in response to the fannie and freddie question, he said wall street led the charge and fannie and freddie caught up. i asked about the role of -- >> i asked about the role of congress. will they blame congress as well? >> they probably will, but they will not tell us anything about congress we did not already know. democrats had a general allegiance to fannie and freddie. republicans [inaudible] but i doubt we will see an excoriation of congress like we will of wall street. >> that is an interesting point. there are multiple oversight bodies working on tarp. so the sections of the report that may end up being the most interesting are the ones that deal with specific, nuanced issues on which certain commissioners had expertise. i would point to brooks claiborne as we know suggested derivatives are more heavily regulated and was shot down decades ago. not everybody who ever worked as a political hack for this or that party will have an opinion. it might be the sections where they drill down on what they believe the issues were. >> i want to follow up on the questions you were asking about p

still, there are continuing concerns about the impact of the foreclosure crisis on banks, and freddie mac and fannie mae. we have two reports. we begin with suzanne pratt in new york. >> reporter: bank of america, citi, j.p. morgan chase and wells fargo. these are the banks with the biggest potential exposure to what's now being called "foreclosuregate." but just how much could faulty mortgage foreclosures cost the u.s. financial sector? on wall street, the range of estimates is staggering. jp morgan's own research staff says, worst case scenario, the price tag could reach a hefty $120 billion. that would cover the expense of buying back mortgages. most banking experts, however, are projecting losses closer to half that number, over a period of several years. s&p analyst erik oja puts the cost somewhere in between financial fiasco and minor blip. >> at this point i'm not sure if it's a minor blip. i'm sure that as these banks go through their foreclosure pipeline, they will find instances of paperwork that needs to be redone. >> and, robert albertson of sandler o'neill says speculatin

can you tell us which degree that fannie and freddie played in the crisis? were they a cause of the crisis? >> we've looked extraordinarily hard at this issue. we've devoted a lot of time, energy, and resources to it. i would say just for context, i mean, often people think of the tarp program and as you know government officials are now saying that won't cost as much. but in the end, the taxpayers of this country would have shelved out trillions of dollars through two dozen programs to stabilize our financial system. look, there's no question that fannie and freddie, because of their scale, because they were deeply involved in the mortgage market, played a role. we're in our deliberations so i don't want to get ahead but i'll give you a couple observations. at least from the information i've seen, while fannie and freddie were clearly disasters, of epic proportions, while their business model was extraordinarily flawed, the private, publicly traded corporation, with all the upside incentives of huge compensation for the executives and the taxpayers bearing

the federal regulator says the taxpayer bailout, fannie mae and freddie mac could blow up and blow up 363 billion dollar of your dollars. and the government helping struggling home owners pay off their mortgages. what about the people who already are? hi everybody and welcome, i'm neil cavuto. and charles payne, dagen mcdowell, and adam lashinsky. charles? >> well, you know, i really believe-- we know this fannie mae, freddie mac thing, this 300 billion i think we'll be talking about a billion-- a trillion rather, soon. >> neil: figure right now. >> it's an unlimited paycheck, it's taxpayer money, but i think part of this is the philosophy, if you're a home owner and you're paying your bills and you have a job, you say, maybe, you know what, you've got that anyway from some unfair means, maybe, you know, something was unfair, why do you still have a job and therefore, you actually owe it to the rest of us. you have to, you know, you owe it to the people who can't pay their bills, so, you should be upset about this, somehow, you're staying in a job you should have the in first place, a

fanny was before freddie. i think freddie came in the 1960's. they were set up to help give homeowners a shot at the american dream and stabilize the fixed rate 30-year home loans that we were accustomed to because they could provide the liquidity for banks to buy the loans. they would hold them some and securitize them off to the secondary market where investors would buy them. the one thing about fannie mae and freddie mac they had this hybrid structure and a lot of people believed there was implicit guarantee if something were to go wrong the government would come in and allow fannie mae and freddie mac to borrow at lower cost which made them more profitable. regulators said there is no explicit guarantee, you know. they are not going to step in. but what happened in 2008 when the crisis occurred government accepted in. -- stepped in and one consensus is the hybrid structure will not exist in the future. what may exist from that who knows. i think that the national association of realtors have called to make them nonprofits. you have the nati

fannie and freddie continue to cost tax -- taxpayers billion. for years they only guaranteed a small per continuing meant to help poor people it won't meant to grow 90% of all more beginnings. >> rich, the fact is there is this collusion between all the politicians and all of these private home owning organizes that are now becoming corporate government organizations, right? >> yeah. you had revolving door problem. this is an easy problem to understand. the government had a policy to get more poor people into homes. that means that more people that were not qualified to get loans, took out loans. of course the banks were forced to take these loans on. of course they were liar loans. of course the banks got rid of these loans as fast as they could to somebody else. now there's confusion over who actually owns the more beginnings. the government is typical they set bad policy then blame the private sector for the case cross that follows. >> quinn, go ahead. >> rich believes in the free market and you believe in the free market by default except wh

freddy sanch freddy sanchez basically stopped going to first. not a single. it's second error of the inning for guerrero. double, the fourth of the night for sanchez. >> tim: once you stop -- yeah, once you stop and slow down, you can see the single. you've driven in the run. then you go to second on the bobble by guerrero. to me, that is a single and an error. fourth double of the night for freddy sanchez. >> joe: and his third rbi. that is damage out of the number two spot. in front of buster posey who has an rbi hit. he's 1-4. 10-4 giants in the eighth. now they have changed that to a single, and an e-9 on vladimir guerrero. strike one. single e-9. still an rbi. second error. vladimir guerrero in the inning. the fourth of the night for texas. we talked to ron washington about guerrero in right. he said he's the type of play cer who will handle himself fine in right. he was moving around well. once guerrero is back in the line-up -- he wants guerrero's bat in the line-up. making his 16th start in right. in 2010. done it twice in the eighth. posey waits for

freddy sanchez en total pego cuatro dobletes... y los gigantes terminaron ganando por once a siete... escuchemos las reacciones.. con los rangers.. vladimir guerrero con sus errores en el jardin derecho ayudo a los gigantes aqui las a los gigantes derecho ayudo el jardin guerrero con vladimir rangers.. con los rangers.. vladimir guerrero con sus errores en el jardin derecho ayudo a los gigantes aqui las reacciones de los jugadores del equipo tex. texano.. como era de esperarse los aficionados de los gigantes salieron mas que contentos del at and t park y ya piensan en lo que sigue.. escuchemos para manana en el segundo encuentro de la serie mundial matt cain abrira para los gigantes de san francisco mientras que cj wilson los hara para los rangers le recuerdo que despues del partido manana aqui en san francisco la serie se mudara a arlington texas donde se jugaran los siguientes tres encuentros de ser necario.. el sabado domingo y lunes.. --- y ahora si: en "tu voz en la comunidad"...---el triunfo de los gigantes... ----¿como se s

we've sent $160 billion to bail out fannie and freddie. this is for making bad loans in the first place. now, taxpayers could be on the line for cleaning up the mess. for finding out why banks couldn't do paper work right. >> and the beautiful thing about the way this country is set up that we call a democracy is that we've got a central government controlled by the banking industry that is paying itself hurrica hundreds of billions of dollars to administrate this system while foreclosing on homes they may not own the note to. and there's no legal recourse for taxpayers. is that the situation, kathryn porter? >> there's no remedy here for the taxpayer other than the political process. we have the oversight committee. t.a.r.p. pressure on the treasury. we have a consumer financial protection bureau, but short of those kinds of political and regulatory things, there's little taxpayers can do. >> one question that occurs to me, my understanding with that in order for the government to provide fund to a bank, the loan had to quote, conform to

freddy sanchez was four hit. afterwards he had this to say. >> you never think you are going to have success against a pitcher like that. we just tried to attack early. then after that i just tried to see it and put the ball in play. fortunately i was able to find some hits. >> cliff lee said the giants got it through some hits and now we know they got some bat. >> it was a big game, came out swinging and you want to take the first one at home. >> we set a couple records and a great job by freddy sanchez. it was a crushing blow. >> huge win for the giants tonight. winning the first game of the world series, he says matt cain is pitching better than any of the pitchers. he will take the hill tomorrow night and look are to the giants to do good things tomorrow night. >> matt cain against cj wilson tomorrow night. now to the warriors who were overshadowed by the giants. the warriors in their season opener against the houston rockets, and there is a new look and new feel to the golden state warriors. monte ellis. new

-- fannie or freddie. instead of transferring or having to resign the deed at every step, they coordinate the process. host: no guarantor. guest: exactly. they streamline the process, that you don't have to have the paperwork redone every time. many people might not know, although you are supposed to get disclosure every time a mortgage changes hands, most people don't know this, that a lender they got their mortgage with it may or may not hold it and how many people hold it over time. host: let's get to root causes. banks have their properties on the books for a long time. were they, in fact, getting pressured by any sector of government -- governors or investors -- to clean it up quickly? guest: there has certainly been a tremendous pressure from investors. investors lose if they don't get paid. they don't on the loan. own the loan. it is the incentive of the bank not to foreclose. the housing market has gone down by more than 20%, and for the lender, bank of america, for instance, the more they pay on t

fannie mae and freddie mac are offering financial advice. i am serious. a new congressional oversight panel says the treasury department paid fannie mae and freddie mac nearly a quarter billion to run tarp. these are the same folks who helped dig the housing ditch for which tarp was supposed to dig us out of. and former governor huckabee. what we are doing is putting the inmates in charge of the asylum? >>reporter: we have to recognize the inmates are in the asylum but the guards also are as insane as anyone being placed there. this is one more reason i am so glad i was against tarp. i get lectured almost every week. >>neil: you were way ahead of a lot of people. >>guest: as recently as this week i was chided by another republican for not realizing how important it was that we did tarp and how it saved us. that is like the democrats saying we saved another million jobs. what we did, we teed up for the obama administration to continue this policy of bailing out businesses because we say they are too big to fail. the other side of too big to fail is all the

it is up to the folks running fannie and freddie. we need to see something change quickly. our attorney general filed suit, to his credit. mayors across the country are ready to voice, as well as governors, when we have a sympathetic ear from the administration and the department. we just need some folks there to right this wrong. >> any other questions? thank you all for being here. we appreciate it. so are you going out tonight? i can't. my parents say i have to be home right after work. ugh. that's so gay. totally gay. ugh. that is so emma and julia. why are you saying, "that's so emma and julia"? well, you know, when something is dumb or stupid, you say, "that's so emma and julia." who says that? everyone. announcer: imagine if who you are were used as an insult. >> i work with the department of environment and we are recycling oil. thank you. we can go into a refinery and we can use it again. they do oil changes and sell it anyway, so now they know when a ticket to a. hal>> to you have something you want to get rid of? >> why throw it away when you can reuse it? >> it

it is up to the folks running fannie and freddie. we need to see something change quickly. our attorney general filed suit, to his credit. mayors across the country are ready to voice, as well as governors, when we have a sympathetic ear from the administration and the department. we just need some folks there to right this wrong. >> any other questions? thank you all for being here. we appreciate it.

freddie -- fannie and freddie have been successful. the original offending party is no longer around. they are going after people who acquired. it is hard to make a legal claim that bank of america is really liable for the quality of loans made three years earlier. >> yes, but if bank of america put those into a securitization trust, and renew the warrant is, they're the same. i have read there is an increased use of statistical sampling, as opposed to having to approve each individual loan. ok. my time is up. .> thank you, mr. silvers >> mr. cecala, or any other member of the panel, in view of the exchange mr. cecala just had with mr. mcwatters, i remain deeply puzzled to what the federal reserve bank of new york is up to. do any of you have a theory? why is the federal reserve bank of new york asserting the sorts of claims we were just discussing? >> i will take a quick shot. the federal reserve board of new york inherited a bunch of non- agency mortgage security investments as a result of the merger of j.p. morgan chase. bear stearn

mac in the house of representatives. >> in 2004, fannie and freddie bragged that countrywide held 20% of the single home business, but this was an enormous-- >> countrywide issued the submarine prime loans to many people who couldn't pay and sold those to fannie mae allowing countrywide to issue even more loans, so that they were business partners in a fundamental sense. but-- >> well, i think there's a big less on son here, we often hear people say, why can't business and the public sector work together more, private sector, public partner, this was the biggest private-public partnership in the history of the world. more corruption and possibly criminality. >> paul: here is what it is, private profits, socialized risks. that's what a public-private partnership often ends up with. >> i think the probl mozilo, we got, that's the end of it. those in congress and-- >> the regulators. when we come back hits and misses of the week. [ j. weissman ] it was 1975. my professor at berkeley asked me if i wanted to change the world. i said "sure." "well, let's grow some algae." and that's what st

freddie sanchez, the giants score two runs in the ninth and win it 3-2. as you said, diane, one more win and the giants will play the philadelphia phillies in round 2. that would be the national league championship series. but nothing comes easy with this team.

the two hitter freddy sanchez, 2 for 25, distributed one run in 6 ball games. >>> how about the deer valley team, finished the regular season 10-0, 57-0 during the last four seasons, they have earned an instant bert to the north sectionals who start november 4th. >>> roberta seemed worried about the preseason game. the warriors win 100-78 is the final. >>> i have the top 5. at number 5 chris johnson's streak of 100 rushing yards gains is now at 8. he ran for 111 tonight. the titans steam rolled the jags 30 to 3. more pre-son hoops just for roberta. lebron james took his talents

is this idea of tpr*pl and freddie mac and fha providing 100 percent fax pair guarantee on these mortgages because remember, bill, the tragedy for people who are just taxpayers watching this, when we talk about this massive amount of foreclosures, who do you think is going to underwrite a lot of the lawsuits? unfortunately it's going to be you and me and taxpayers. bill: and we're going to tonight to foot the bill until the place is stabilized. is there a way of knowing, stephen? as you canvas the country, as to whether or not some of the hardest hit areas, maybe it's in florida, maybe it's outside las vegas, are we starting to see stability? >> not yet. you know, it's those states you mentioned, we call them the fan states, florida, arizona, nevada, california, those are the states that are hardest hit and they still haven't hit bottom yet. bill: built on sand, you could say. >> exactly. bill: stephen moore of the "wall street journal," good to have you in on such short notice, given the breaking news on that. look for the comments from the fed chair. something not clear about this. alway

and freddie sanchez playing a shallow right-field. strike one from lopez. >> joe: strike two. >> tim: sometimes if you are a hitter, all you have to do ask look at the outfielders. look where cody ross is. sanchez is playing howard more to pull than cody ross, which means that the giants are going to pitch howard away. make him go away. >> joe: lays off the pitch. ball one. >> joe: santiago casilla getting ready. two out, nobody on here in the seventh for philadelphia. 2-2. >> joe: the 2-2. howard strikes out. lopez puts up another scoreless inning. he has been sensational. into the eighth inning. game six. still tied at 2.

freddy sanchez had some wrong moves that gave the giants the lead. the giants mean this when they say this, they have a different hero every night, but tonight, juan rebay the hero tonight. we'll hear from the players later on in this newscast, but for right now we're going to talk about the fans. yes, the giants. there are a bunch of men on this field, but there are a bunch of women here watching this game, and they want two things. they want the giants to win, and they want some of the pair a f- paraphernalia. >> i talked to the ladies and they want two things: a giants win and more ladies' giants gear. the giants erupt as they win game one of the world series. fans who weren't inside the park made sure their team could hear them. the promenade? deafening. even shoppers inside the dugout store felt the magic. lots of ladies are looking for giants gear. women are a huge part of the fan base, but they say it's hard to look good. >> it would be nice if there were a few more things and things aren't really geared towards the women, but what can you do?

fannie mae and freddie mac in 2001. the republican party wanted to destroy freddie mac and fannie mae. what they did was that they took in, and just basically the - got rid of those who were running freddie mac and fannie mae and they put in those people in about 2003 to run those. at the time that happened, freddie mac and fannie mae went in and bought these bundles and this is part of the problem. and i - and i - your grinning at me. i understand i don't know what purpose there. is other thing too is that, just like the oil industry. we have put mortgages into the commodity industry, and this is the part of the problem, and thank you for listening. host: john let me get to the fannie mae and freddie mac part. you have served on the board is of each of those? guest: yes, i was a big critic of them for what they were doing and not doing. i tell you, there's been so much miss information about the role they played. there's no question that staying out of this. predator lending for a very long period of time. they did ver

and freddie sanchez playing a shallow right-field. strike one from lopez. >> joe: strike two. >> tim: sometimes if you are a hitter, all you have to do ask look at the outfielders. look where cody ross is. sanchez is playing howard more to pull than cody ross, which means that the giants are going to pitch howard away. make him go away. >> joe: lays off the pitch. ball one. >> joe: santiago casilla getting ready. two out, nobody on here in the seventh for philadelphia. 2-2. >> joe: the 2-2. howard strikes out. lopez puts up another scoreless inning. he has been sensational. into the eighth inning. game six. still tied at 2. an accident doesn't have to slow you down. from new car replacement and guaranteed repairs to accident forgiveness, we do all we can to help you move on. liberty mutual auto insurance. responsibility. what's your policy? >> joe: beautiful shot of the city lit up. the aerial coverage. for the most sports, period, call 1-800-directv. eighth inning. game six tied at two. pat burrell. 1-3 tonight facing ryan madson. ba

fannie and freddie may have fallen into the mortgage mess. as we look at video out of europe, let's talk about fannie and freddie. the "wall street journal" said the government-run fannie mae and freddie mac may have suspended the relationship with a florida-based law firm that was processing foreclosures. as you know, banks have been accused of large scale errors on foreclosures. fannie and freddie don't individually issue mortgages, but they own huge amounts of home mortgages through mortgage-backed securities. the take away is we got into the mess with all kinds of paperwork problems and we are coming out of this mess with all kinds of problems. it is the taxpayer that may end up owning the paperwork. >> no kidding. a lot of it. let's talk baseball. giants are flying to filly and the private plane is taking off from sfo about 10:00 this morning. barry zito and jose guillen will most likely be on the plane and we are not sure if they will play. the final rosters are due out and the pitching lineup is something we know. tim lincecum will hea

freddie and fannie is a mess. i think we have to look at this, a full blown investigation of how we can change. >> who's in the best position to lead that investigation? >> unfortunately, nobody's coming out of the woodwork to do it. i don't know if we can count on congress. somebody has to do it. maybe some commission, independent commission, to look at the problem. >> what about the pension funds? i understand this teacher's pension in new york, the firefighters of the police pensions across this country, that those were the primary investors in these types of securities and if they were fraudulent loans inside of those investments and it's the teachers' pension, the policemans' pension taking that loss, isn't there an incentive to demand the investigation? >> i think there should be. perhaps the s.e.c. should get involved. on a case by case bases, they're the class action lawsuits going on, but the s.e.c. or justice department, they need to look at this carefully and in a transparent way. >> if i wanted to call

one of the tools the federal government had over the years was fannie mae and freddie mac. what is the, this show another shows -- obviously, this show and other shows talk about the downfall that occurred with these two housing gse's. the japan had a secondary market -- did japan have a secondary market in the 1990's? did they create that? we used to have housing recessions in the oil patch, going back to the 1980's, and part of fannie and freddie's structure was to ensure that the entire regional disparities in the housing market place did not occur. host: ok, we will get an answer to that question. what do you do for a living? caller: i work in the housing finance sector. host: thank you. mr. hilsenrath. guest: japan was and remains a very bank-centered economy. most of the financing of real estate went through the japanese banks. you have to realize, it is geographically, and a sparse population, a smaller country -- and as far as population, a smaller country. it did not have the widespread secondary market at the united states has. when the japan's real estate when th

secondly, freddie mae and fannie mack -- fannie mae and freddy mack, they keep sweeping that away. in this last finance reform bill, we could have dealt with freddie mac and fannie mae, but they said it was too big to deal with. we need to start looking at these and looking at true solutions. first, we have to investigate what caused the problem in the first place. this problem has been going on ever since senator reid has been in leadership, and that was before the obama administration, but they failed to do with it in the obama administration as well. >> we do have a commission. to find out what really happened at the collapse. i called for a federal reserve audit in 1985 -- 1987. so i agree with my opponent on that. there should be an audit. we have not gotten that yet, but we have made some progress. fannie mae and freddie mac, all experts say it needs reform. but you cannot do away with them. we would have no way of sustaining the housing market we have today. our next question goes to, ms. angle, and it is on unemployment record. t. you're quoted as saying we can make more on

secondly, freddie mae and fannie mack -- fannie mae and freddy mack, they keep sweeping that away. in this last finance reform bill, we could have dealt with freddie mac and fannie mae, but they said it was too big to deal with. we need to start looking at these and looking at true solutions. first, we have to investigate what caused the problem in the first place. this problem has been going on ever since senator reid has been in leadership, and that was before the obama administration, but they failed to do with it in the obama administration as well. >> we do have a commission. to find out what really happened at the collapse. i called for a federal reserve audit in 1985 -- 1987. so i agree with my opponent on that. there should be an audit. we have not gotten that yet, but we have made some progress. fannie mae and freddie mac, all experts say it needs reform. but you cannot do away with them. we would have no way of sustaining the housing market we have today. our next question goes to, ms. angle, and it is on unemployment record. t. you're quoted as saying we can make more on

and the giants second baseman knows what to do with it, freddy sanchez, ball game. take a 3-2 series lead. >> how about football? redskins/packers in overtime. graham ganno, yes, sir. that's a look at your espn news highlights. i'm steve weissman. back to you in new york. >>> the latest campaign ad by republican senate candidate christine o'donnell has, of course, become fodder for folks at "saturday night live." >> if i were a witch, why wouldn't i just cast a spell making all of you forget that i'm a witch. it's certainly not because the spill requires one newt per person and i look a sufficient number of newts. >> it, of course, spoofs o'donnell's "i am not a witch" ad. o'donnell was on twitter yesterday saying the exit was funny. she also said at that actress' hair looked better than hers. >>> coming up next, the stories we'll be following today, including the controversial pleating on the president's agenda today. we'll be right back. [ male announcer ] it's simple physics... a body at rest tends to stay at rest... while a body in motion tends to stay in motion

and that risk taking still exists inside of our federal reserve, inside fannie mae, inside freddie mac, those banks are now booking higher profits or excuse me, higher compensation than ever. wall street compensation this year up 23%. while profits are down 20%. and yet the business practices as we continue to learn are these. it all begs the question, i think of all of us, why is the federal government not only condoning and allowing this, but why is the federal government by way of the treasury department and the federal reserve helping to facilitate this and make it more difficult to solve? why won't they give us an audit of all the loans, 1.6 trillion of them inside of our government? many questions, not enough answers. however, a slightly encouraging sign today as a handful of democratic senators did send a letter to the obama administration and its leaders including tim geithner at the treasury and ben bernanke at the federal reserve calling for action on what they call a systematic problem. still, it will take much more than letters to sort out this mortgage mess, a mess that ha

and now the scandal has touched mortgage giants fannie mae and freddie mac because they used law firms that have been pumping out foreclosure documents. kelly cobiella on the crushing falloutav all of this on home owners. >> reporter: when donnie thomas fell two months behind on his mortgage in 2008, he tried to reach his lender to make a deal. >> that's when default was put on my door. that's when i said i-- they says 30 days to move out or something. >> reporter: the lender foreclosed, repossessed and resold thomas' home in three months. his attorneys believe it's another case in another stack of foreclosures pushed through by so-called robo signers. the lawyers interviewed 150, among them out of work beauticians, wal-mart clerks and fast food workers given impressef titles but with little or no experience, hired to sign paperwork as fast as they could. >> they're signing fault affidavits. they're signing affidavits that would say things like every allegation in the complaint is true, and they never saw the complaint. some of them had no idea what a complaint was. >> reporter: in one

freddy sanchez scores. posey pumped. brian wilson in to close it out. nate mclouth grounds to second. and the giants second baseman knows what to do with it, freddy sanchez, ball game. giants win 3-2. take a 2-1 series lead. >>> how about some football? redskins/packers in overtime. graham ganno, yes, sir. redskins take it 16-13. that's a look at your espn news highlights. i'm steve weissman. back to you in new york. >>> the latest campaign ad by republican senate candidate christine o'donnell has, of course, become fodder for folks over at "saturday night live." >> if i were a witch, why wouldn't i just cast a spell making all of you forget that i'm a witch. it's certainly not because the spill requires one newt per person, and i lack a sufficient number of newts. >> it, of course, spoofs o'donnell's "i am not a witch" ad. aimed at dispelling her comments that she made about witchcraft during a 1999 talk show. o'donnell responded on twitter yesterday, saying the skit was funny. she also said at that actress' hair looked better than hers. >> she took it

freddy sanchez just blew it. bad day. he obviously thought it was going to hit the wall. it was caught. he doubled at first and that's your game. the san diego padres 6, the giants 4. if you not to play around with history, the dodgers back in 1996 led the padres going way back here by three games with three to play. padres swept them, won the national league west. so again tomorrow is a key game and they'll go with barry zito. they moved zito back to get matt cain it. didn't work out, but once again the giants need only win tomorrow or win on sunday and they are champions. if it happens that way, heck, it would go to a playoff on monday, a one-game playoff, but again the giants tomorrow you lose, then you start to twitch. tonight all right, got beaten, but on this night a better san diego team. the a's are still playing. here we go in seattle. if they win out the rest of the year, tonight, tomorrow and sunday they'd have a .500 year. garrett barton a grand slam of somebody named luke trench. it was 7-0 a's in the 2nd inning and trevor cahill on his way to his 18th win. t

the bad guys were in congress at fannie mae and freddie mac. >> paul: one more break. when we come back, hits and misses of the week. [ j. weissman ] it was 1975. my professor at berkeley asked me if i wanted to change the world. i said "sure." "well, let's grow some algae." and that's what started it. exxonmobil and synthetic genomi have built a new facility to identify the most productive strains of algae. algae a amazing little critters. they secrete oil, which we could turn into biofuels. they also absorb co2. we're hoping to supplement the fuels that we use in our vehicles, and to do this at a large enough scale to someday help meet the wor's energy demands. did you know a problems ain your heartugh scale can cause a stroke in your brain? it's true. an irregular heartbeat, called atrial fibrillation, or afib, can make a blood clot form, here, in your heart, thstraight to your brain where it can cause a serious stroke. having atrial fibrillation gives you a 5 times greater risk of stroke than if you didn't have it. strokes that are twice as likely to be deadly or s

. >> barney was the man for freddie and fannie. this new guy, is a reasonable guy. >> i'm voting for shawn. >> i'm sean beilat and i approved this message. >> i've got some friends who live in your district and a lot of them are -- a number of them are disappointeded about all the bailouts that you supported. >> let me say two things. first of all, i didn't say no one in my district were there, 675,000 people live in a congressional district. there's going to be tens of thousands of people. i was quoting him, all of his money is coming from out of state. as to the bailouts, first of all, he forgets to mention every single thing that was called a bailout was initiated by george bush and some of them have worked out fairly well. what happened is in 2008, the top bush elected economic appointees and with the president's explicit backing and vice president cheney's backing came to us and said we're about to have the worst economic collapse since the great depression. you have to respond. we responded. we changed it some. for example, w

well, freddie mac, fannie mae, fox, guess which "f" congress is blaming for a congressional seat. all rise, here comes the judge! >>neil: this is a fox technology alert. our servers cannot handle the tremendous influx of voters trying to participate in the "your world" poll. that many. tens of thousands. hundreds of thousands. probably millions. trying to answer today's question: who was right on shovel ready jobs? the president of the united states? or the guy many of you say should be president of the united states? enough about me back to me and my poll on the fox website. of the 1,600 that got through before the service crashed because millions were trying to vote simultaneously, 99.51 percent say i was right on shovel ready jobs and eight individuals have said the president was right. it emmates from the white house, the url, on those eight individuals. i have no idea if that is true. the attacks multiplying that barney frank could be sliding in a fundraising letter where he says the tea party is part of the right wing and we have two words "get ready." the freedom watch, and

according to freddie mac, the average for a 30-year loan is now 4.27%, while the rate for a 15-year is 3.27. the last time it was this cheap to finance a home was 1971, when freddie mac started tracking mortgage rates. >>> americans are still keeping the plastic in their pockets. new numbers showed credit card use dropped in august the 24th consecutive month. analysts expect the trend to continue as long as incomes stay flat and jobs remain scarce. paypal taking computer banking to the next level adding a feature to its iphone app that lets users deposit checks into their account by taking a picture of the check. once the funds show up they can be spent or transferred. paypal recommends still keeping the paper check for 15 days in case there is a problem. and, if you want your pay scale to go up, you may want to look down at your bathroom scale. a new study says women who weigh 25 pounds less than average earn about $15,000 a year more. those 25 pounds above earn nearly $14,000 less. for men, salaries increase along with their waist size, until they are obese. doesn't seem fair, does i

those are the lowest levels since freddie mac began keeping track in 1971. and still ahead, quantitative easing made easy. we'll get both sides of the issue from minyanville's kevin depew. >> as we mentioned a record number of homes were repossessed by banks last month. the firm behind that data realtytrac predicts a drop. rick shargas is the senior vice president of realtytrac and joins us from california this evening. welcome to nightly business report. >> thank you for having me. >> how much of an impact could these another closure moratoriums we've seen over the past few weeks have on repossession for the rest of the year. >> they could have a pretty significant affect. of the 23 or 24 states that primarily do traditional foreclosures, we're talking about 40% of the nation's foreclosure activity and about 36% of all the bank repossessions. so if procedures grind to a halt in those states, you'll see a pretty dramatic dropoff in foreclosure proceedings. >> so that's looking ahead. but what about the increase we saw in september. why the increase in bank r

and fannie and freddie have started to look. blackrock. pimco. and one of the major monolines looked. said that 97%, this is amback, said that 97% of the loans that country wide provided to it were sold under false reps and warranties. >> i'm going to wrap this up on the bases of time, but i have to really start to wonder how much longer this president or any president can get a -- or any political party, can get away with the turn the page and we'll just move on and be friends concept of economic policy when fraud is at the core of the system. >> no convictions. versus over a thousand in the savings and loan debacle. fire holder, geithner, bernanke. get people in who will enforce the rule of law. >> professor black -- >> and stop the foreclosures. >> we look forward to having both of you back to the extent to which you're making it easier for everyone to understand this problem. i thank both of you and come to really understand the scope of the problem. people understand why a very deliberative and real response to this is what's in order. for t

in the 5th freddy sanchez. forcing a go ahead run. sanchez 4-5 with three doubles in the game. hitting lee for six runs in the bull pen. supplying a big three run play. his second home run in as many games. 9th inning. 11-7 giants. brian wilson. gets ian kinsler to pop out to right. game over. giants with 14 hits. hand cliff lee his first post season loss. kim coyle will take us inside the locker room. you put up 11 runs. you're in good shape. >> one thing we learn about these 2010 giants is to expect the unexpected on a night where runs are hard to come by with lee and tim lincecum on the mound the two teams combine for 18 runs and 25 his and freddy sanchez became the first player in world series history to have three doubles in his first at bats. >> obviously for no one to have done that yet i think it is something special for just a little guy like me to go out there and be able to do it. >> he was unconscious. that's how he is, though. when he gets hot he gets hot. and he can carry his team. >> anytime you are facing one of the best pitchers in the game, you don't expect to

the last time it was had cheap to finance a home was 1971 when freddie freddie mac started tracking mortgage rates. >>> a glimmer of hope in the job market. 11,000 fewer people applied for first-time unemployment benefits last week. it shows the pace of layoffs is slowing. but companies are not exactly rushing out to hire new workers. the report is an appetizer for the report. it is expected to show the unemployment rate inched up. >>> the dow jones industrial rate came to within two points of 11,000 before turning over. a better-than-expected jobs report could push the blue chips past the 11 mile stones for the first time in five months. >>> and consumers are expected to remain cautious when it comes to holiday spending. according to the research group, almost a third of spenders plan to spend as much as they did last year. it could mean lower sales than last year. which was one of the worst holiday shopping years in decades. for holiday headlines, go to cbs money watch.com. in new york, i'm alexis christoforous. >>> still ahead on at 4:00. hopes increase. the rescue crew who will bring the

bottom five, freddie sanchez splits the gap in left center. the first player in world series history with three doubles in his first two at-bats. after the giants chase big lee the big blow from u-u-ribe. the giants up 8-2 and closed it out with an 11-7 victory. minutes ago the giants manager on the explosive giant offense. >> we needed the runs. we had some great at-bats there, two-out hits and, of course's juans who homerun helped give us cushion there. we are not a team that tries to slug it with the other teams but today they threw out some great at-bats. >> reporter: post season where we learned to expect the unexpected, hey, we expected a pitcher's duel, right? it was going to be 1-20 and 2-1. -- 1-1. you get 1800 18 runs in the ses opener. we will have more coming up and hear from the giants players later on in the newscast. live at at&t park, larry beil. >> it was not what we expected in terms of a pitchers' duel but awfully exciting nonetheless. now, amy holyfield also at at&t park live. the fans seem like it is finally their time. >>