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♪ hello, there. it's not quite 2012 yet. we still have some news to get to before the new year. i'm hala garani in washington. kyra phillips has the day off and we begin with the latest out of the united states in terms of politics this morning. let's get you straight to iowa and expecting any minute now, by the way, the new jersey governor chris christie will join mitt romney in iowa. christie is a rising star and many republicans wanted in this presidential race. he endorsed romney back in october and this will be their first joint appearance since then. just four days before t...

support him. he's followed by ron paul at 22%. rick santorum is now third with 16%. newt gingrich is at 14%. michele bachmann is on the campaign trail in des moines right now, a day after one of her high profile advisers defected. bachmann is likely to face questions about the decision by state senator ken sorenson to jump ship and throw his support behind ron paul. we're keying an eye on bachmann's media event and we'll take you there live for some of the q and a session. he may be the front-runner but mitt romney isn't predicting how he will do in the iowa caucuses. he started ...

Tricks. so no one really wants to take on big banks in washington, and that means nobody's really serious about tackling the problem. that's why this plan deals with refinancing rather than negative equity, people being underwater. >> right. it makes total sense. and you agree with that assessment, i presume? >> yes. we extorted the financial accounting standard board to change the rules so that the banks wouldn't have to recognize the losses, unless and until they actually sold the place. so they're sitting on this shadow inventory of millions of homes and the markets simply don't clear. mill...

Lows where people are looking for a sign before they jump in the water. >> part is psychology and part to be honest is you still have this shadow inventory of all these homes that are still on the market. we went on this building binge over the course of a decade. as a consequence you have a bunch of homes, particularly in states like nevada and florida and california, arizona. the supply greatly exceeds demand. what we are seeing, i think, is that the housing market is beginning to bottom out. mortgages interest rates are at historic low. if we can just start getting people who are ready to b...

i'll be back at the top of the hour with more live news. now i need to hand it over to your bottom line. the housing market has changed. so have you. what you need to know if you own a home, want to buy one or rent. plus is it ever okay to walk away from that mortgage even if you can afford to pay? let's start with the american dream of owning a home. you're a buyer it's a dream market but only if you can get the loan. with the end of the nation's largest mortgage lenders denying 27% of loan applications last year, that's up from 23.5% in 2009. this is according to "wall street j...