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The average of those two is what we are looking at but they are fundamentally separate. >> if you add in the housing crisis, which remains a crisis, do you think it's possible that we get this double-dip recession that a lot of people fear? >> it is possible if home prices go down. home prices, as best we can judge, have really flattened out in the last year. and while it is true that most economists expect a small dip from here, largely as a consequence of the ending of the tax credit, the data doesn't show that at this particular stage. if home prices stay stable, then i think we will skirt ...

Afloat. >> the homeowner gets to stay in their home. that is a great value for anybody. >> not that we're just saving homes. we're saying marriages and in some cases saying lives. it's that personal. >> washington's loan modification program has been criticized for not doing enough to help homeowners. treasury secretary timothy geithner admits it's off to a slow start but says the administration is tackling the ongoing housing problem. >> we brought a measure of stability to housing prices, interest rates have come down dramatically, millions of americans have been able to take advantage of lo...

Senator judd gregg of new hampshire is on the budget committee. gentlemen, i'm going to keep this real simple. the mess we got into when the prices went down. when the money they owed higher than the value of the house. they walked. a lot of the mortgages were created in or built into securitized securities, if you will, bundled together as value. they turned out to have no value because people were walking away from their mortgages. is this bill going to solve the problem, senator brown? the problem of money disappearing because people can't afford or don't want to pay off the mortgages they ...

Debate about that. >> can he focus like a laser beam on the economy if he haven't focused in on the housing problem. you have agencies that take on guarantee 90% of the mortgage debt and you're still not reforming them. >> again, there's a process that's under way to do that. understand in a fragile economy and certainly as you mentioned a fragile housing market, we can't do everything at the same time. we put in place a financial recovery plan that is growing the economy and adding jobs. we're on the verge of passing financial reform, which will put new rules in place and the next step of tha...

Well, we're going to reform fannie mae and freddie mac. as you said, we have a very volatile housing market and we have to do that in the right way. that's not an excuse not to leave in place the rules that brought us this financial calamity. democratic and republican candidates will have a great debate about that. >> can he focus like a laser beam on the economy if he haven't focused in on the housing problem? you have agencies that take on guarantee 90% of the mortgage debt and you're still not reforming them. >> again, there's a process that's under way to do that. understand in a fragile e...