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Right. where were you eight years ago and where are you now. here is the thing. personal incomes are going up, spending is going down and savings have gone up. main street is worried about something and i don t know that a politician can convince them otherwise. we ll take a quick break enin the next segment we ll bleep out the words it will be easier. davey, what have you got coming up? can hillary clinton win over everyday americans when she s being called a crony capitalist by some of her own? mortgage giants dishing out the perks for first time home buyers. does anybody remember what happened the last time we did ta? we ll see you at the top of the hour. thanks. first the president waging a war on coal and one ceo says it will cost hundreds of employees their jobs. is it going to cost you next? we ll say it without cursing, next. so what about that stock? sure thing, right? actually, knowing the kind of risk that you re comfortable with ....
President obama did make policy proposals during his housing speech tuesday. he threw support behind a bipartisan effort to scale down fannie mae and freddie mac, the mortgage giants that guarantee 77% of all new mortgages last year. for too long, these companies were allowed to make huge profits buying mortgages knowing that if their bets went bad, taxpayers would be left holding the bag. it was heads we win, tails you lose, and it was wrong. so the good news is right now there s a bipartisan group of senators working to end fannie and freddie as we know them. the only thing i dislirk more than irresponsible homeowners than shutting down fannie and ....
He was the first lawmaker on the ground in libya. went to tripoli days after the terror attack. he is coming up at top of the next hour with more on this. mortgage lenders and bankers not so sure about the president s plan to deal with the housing market. president obama wants to do away with government-backed mortgage giants, fannie mae and freddie mac. but people in the industry say that could be devastating. stu varney is the heavy of varney & company on the fox business network. so, what say you, stu? what do you think? first off, heather, let s sweep away the jargon. let s get right at what the president wants to do. as you said he wants to sweep away fannie and freddie. those are government housing agencies. he wants to bring on the private banks. he wants private banks to play a much bigger role in granting mortgages. the president also wants more loans to poor credit borrowers. he wants more cheap refi loans and he wants more affordable ....
For a body in motion. gretchen: 17 minutes after the top of the hour. president obama yesterday said he would support putting mortgage giants, fannie mae and freddie mac, out of there. these companies were allowed to make huge profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag. happened on wall street, it helped to inflate this bubble in a way that ultimately killed main street. gretchen: his plan also includes wider access to 30-year mortgages and easier refinancing on the backs of taxpayers. but isn t that what caused the housing crisis in the first place? stuart varney is here to weigh in. what do you make? let s break down what the president wants to do first. what does he want to do? he wants the government to retreat from the housing market, but at the same ....
The housing market seems to be bouncing back in a big way. but two government-owned mortgage giants, fanny mae and freddie mac are not exactly following suit. five years after a controversial bailout taxpayers are still on the hook for more than $130 billion, and washington doesn t seem to show much interest in cutting its lows. as part of our ongoing series what to cut doug mcelway is live in washington. doug. reporter: jon it s been five years now since the housing bubble burst. the new mortgage giants who had such a huge part in that crisis remain in deep financial trouble. the taxpayer liability for fanny mae and freddie mac had reached $148 billion and could go up to $317 billion. we may recover some of that money but we ll probably get closer to 200 billion before we get back to 80 or 90 billion of what it s actually going to cost ....