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When congress passed the safety and soundness act n 1995 the clinton administration department of housing and urban development create ad national homeownership strategy the cornerstone was to do away with down payments. >> you had now fannie and freddie instead of doing prime loans were doing progressively more risky and risky loans. >> reporter: ex-treasury secretary john snow warned financial oversight committees that fannie and freddie were on shaky financial ground early as 2001 but few heeded warnings. bill: is there a chance getting money back or is it just gone? >> reporter: there is r...

Mortgages that don't meet qualifications. >> lowering income homes and when the housing market that was the first to go. >> they have been restricted to prime loans or high quality liens. that ended in 1992 when congress passed the safety and soundness acted that required them to promote affordable housing. >> they actually planted the seeds the destruction of fannie and freddie. >> then the clinton administration made the home ownership strategy to do away with down payments. >> you had instead of prime loans, progressively more risky loans. >> reporter: bush administration pushed home owners...

Chicago did a survey of a five-state area here in the midwest and found last year farmland values throughout the region went up 16%, particularly in the state of iowa. they went up 20%. in iowa in the last five years, up 100%. now that kind of movement usually draws speculators but we're told the vast majority of buyers out in iowa? they're other farmers. >> farmers have looked at what the other options are and a lot of them are saying, i want to invest in farmland because i'm getting a better return there and it also maybe sets up my family for having an expanded operation in the future and h...

Loans. it is a combination bound to boost farm value. >> we still have relatively strong commodity price, very low interest rates. the combination probably gives you land prices what are becoming what i call fully valued. >> reporter: also driving up demand, a trend in the midwest where states that doesn't have cattle ranching are starting to see more and more of it. this obviously takes some land less than dirt farming but it increases demand on this. we're seeing farm sales in the midwest region, jon, that go one million, common, two, three, four. there was a farm sale out in iowa last year ...

The first time. by the toxic assets. >> this was repackaged nonsense. i think that ben makes a great point. we better look at the fine print on this, make sure that the bund letters, get the great deals and plus, i don't know, might be a white flag to dagen's point, throwing up the white flag at the last minute. >> first off to people who are buying mortgages, i don't think that average people are going to be your broker at swab so to speak, the black rocks and big companies like this. >> berkshire hathaway. >> and the major investors involved in this. i will say this, it's like tarp in the se...