i do think it's a publicity stunt. we've asked how much he owns of fannie and freddie, he apparently owns something, that's what he says. we don't know exactly what his ownership stake is. i don't believe he's a material shareholder or like a 5%. i don't think he's doing what a carl icahn's doing. i don't think he has the money for that, to be honest with you. but that's his publicity stunt to get me to talk about it which is the broader issue. for all its ills, fannie and freddie has done some good, that what he would tell you. we should point out that fannie and freddie cost tax pay questioners -- taxpayers gazillions, hundreds of billions of dollars i'm assuming is not far off. the bailouts of those two entities cost taxpayers a lot. they contributed mightily to the financial crisis, buying up the mortgages. and over the years being prodded by congress and by the president, by hud to buy more subprime mortgages. liz: well, mike milliken of the milliken institute spoke specifically about this just two days ago and sa

para mÍ como que en uno o dos aÑos mi simÓn estÁ curado. >> doÑa fanny, usted ya lo sabe. simÓn es una persona autista. podemos ayudarlo a que mejore su calidad de vida, a que pueda comunicarse con nosotros, pero Él vive en otro mundo. muy lejos de aquÍ. ♪ >> vi un programa en la televisiÓn muy interesante. >> ¿sobre quÉ? >> dicen que las mujeres mayores de 35 aÑos tienen complicaciones para embarazarse. >> eso no lo viste en la televisiÓn, mamÁ. eso me lo vienes diciendo desde que tengo 20 aÑos. >> pues es que me preocupa, el tiempo pasa y cada vez es mÁs difÍcil quedar embarazada. >> ¿si, verdad? yo creo que ya te tienes que apurar, mami porque te quedan como dos minutos. >> no te hagas la chistosa. sabes perfectamente que estoy hablando de ti. >> a mÍ me encantarÍa ver aquÍ un nieto corriendo. >> pues yo soy muy feliz asÍ, mamÁ. >> mira, te lo voy a decir sutilmente. ¡ya es hora! tu reloj biolÓgico estÁ gritando: ¡necesito un hijo ahora! y tÚ no le haces caso a tu instinto natural. >> mamÁ, yo no quiero tener un hijo ahorita. y hasta donde sÉ

do you want to blame people for writing off? neil: thank you. a lot of this. they found a way to pack -- package it. >> the only sold to freddie and fannie. if it was a true free-market there would have never existed. the fact that that government is going after them, their ability the pay. >> this jury has held them accountable. >> let's go back to what i said at the outset. i will go ahead and take the lead that there should be some culpability, but to say that they get of pass to me you are crazy. >> moving forward, how gazebos let me just say, out to lunch if he thinks that fannie and freddie ggt an unlimited credit line from the u.s. government. they got bailed out by the government and the on limited -- i mean, but no one -- no progress. the government sponsored energy regulation. >> as i said, they want to publicize the profit. people said enough. >> when you say privatize. neil: the government makes the laws and britches of laws and punishes the private entities on which it was exactly that. an esteemed professor. >> it is not revenge. it is not reveng

there is a woman in this book, fannie hurst, who i judge pretty harshly. fannie hurst, as far as i'm concerned, went into harlem to take and take and take and take, did not give back and paid, essentially, no price for everything she got and appropriated from black culture. but the reason to hold back the judgment question until the very, very, very bitter end is that i think we are still struggling with the question of when does empathy and understanding bleed into appropriation and theft and vice versa. as a literary scholar, the thing that most excites me is when i see my students genuinely learn to identify across cultural historical gender, sexual, racial difference with characters really unlike themselves. this is the great moment for any literature teacher. this is like, yes, you know? even more important than theory, this moment of identification. at the same time, we cringe at appropriations. we, and we have been cringing so carefully at appropriation that we have not been encouraging a great deal of cross-lines a allegiance and identification. fo

if that becomes the norm, what does that do to fannie, freddie solvency if we create a system in which in most towns in america if you don't like your mortgage principal amount you go through the process that is written down. the eminent domain is a local tools that can be used by localities. we are happy to issue informational guidance as it becomes necessary amount eminem domain. >> of the chair recognizes the gentleman from north carolina for five minutes. >> thank you mr. chair being with us today and for coming to california and for your sincere efforts. the impact of the dodd-frank del and its oversight of the financial institutions if we don't reach certain standards they could put them out of business. do you feel the accountability in your role obviously the capitol standards haven't been met, that you are able to function and nobody is going to put you out of business. the tax payers are here. you stated last month that may be $1.68 billion we heard in 2009 that the fha was stable and sound and secure from the future. so this creates a lot of the concern with american people.

that is what fannie and freddie do, whether they do it well or not is another discussion. >> at the would say if you want to dismantle fannie and freddie do it in the bankruptcy courts where shareholders have a place in line. don't wipe him out. these apparent proposals wipe them out. i'm not expert on each one of them. he will elaborate on this tomorrow. it will be interesting. from what i understand 1:00 p.m. press conference. you know, ralph nader, shareholder activist -- adam: if government does this, give everybody a free corvair. >> maybe do another deal with jamie dimon and -- next bank they sue, do that as shareholder relief, homeowner relief. adam: charlie gasparino. thank you very much. lori: while you gentlemen were talking the dow hit that milestone, that psychological mark of 16,000. let's go ahead to see what's behind the move with jonathan corpina joining us from the floor of the new york stock exchange. what do you think? will we close at 16,000 today? >> market is showing strong enough strength for to us continue this rally. i don't know if we will get, be able to close t

mel watteau what's interesting mel watt is -- >> for freddie and fannie. >> opposed ideological who do not want to see banks give back on loan modifications. this is a big deal. the other thing to point out in addition to a sitting member of congress, mel watt is an african-american. i think from a political perspective this is going to fire up obama base in the midterms potentially when people see these kinds of things. >> patricia millet has ted cruz consent. that's like a three-headed rabbit in the wild. there is no ideological -- there's a reason to oppose her nomination except for this completely trumped up idea of court packing. >> everyone from john roberts, aba across the spectrum has said this is important. this is a problem. this is not court packing. this needs to get taken care of. >> let me ask you, glen in terms of the worry, senate democrats worry one day we may not be in power. we want all the levers of power at our disposal. if you look at the senate at this point the republicans can't win a national election. the only reason they control the house they gerrymandered d

substantial part of society that regulations ahead which required fannie and freddie to hold a very significant amount of the total assets in affordable housing loans. the only way they could do that was to basically buy at wholesale which means what we called securitized sub prime loans. without getting into the detail which i did get into in the document in the look is they moved in a market in 2003 -- 2002 and 2003, they picked up half of all the net new issuance of sub prime securities. and because they had to have mortgages behind them, in order for people who wanted to sell those securities to fannie and freddie, those are kritsch firms in turn had to get actual mortgages to get under the so-called securitized banner, the funding for the securitized loans. the problem with that is that these sub-prime mortgages which actually i think were quite safe in the early years, they had fixed rates. they had somewhat higher interest rates but their very nature was they were issued to people who could not afford the 20% down payment, but could afford the monthly payments. what the hud regulation an

you know, to blame fannie and freddie for the crisis is a little bit of an oversimplification. they, of course, were following directives from the president and congress and, of course, they don't originate loans so it was the lenders who actually originated a lot of these fraudulent loans. it was homeowners who defaulted on the loans. that's a little bit of an oversimplification. there are several ideas floating around in washington for a long time but now what's taking front and center stage with the gses are these dozen or so investors lawsuits so it may actually be the courts that decide in large part what happens with fannie and freddie. >>> you've said we've seen a downward trend in home sales in the last few months, and that makes sense since we saw a taper scare and rising rates. that will likely re -- continue after the new year. what kind of an effect do you think that has on the economy given that we're looking at what is otherwise a pretty weak recovery? >> well, obviously it's significant, and the rising prices, which are also expected to slow down, of course, a lo

¿cÓmo llego simÓn a tu casa? >> estÁ a dos calles. >> ah, pero simÓn no tiene sentido de ubicaciÓn. conoce las calles de memoria pero no sabe cÓmo moverse en ellas. >> no lo sÉ. >> esto es maravilloso. >> bueno, doÑa fanny. son dos calles nada mÁs. >> pues dos calles son un laberinto para simÓn. >> no, no lo subestime, doÑa fanny. Él es capaz de hacer cosas como todos nosotros. >> cuando la gente sabe que simÓn es una persona con autismo, lo miran de forma extraÑa, como si fuera un extraterrestre, pero cuando hay personas que lo quieren ayudar, que lo tratan bien, asÍ como tÚ, veo una esperanza. juliana... quiero un mundo para simÓn. ♪ s de la patria. >> ah, si es cierto. mira, 200 aÑos orgullosamente mexicanos, son imÁgenes de la patria del bicentenario, ¿entramos? >> si, vamos. >> va. >> ay, pero primero una foto,

guest: that is a great question. i do not think there is many people realize how common that is. the reason for that is in the united taste we have a very unique mortgage market where is you go to your savings and loans, your mortgage stays with the local inc.. in the united states we have a market, $10ortgage trillion. the banking sector and are cannot, unless it were to grow by leaps and bounds cannot support that. we have a securitization of mortgages. takeit means is banks will mortgages and sell them to other investors in what is called a secondary mortgage market. a $10 trillion market for buying and reselling of american mortgages. fannie mae and freddie mac are the two largest players in the market as they are buying mortgages, guaranteeing them so investors will buy the securities knowing if the loan defaults, they do not have to the credit risk. they only have to worry about what happens to interest rates. a little bit easier to predict how it will perform. what this means for you is if you went to your bank, it may be went to chase or somewhere else and you got the mor

he wants to do it. and also, big ackman of pershing square, take as 10% stake in the common shares of both fannie mae and freddie mac. a lot of whales getting involved in a lot of big-name stocks. scott? >> these are, what, as of the end of september? >> these are september 30, yes, on a 45-day lag, but it gives us an idea of some of the themes. >> i bring that up, pete, because it would be seemingly well timed on the jcpenney trade. >> absolutely. >> for tepper and jana, barry rosenstein. the stock had started that rise maybe right about then. >> right. right about that time. and we talked about some of monstrous positions looking for downside. they actually were totally rewarded to the downside based upon how low the stock actually got. i can understand why guys want to dip in jcpenney, because they think they're buying the bottom. i think a lot of the time, when you're trying to find the bottom and reach for a bottom, you get something you don't always want. i think that's what they're getting this t

we're doing all we can a city to protect prosperity owns and certainties they need to operator the in our program. governor jerry brown currently passed a program that will address the sf concerned and freddie mac and fannie mae won't be effected. we've, participating in the state fund to make sure our properties are fully protected. ultimately in the end green finance st. is the solution we've been searching for it creates local jobs. green finance sf will if you thought cement >> is a a natural leader to errors the effects of cloiment changes and make it easier for homeownership to refinance. we have more work to do in rolling out this program i hope you'll join me and those behind me in rolling out this program. i want to thank you for being here. i want to turn it over to mayor ed lee. >> (clapping.) >> thank you supervisor farrell. it's great to see homeownership's and our labor force and city agencies thank you for coming together. we all support our assignment. this program as supervisor farrell pass very adequately explains you you know we started pace with or my proximate in

to do it. quick senator lindsey graham is talking about locking other nominations including yellin's if he does not get more emphasis on benghazi. infor him it is a gimme south carolina. it is a sad reflection of where we are. >> you have senator rand paul who is talking about holding up the yellin nomination because he wants an audit of the fed. this is a bargaining chip the minority can use. disgust get public to the point when they change the rules to change this? >> a word on the red sox victory in the world series. >> it happened at fenway park. the red sox are world champions. >> six and a half months after the boston marathon bombings, red sox fans took their celebration to the marathon finish line. >> it was something painful the city went through and rallied around the red sox which is something that unites the entire city on a regular day. >> a wonderful touch. that is the end of the story but the story begins after a miserable 2012 season. the lousiest season and 47 years. >> a terri

why do you need a loan to go to yale? >> but you don't make a 180 retreat and stop it. >> why do you need all that stuff going out to people? why does some kid need a $30,000, $40,000 loan for one year at yale to study fine arts. >> that's why i didn't go to ja yale. i said no. >> i went to pace university. >> adam, what do you make of this? >> i think the comparison with housing is actually an inapt one. i think the government should be in the business of either making student loans or insuring or guaranteeing or helping or subsidizing student loans. >> do they make this much money on it though? >> over the decades, we created this culture where we told people, you have to own your own home or somehow you're doing something wrong. >> that was your liberal friends who pushed it. you specifically did that. >> bill clinton and andrew cuomo. >> all right, let him answer. >> this has been across administrations. all i'm saying, i happen to agree, i think we've gone overboard. we should ratchet it back. certainly not eliminate

what do we have guillermo? >> 10. >> okay. you have a ten. thank you spiderman. i will take that from you. captain america. captain, come on out. don't you usually wear a mask? what's with the fanny pack? >> it's part of the gear. >> how long have you been out on hollywood boulevard? >> about a year. >> how's it going out there? >> pretty good. could be better. >> he is brimming with enthusiasm. let's hope you are as strong as you are excited. here we go. tap in. captain america! what do we have there guillermo? >> 11. >> another beautiful rendering. thank you, captain america. stand back there. use your shield. are you ready? >> i'm ready. >> can i use my own hammer? >> you have your own hammer? of course. bring out the hammer of thor. there we go. [ cheers and applause ] >> one handed, too? >> i got a busted hand. >> here we go. [ applause ] >> thank you. >> jimmy: chris hemsworth! "thor: the dark world" opens in theaters this friday. we'll be right back with artie lange. [ cheers and applause ] ♪ >> portions of jimmy kimmel live are brought to you by gillett

do i buy fannie? >> it all starts at 9:00 a.m. eastern. ♪ ♪ so you can get out of your element. so you can explore a new frontier and a different discipline. get two times the points on travel and dining at restaurants from chase sapphire preferred. so you can be inspired by great food once again. chase sapphire preferred. so you can. ♪ [ male announcer ] united is rolling out global, satellite-fed wi-fi to connect you even 35,000 feet over the ocean. ♪ that's...wifi friendly. ♪ >>> it is time -- it is time for the lightning round on cramer's mad money. rapid fire calls. buy, buy, buy, sell, sell, sell -- and play until we hear this sound and then the lightning round is over. are you ready skee-daddy? start with ruth in new york. ruth? >> hey, jim, this is ruth, i'm calling from old forge, new york. >> love that up there. what's up? >> we've got snow up here. >> oh, yay! >> my question is exelon -- >> no, no, no. we don't need underperforming utilities, and we'll also put in a caveat because we don't like first energy right now either. let's go to mike in big missouri. >>

. >> you have to also have your scrunchie and your fanny pack at the same time. hello. you do this and i'm practically royalty. >> i can't believe you gist did that. >> i know how to do it. >> i like it. >> so this was announced. >> i can't believe it. >> i'm recently botoxed. just announced a $95 scrunchie. >> they are trying to make it trendy. but look, it's not cool. >> if you love sex in the city, there was a whole bit on scrunchies. >> here is my crucial point. no woman who works at w magazine would be caught dead at a hip downtown restaurant wearing a scrunchie. man it's a good thing i came along. you may know the ferllas, but i know the ladies. >> you don't know this lady and i'm not giving up my scrunchie. >> the number one run is when you put a rubber band in your hair it leaves a mark. these don't. >> that's why we like them. >> and another great trick. if you're having a great hair day and you're not going to wash it, do this. i'm going to show you. this is how you do it. i'm old. i know things. you do this. you do this. you do this and you do that. like that

fannie and freddie, i've been saying for a long time it's a broken model. we need to eliminate them. i think ed demarco is ratchet willing up guaranty fees to make it more expensive to do that business for them. there are some things that should be changed before it's finalized. there can be a new model that can get us out of the fannie and freddie situation we have now because they're basically government monopoly. 75% of the market, you know,ist nice they're paying taxpayers back. they're generating a lot of money. but the taxpayers are essentially guaranteeing all of that. the housing market turns again, we'll be on the hook again. so, the sooner we take care of that problem the better. privatization needs to come back but not in the way it existed before. we don't need it the way it existed before. it destabilized our economy. >> thank you for weighing in. sheila bair. >>> mental issues once again leading to tragedy. friday's shooting although l.a.x. airport sparking more concerns over the melt healthoment health care system. i'll talk about costs peopl

the servicing settlement was a global settlement. there were pieces. there were the settlements of fannie mae and freddie mac risks.the put-back a truncated the risks and put it behind them. but that doesbia, not mean you settle with fannie mae on some thing. there is a relationship but they are not at all common. privateannot combine litigants. it takes chopping and chopping and chopping at it, and we have been doing it. >> live to a senate foreign relations committee hearing. this is live coverage on c-span. the hearing is to get underway in just a moment. [captions copyright national cable satellite corp. 2013] [captioning performed by national captioning institute] hill are live on capitol this morning. start.aring is about to heather higginbottom. wall will be part of the second panel. also, richard stengel. sewall, and richard stengel,oal, -- nominated to be undersecretary of state for public dependency -- diplomacy. they will be responsible for the development of policies of who will be in the position to represent america and how american value

separate from that it's a financial collapse. i'm wondering when are we going to see anybody at fannie mae and freddie mac get in trouble for allowing rotten mortgages bonds on to their balance sheets and triggering a-- >> that's the government. we would hold our breath until we're blue in the face and suffocation before that happens. it would be a crime for angelo mozilo or selling that and jamie dimon, but for fannie and freddie to buy it, they had to know what was in there. stuart: and tomorrow, bill deblasio is almost certainly the next mayor of new york city. he wants to tax the rich. and the attorney general, is that of new york. >> two hard left guys. stuart: two hard left guys going after wall street. this is not over, they may be taken steven cohen and sac, but there are plenty of others out there. >> and i think that mr. deblasio is going to have to play ball. if he drives the banks from wall street to jersey city that would be catastrophic. >> the open secret is the upper brackets don't stay in new york city long enoug

they have nothing to do with each other. no common claims. you really have to take them as they come. the servicing settlement was a global settlement. there were pieces. there were the settlements of fannie mae and freddie mac across the put-back risks. a truncated the risks and put it behind them. mbia settled mbia, but that does not mean you settle with fannie mae on some thing. there is a relationship but they are not at all common. people cannot combine private litigants. it takes chopping and chopping and chopping at it, and we have been doing it. >> i am from the financial times. eric schneiderman has said that the tentative eagles should be a template. if you disagree with that statement. i would like to hear a little bit more about that. >> we don't know what to the deal is. you have to remember that even with the stuff that was done a few weeks ago, we did that two years ago. unto you look at the facts and circumstances, they are very different cases. i would trust that there is nobody more educated than bank of america at this poin