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>> bret: the obama administration wants to change the way the government sponsored mortgage lenders do business, as the housing market downturn drags on. chief washington correspondent jim angle tells us about high-level piling on, on fannie and freddie. >> reporter: the key question at treasury department conference was what to do about fannie mae and freddie mac, the government-sponsored mortgage giants? secretary timothy geithner acknowledged that the actions were one of the main causes of the financial crisis. >> the strat squis were not the ole -- strategies were not the sole cause of the financial crisis but they made it worse and caused problems for taxpayer and they were avoidable failures. >> reporter: taxpayers were already on the hook for $145 billion in losses. the sweeping financial services bill president obama recently signed didn't even mention fannie and freddie which had republicans crying foul. >> wonder why fannie and freddie aren't in this bill.
meanwhile, at the same time that president obama has been talking about no more bailouts, guess what? $145 billion for fannie and freddie and probably billions had more before we're all done. >> daryl issa, from california has been a critic of this whole thing. a disturbing reality is as they were accepting countrywide v.i.p. loans, they were developing a strategy to form a partnership with country wide with the goal of using that relationship to influence the mortgage industry and policymakers. do you agree with mr. issa? >> absolutely. and the revelations include the fact that some 145 fannie mae executives were privileged beneficiaries of of these country wide loan programs and we're probably not done with the expose of how deep, how far, how wide that influence peddling went. >> the administration is looking for a silver bullet. one way to affect the most kind of people 85 days each weigh.
pumped in $145 billion to keep them afloat. and that figure is expected to go even higher. so what geithner says about fannie and freddie is that they are not going to look anything like they look now. and he does make the case also for keeping in place these tax cuts for americans to make under 250,000 a year, but he doesn't exactly say what fannie and freddie will look like, just not anything they look like now. >> yeah, it's either got to be public or private. it's this quasi thing that no one really understands. cart carter, if you would, i guess there is some new data on home sales you can share with us. >> right, the home buyer tax credit ended in april and some people are still closing on those deals. however, our may numbers were absolutely horrible, dropped almost 40%, the worst on record. this time, we're up. and we're up pretty good. we're up about almost 24% in june. so that's pretty good. it is still the second lowest level on record. i want to keep that in mind. but it does give a glimmer of
guarantees of these such loans since 2007 to $865 billion. the department of veterans affairs insures about $200 billion in these kinds of loans. and finally, guarantee programs at the department of agriculture have nearly tripled to 47 billion. all of this is on top of the 5 trillion or so in mostly standard loans, you know the ones with 20 percent down, owned or insured by the failed mortgage giant fannie mae and freddie mac, the treasury department has already pumped $145 billion into them because of rising defaults and foreclosures, some housing analysts worry the fha, v.a., and usda may be next, shannon. shannon: peter barnes, thank you very much for the upday. we're going to go live now to the white house briefing where we understand that press secretary robert gibbs is talking about the wickileaks situation. let's listen? >> based on what we've seen, i don't think that what is being reported has in many
such loans to $865 billion. the department of veterans affairs provides loans at nothing down to mostly veterans, it insures -- insures about $2 billion in loans. the department of agriculture, zero down loans for rural home buyers have nearly tripled to $47 billion. now, all of this is on top of the 5 trillion or so, in mostly standard loans with 20 percent down, insured by fannie mae and freddie mac and as you'll recall the treasury department has pumped $145 billion into them because of rising defaults and foreclosures. some housing analysts worry the fha, va and usd programs may be next in line for taxpayer billions. >> we get any number of things that trigger high default rates, and the risk on those loans is entirely with the federal government. it's inevitable that a government insurance program is going to hit the wall at some point.
>> we had this agency called the office of thrift supervision. >> they did really well. >> outdated thing. >> exactly. this agency does have rule making power. i want to point out this bill doesn't actually write as many rules as it tells other people to write rules. that's also a big concern to me because regulators haven't done a great job in the past so we're asking them to write 533 new rules to protect us. i don't know if they're going to do it. i think in the end when consumers have more information and it is concise and clearly articulated it is better. but in the -- at the end of the day, everybody here should know this bill is not going to do what you need to do for yourself -- educate yourself, protect yourself and ask a lot of questions. >> that leads to what i was asking about a glaring omission many say, which is reforming fannie and freddie. the government-backed mortgage giants that today have cost u.s. taxpayers $145 billion. all this screaming about the bailouts, that's $145 billion. so how do you find a way to tackle this? i know they didn't with this bill because it is complicated
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leader, and he assailed the ohio republican for saying the wall street regulatory legislation is overreaction, killing an ant with a nuclear weapon. >> he compared the financial crisis to the ant, the financial crisis that led to the loss of nearly eight million jobs. he cannot be that out of touch. >> he said the president is "in full campaign mode." >> he ought to act like a leader not like some child practicing partisan politics. >> the broad point, g.o.p. hostilities to wall street rules that were drafted in secret mark as dividing line for voters. >> this could be those in washington, dc who want the status quo but we want to move america forward. >> and they say wall street is overregulated but does in the change fannie mae and freddie mac which have receive $145 billion in taxpayer bailout and may need $250 billion more.
last week, freddie mac is said they would need another $10.6 billion after losing $8 billion in the first quarter. do you remember them asking this you see that? the two firms have xapd $145 billion from uncle sam's unlimited credit line. they don't have to ask you for money anymore. they just do it. they take your credit card and charge as much as they want. did you ask for this? are you for this? third story is greece. we are not only bailing ourselves out but we're trying to bail europe, as well. the imf is giving one trillion dollars to greece. the u.s. contributes 17% of the imf funds so how much are we on the hook?
the protesters' main aim is to get fresh elections. they've been pushing the government, now as i said, for two months to get fresh elections because they say they are illegitimate. the government did bow to the pressure other the last few -- over the last few days and said they were going to hold elections, but since then the protesters have changed their demands. a tense standoff at the moment, jane, and it's not really clear what's going to happen next because the military are saying they're going to clear the streets, and the protesters say they are prepared to fight to the death. jane: david, we'll continue to watch it, thank you. jon? jon: $145 billion and counting, that's how much money the wall street journal reports has been spent by what it calls the toxic twins, fannie mae and freddie mac. your tax dollars here with no end in sight. bailouts for real estate deals gone bad. all of this frustrating to republicans, the gop has been rebuffed so far in its attempts to get fannie mae and freddie