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The taxpayer, all in the name of doing good, no oversight, no management and a misdirected compassion for something that you couldn t actually accomplish. the biggest problem with fanny mae and freddie mac is that they are financial institutions with a social mission, lower income homes have a tougher time paying mortgages, and when the housing market started to go under that was the first to go. reporter: fannie and freddie had traditional here been restricted to prime loans or high quality loans, from the 1990s on congress has eroded the standard allowing them to make more and more are risky loans exsecretary of the trerb tee john snow said they were trading on shakey financial ground as early as 2003. few headed the warnings. there are concerns that fanny and freddie may be making the same mistakes of the past. they have tight end lending ....
Standards somewhat. the federal government distorts the mortgage process through the 12 federal home loan banks. the ga, the va. this has led to a growing course to privatize fannie and freddie so taxpayers can be kept away from these. jenna: new concerns after a massive landslide near seattle forced many residents out of their homes. they are worried about what is going to happen while they are away. plus a epidemic hurting our produce industry. there is an explanation on why there have been so many mysterious deaths of so many bees, and how that is affecting things, we ll have that coming up. known? we gave people a sticker and had them show us. ....
chris: in a push to simplify loan modifications, a federal regulator of fannie mae and freddie mac says many borrowers are 90 days more past due on mortgages backed by the mortgage giants will be offered lower payments without having to prove hardship. in part four of our series, what to cut, doug mckelway looks at the idea of privatizing fannie and freddie. with wages increased, the american workmen share the boom of the prosperous economy. home ownership is the american s dream. congress created fannie mae and freddie mac to finance mortgages at taxpayer expense. the two are billions of dollars in the red. the biggest problem with fannie mae and freddie mac is that they are financial institutions with a social mission. reporter: that social mission is to heavily subsidize ....
Bailout. it would encourage lenders fannie mae and freddie mac to reduce the principle ode on so-called underwater mort gauges. they will reduce the actual principal owed on the loans. but it could cost taxpayers billions of dollars. peter barnes is tracking this story. he s going to walk us through the proposal. the government regulator of fannie and freddie is expected to announce that the mortgage giants will allow limited principal deductions to some homeowners to give them a break on their monthly payment but it looks like this will be backed by the taxpayers. edward demarco has resisted allowing debt forgiveness to limit taxpayer billouts. they have gotten $180 billion so ....
In their homes but we ve learned that not very many of them will qualify according to sources, and taxpayers will be funding those that do. the government regulator of fannie mae and freddie mac is expected to announce as early as tomorrow that the mortgage giants will start allowing limited principal reduction, debt forgiveness, to some homeowners who are under water on their loans. edward demarco, acting administrator of the federal housing finance addings managers, he has resisted allowing debt forgiveness on loans held or insured by freddie and fanny to limit taxpayer bailouts. so far taxpayers have invested more than $180 billion in them. but tomorrow, industry sources say demarco could announce that he will let fannie and freddie participate for the first time in a treasury department program to reduce mortgage debt. it s funded by more than $20 billion in bank bailout money, taxpayer money left over from that t.a.r.p. ....