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The banks absent the fundamental structural reform and principle. >> i agree with the last part he said. we should have had some kind of criteria in there. we did not do that. keep in mind the other thing, the part of dimarco's mandate is to help homeowners. he is legally -- has the opportunity in the law to do principle reduction. and minimize foreclosures. that's in the law. >> it's in the law. i want to hammer this home to people. we're talking dimarco fha, this is one dude presiding over half the mortgages in the country. that is the situation right now. there is a guy whose name is ed dim...

Said. we should have had some kind of criteria in there. we did not do that. keep in mind the other thing, the part of dimarco's mandate is to help homeowners. he is legally -- has the opportunity in the law to do principle reduction. and minimize foreclosures. that's in the law. >> it's in the law. i want to hammer this home to people. we're talking dimarco fha, this is one dude presiding over half the mortgages in the country. that is the situation right now. there is a guy whose name is ed dimarco who presides over half the mortgages in the country. >> that was then and that's true. the ori...

Issues, things look better. >> wait. the thing that doesn't touch are incentives of the compensation of the servicer, which is per verse thing that underlies the whole thing, which is necessity make more money off foreclosures because of fees and lose money when you reduce principle on a loan. reducing the principle on a loan is often the thing you need to do to keep someone in their home. >> what advocates wanted is an affirmative duty to do lost litigation which means force them to work with the home buyers -- >> they have to. they are duty-bound. >> principle reduction, because that's usual...

Several hundred thousand homeowners and minimizing further cost to all other homeowners and taxpayers. >> indeed, roughly 80% of fannie and freddie homeowners are current on mortgage payments. tim geithnerial urged demarco to take another look at the math. arguing the writedown estimated to cost taxpayers $100 billion would spur recovery and offer net gain for treasury. >> we think there is a set of cases where it's clearly in the interest of the taxpayer for them to do principle reduction upfront. not overwhelming number but where it make sense we should do it. >> congressional democrats supp...

Incredible thing. excuse me a second. i have to read this. is astonishes that the agencies that are uncoordinate giving out money to housing. four tarp agencies and three involving freddie mac and fannie mae. and federal reserve and u.s. treasury and fha and a partridge in a pair tree. merry christmas, america. they are stealing your money again. it is unbelievable. they passed out all of the mon yenone of the money worked >> jamu, we are seeing no improvement in the housing market. >> they passed it out to the banks and incent vised and coaxed along and they probably should have been forced t...