the right to collect the principal, the $100
more money for freddie mac. host: chris arnold, is this a deliberate ploy by freddie mac to do this? guest: well, we are not alleging that freddie mac did anything illegal. nothing in our report turned that out. there is a fire wall between the investment side of the business and the side of the business that manages home policies. but at the same time, it is fair to ask the question. credit is being tightened and a lot of ways that some people think don't make sense. the federal reserve has...
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Jul 21, 2012
07/12
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FOXNEWSW
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i think that's what e-mac and mike are getting at. we need a clean sweep of the housing market and the inventory in order to get things moving again. >> well, i deally, yes, that would be the case, but we're not going to see it, you're going to see demand for homes in new areas where those old foreclosed homes don't exist. this is soft demand, like as morgan was saying, it's not some dramatic upswell of demand and it's healthy demand. yes, the government is still heavily involved in the mortgage market, but it's not the funny money we were seeing back in 2006 and 2007. so, i think that this is moderately good news. >> all right. you wanted to jump in quickly, e-mac. >> it will still be flush to the system what happened with the housing bubble. old industrial cities like detroit, pittsburgh, baltimore, philadelphia, a lot of those daderelict homes are n- is it good news or bad news happening with housing now, steve. >> overall, david, it's slightly bullish and morgan is right from very, very depressed levels if the government hadn't in
i think that's what e-mac and mike are getting at. we need a clean sweep of the housing market and the inventory in order to get things moving again. >> well, i deally, yes, that would be the case, but we're not going to see it, you're going to see demand for homes in new areas where those old foreclosed homes don't exist. this is soft demand, like as morgan was saying, it's not some dramatic upswell of demand and it's healthy demand. yes, the government is still heavily involved in the...
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Jan 24, 2012
01/12
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. >>> newt gingrich has released the contract he entered into with freddie mac. he'll be joining us in just a moment to tell us exactly what has been released tonight and whether or not the story come ports with newt gingrich's previous explanations of exactly how he earned that money from freddie mac. conservatives have developed a critique of what happened during the financial meltdown during the bush presidency, plays down the importance of wall street and plays up the importance of freddie mac and fannie mae and other things promoting home ownership. so it's made public that he took consulting fees while working for a home mortgage agency. mr. gingrich has done himself no favors in responding to that criticism when his first instinct was to say he wasn't paid for lobbying or consulting, he was more paid pas a historia. >> your firm was paid $300,000 in 2006 by freddie mac. what did you do with that money? >> my life as a historian was when he came up and said. >> how many hundreds of thousands? how do i get a gig like that. the historian line also led to this
. >>> newt gingrich has released the contract he entered into with freddie mac. he'll be joining us in just a moment to tell us exactly what has been released tonight and whether or not the story come ports with newt gingrich's previous explanations of exactly how he earned that money from freddie mac. conservatives have developed a critique of what happened during the financial meltdown during the bush presidency, plays down the importance of wall street and plays up the importance of...
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Aug 7, 2012
08/12
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KRCB
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not yet. >> reporter: a turn in home prices is helping freddie mac. with delinquency rates falling, the company reduced its provision for bad loans by $1.7 billion. karen petrou estimates loan loss reserves are now less than 1% of freddie mac's mortgage portfolio. >> that might be enough, but it's a very risky proposition. >> reporter: and while freddie mac now owns fewer bad loans made during the housing bubble, it is taking on some new risk. 8% of its loans are now to people who have negative equity in their homes. >> so when they refinance, the loan has a very high loan-to- value ratio, 125% or even higher. those are by definition risky loans. they may be new, but they're risky. >> reporter: another risk: mortgage rates are hovering near record lows. >> they have a tremendous amount of interest rate risk in their book. so when interest rates start to go up-- i believe it will a year or two or three-- the value of their portfolios will start to plummet. so we have some losses baked into the cake we just haven't recognized yet. >> reporter: lawmakers
not yet. >> reporter: a turn in home prices is helping freddie mac. with delinquency rates falling, the company reduced its provision for bad loans by $1.7 billion. karen petrou estimates loan loss reserves are now less than 1% of freddie mac's mortgage portfolio. >> that might be enough, but it's a very risky proposition. >> reporter: and while freddie mac now owns fewer bad loans made during the housing bubble, it is taking on some new risk. 8% of its loans are now to people...
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Jan 25, 2012
01/12
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FOXNEWS
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newt gingrich we know made $1.6 million in his dealings with freddie mac. certainly not as a lobbyist but as a his torn. >> now he says he was a consultant. >> shepard: consultant but certainly not a lobbyist. >> he had somebody come in to say what a citizen can do and what a lobbyist could do and he didn't go over the line. of course barack obama made a lot of money too. >> shepard: you did too. >> ill understand that i'm not running for president. >> shepard: not yet. >> not ever. >> shepard: thank goodness. i would campaign for you though. you know i would. >> that's another reason i won't run for president. >> shepard: great to see you though. chris wallace every "fox news sunday." this sunday chris will be welcoming the wisconsin republic congressman paul ryan the chairman of the house budget committee. we will have the state of the union here down the dial on big fox online and on fox news radio. has fox on it and state of the union tonight. don't miss the state of the union address 9:00 eastern time in sean hannity's normal spot right here on fnc. on
newt gingrich we know made $1.6 million in his dealings with freddie mac. certainly not as a lobbyist but as a his torn. >> now he says he was a consultant. >> shepard: consultant but certainly not a lobbyist. >> he had somebody come in to say what a citizen can do and what a lobbyist could do and he didn't go over the line. of course barack obama made a lot of money too. >> shepard: you did too. >> ill understand that i'm not running for president. >>...
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what exactly is freddie mac. right now is this all goes back to a fully public institution it was created one hundred thirty eight running up privatized in sixty eight by learning johnson because he wanted to get basically any cause that might make the vietnam war look bad off the books exactly and so where what is it now well god only knows because what if you're a couple of key lessons out of this great story that was just done by pro publica and then p.r. the regulator responsible for freddie says that well here's what happened basically freddie mac. put in more than three billion dollars while it was being owned by the u.s. taxpayer and rescued by the u.s. taxpayer to the tune of more than one hundred forty billion dollars it bought three point four billion dollars in financial instruments that were essentially betting against the very same struggling homeowners who can't refinance and are stuck with high interest rates it's betting again freddie mac. customers it's betting against its own customers at the sa
what exactly is freddie mac. right now is this all goes back to a fully public institution it was created one hundred thirty eight running up privatized in sixty eight by learning johnson because he wanted to get basically any cause that might make the vietnam war look bad off the books exactly and so where what is it now well god only knows because what if you're a couple of key lessons out of this great story that was just done by pro publica and then p.r. the regulator responsible for...
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100
Jan 26, 2012
01/12
by
CNN
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eye 100
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tonight we have details of the contract with freddie mac. listen how he described the role in november. >> i have never done any lobbying. any contract written in the period when i was out of the office specifically said i would do no lobbied and i offer advice and advice as a historian saying to me we're now making loans to people who have no credit history and have no record of paying back anything, but that's what the government wants us to do. i said at the time, this is a bubble. this is insane. this is impossible. >> it's a consulting firm paid $25,000 a month for years by freddie mac. romney ridiculed the price for advice. the gingrich campaign released the 2006 portion of the contract with freddie and notably vague about the services. last night we got the 1999 contract which goes in to much more detail. on page 14, it described a wide range of services to provide. the two that stand out are, quote, to serve as adviser to freddie mac in the areas of strategic planning and public poli policy, also to engage in discussions with mitchel
tonight we have details of the contract with freddie mac. listen how he described the role in november. >> i have never done any lobbying. any contract written in the period when i was out of the office specifically said i would do no lobbied and i offer advice and advice as a historian saying to me we're now making loans to people who have no credit history and have no record of paying back anything, but that's what the government wants us to do. i said at the time, this is a bubble....
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Jun 27, 2012
06/12
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maa users may be getting rrpped off... 3 3orbitz says customers who use mac computers spend as much as 30 percent more per night on hotels.... which is why the site shoos them different, nd sometimes costlier, travel see.ons than wwndows visitors s- mac users are 40 percent more likely to book four or five star hooels than p-c users, and that lines up with the fact that mac usees are typically more willing to data is used to tailor hotel reccommendations.... which means guidinggmac users to more expensive rooms... 3 what we'veedone with our fouud ways to go and make sure that we're able to shhw the right hotels to customers and find ways to get them the best deal. but the company stresses that mac and pc users might be offered different options----- not the same roomssat different prices. prices. all of the hotels are available to all users. yoo can sort by price, you can sort by any hotel name. there's no way that ww're treating mac or pc users any different, we love them both. 3 orbitz may be facing backlash.... but experts say targeting customers through their browsing information i
maa users may be getting rrpped off... 3 3orbitz says customers who use mac computers spend as much as 30 percent more per night on hotels.... which is why the site shoos them different, nd sometimes costlier, travel see.ons than wwndows visitors s- mac users are 40 percent more likely to book four or five star hooels than p-c users, and that lines up with the fact that mac usees are typically more willing to data is used to tailor hotel reccommendations.... which means guidinggmac users to...
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mortgage giant freddie mac. was betting billions of dollars that struggling homeowners would foreclose in two thousand and ten in two thousand and eleven a time in which freddie mac. should have been helping those same struggling homeowners refinance their mortgages despite touting on its website that its mission is to quote stabilize the nation's residential mortgage market and expand opportunities for homeowners ship this investigation shows freddie mac. was doing just the opposite the stabilizing the housing market making profits when people were being kicked out of their homes so how did a public service go so wrong for more on this richer esko joins me in the studio he's a senior fellow at the campaign for america's future richard welcome back good to be here tom great to have you with us. what exactly is freddie mac. right now in this all goes back to a fully public institution that was created one hundred thirty eight running up privatized in sixty eight by learning johnson because he wanted to get basica
mortgage giant freddie mac. was betting billions of dollars that struggling homeowners would foreclose in two thousand and ten in two thousand and eleven a time in which freddie mac. should have been helping those same struggling homeowners refinance their mortgages despite touting on its website that its mission is to quote stabilize the nation's residential mortgage market and expand opportunities for homeowners ship this investigation shows freddie mac. was doing just the opposite the...
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Jan 28, 2012
01/12
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it's -- it makes you forget your troubles, i'll tell you that. >> i'm mac mcgary. thanks very much. >> reporter: in washington, jim handly, news4. >> retired and still very much loved. we love you, mac. >>> and we welcome the new host, hillary howard of "it's academic." >>> next up, a local ballerina accomplishes somet >>> wow. a man from the manassas area may have made a record-setting catch. this fish was reeled in off the virginia beach area. a whole pound bigger than the previous record. the state saltwater fishing tournament will have to certify the catch to make it official. the angler is an x-ray technician at prince william hospital. he told the virginia pilot he's caught shark and barracuda before, but never caught anything this big. it is huge. looks like almost half his size. wow. >>> a local woman is going from reston to russia. she's been selected as the first american to join the esteemed ballet, the same company that boasted greats like baryshnikov. more on the dancer's journey. >> reporter: she's been singled out by dance magazine for her star quali
it's -- it makes you forget your troubles, i'll tell you that. >> i'm mac mcgary. thanks very much. >> reporter: in washington, jim handly, news4. >> retired and still very much loved. we love you, mac. >>> and we welcome the new host, hillary howard of "it's academic." >>> next up, a local ballerina accomplishes somet >>> wow. a man from the manassas area may have made a record-setting catch. this fish was reeled in off the virginia beach...
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Jan 30, 2012
01/12
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abc's jim avila has the story. >> reporter: when freddie mac went nearly bankrupt, american taxpayers bailed them out. but when jay and bonnie silverstein like many american homeowners, asked to lower their payments, the answer was no. >> we are in financial jail. >> reporter: if they could have that rate reduced to 4%, the current average, they'd save $500 a month. but freddie mac, the government-run mortgage giant, that's supposed to make it easier to own a home, won't let them refinance. >> it just flies in the face of common sense. >> reporter: and it makes them angry, because it turns out freddie mac is making money from homeowners like the silversteins, by keeping them stuck in higher interest loans. a joint investigation by national public radio pro publica has found freddie mac has invested a billion of its own monet betting against those loans coming down. >> when the homeowner refinances, freddie mac now loses. >> reporter: legal, but critics now call it a clear conflict of interest. >> what you're doing is telling homeowners, "gee, i'm going to stop you from refinancing, an
abc's jim avila has the story. >> reporter: when freddie mac went nearly bankrupt, american taxpayers bailed them out. but when jay and bonnie silverstein like many american homeowners, asked to lower their payments, the answer was no. >> we are in financial jail. >> reporter: if they could have that rate reduced to 4%, the current average, they'd save $500 a month. but freddie mac, the government-run mortgage giant, that's supposed to make it easier to own a home, won't let...