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The underlying securities will be, the investors, but the entities themselves if they get into trouble, they will fail, go away. it's not the taxpayers that have to pick up the tab. >> neil: congressman campbell, isn't it possible, though you don't want this, that we will still be looking at the government on the hook for mortgages that could go bad? >> but, neil, for the government be on the hook you'd have to burn through the downpayments, and we're going to require good, solid down payments. >> neil: what are good, solid? >> probably 20%. jude to burn through all the capital in the associat...

Up? >> we have regulations now going into effect that makes it tougher. they have to have more reserves and capital. they will show they are never going to take any risk makes it harder for people to get loans. i know people with good credit scores and decent down payments. >> it will cost you more to borrow. the small company won't be able to borrow. >> that's where the jobs come from. everybody says let's get the jobs lending again. martha: we have a lot of things on different fronts. we are waiting for comments by mayor bloomberg on a suspected terror plot to shoot people in a synagogue. we...

Mortgage today that mortgage is being basically purchased by the government or backed by the government and then put into these securities and that's what keeps the money flowing. that's what makes it appealing to lenders to keep lending this money. the problem is that the government -- the safeguards were way too low because a lot of people felt, well, the government is backing me so we don't have to worry about it. that created this thing we know called moral hazard and those mortgages turned out to be very unsafe loans and investments. >> so if this goes through, when it goes through, we wo...

Closings will be the big issue of next year. >> greta: it used to be the federal government could inspire us. the thrill of possibly going to the moon which we did. exciting, thrilling. how we get these unfulfilled promises. take the stimulus bill last february we were told it would bring us down to 8%. we are hovering around 9.5 that's a generous number it doesn't take into account the people so uninspired they've left the market. mms not doing its job so we've got the oil spill. there's nothing we see in the news, maybe it is the news that shows anything that inspires anybody to think this f...

10% down payments or larger if your credit score drops below 580, actually below 620 you start having more impact. john: so if your credit score is really low you're a bad risk. people used to pay 20%. >> in most cases low credit score means bad risk, in most cases. john: so why have the taxpayer lend the money? >> the problem is if you're the mayor of a city, how are you going to get schoolteachers police officers firefighters to work this those communities if they're going to be never able to buy a home? john: maybe they'll borrow from their parents, share with other people. people used to b...