| 00:00:04 |
HOST, -
HIS SIXTH TERM IN OFFICE, PART OF THE BLUE DOG COALITION. HIS DISTRICT IN CALIFORNIA IS THE 18TH DISTRICT, WHICH WILL BE GREATLY RESTRUCTURED AFTER THE...
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| 00:00:21 |
GUEST, -
NUMBER OF THINGS. FIRST, I HAVE COME TO BE SORT OF FRUSTRATED WITH SCREAMING AND YELLING IN CONGRESS RATHER THAN COOPERATION. THAT IS THE FRUSTRATION...
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| 00:01:38 |
GUEST, -
TO GO TO THE FLOOR EVERY DAY, SPEND A LOT OF TIME DOING THINGS OTHER THAN WHAT YOU ARE FOCUSED ON, TO COME AWAY FROM WHAT YOU CARE ABOUT THE MOST. MANY...
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| 00:02:05 |
HOST, -
STATISTICS THAT LOOKED AT THE HIGHEST FORECLOSURE RATES AMONG STATES IN THE THIRD QUARTER. IF YOU SEE THE LIST OF THEM, THREE OF THE TOWNS THAT YOU...
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| 00:02:32 |
GUEST, -
BY THE OBAMA ADMINISTRATION ON THIS PROBLEM. THE PROPOSAL THAT CAME FORWARD THIS WEEK DOES ALMOST NOTHING TO INCREASE THE NUMBER OF PEOPLE WHO QUALIFY...
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| 00:04:49 |
Unidentified Speaker, -
ANYTHING PREVENTING COMMERCIAL BANKS FROM DOING THIS RESTRUCTURING? GUEST: THEY WANT
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| 00:04:54 |
GUEST, -
TO MAKE MONEY. ONE OF THE LOBBYISTS WAS IN THE HALLWAY THE OTHER DAY OR THE COMMERCIAL BANKS AND THEY TOLD ME THEY WANTED TO SEE MY BILL GO AWAY BECAUSE...
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| 00:05:37 |
HOST, -
NUMBER OF FORECLOSED PROPERTIES THE BANK'S S OWN AND ARE NOT ABLE TO LIQUIDATE? GUEST: I SPOKE WITH
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| 00:05:46 |
GUEST, -
A PERSON IN CHARGE OF TRYING TO LIQUIDATE A LOT OF THESE MORTGAGES. HE SAID THEY ARE GOING TO TRY TO START MOVING UP TO 400,000 MORTGAGES FOR THE FORECLOSURE...
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| 00:06:02 |
HOST, -
THAT IS FEDERAL. IF YOU GO BACK TO THE COMMERCIAL BANKS, YOU TALK ABOUT THEM TAKING A RISK WITH FORECLOSURES. IF THE PROPERTIES, TO THE MARKET AND THEY...
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| 00:06:17 |
GUEST, -
THEY WOULD HAVE TO DECLARE THEM. THERE'S A LOT OF GAMES BEING PLAYED BY THE BIG BANKS IN THIS AREA. THE PRESIDENT, I THINK, WILL GET TOUGH WITH THEM....
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| 00:06:32 |
HOST, -
HOST: WE WOULD LIKE TO WELCOME YOUR TELEPHONE CALLS. THE CONGRESSMAN MENTIONED EDWARD DEMARCO, THE ACTING DIRECTOR OF THE FEDERAL HOUSING AGENCY, WHICH...
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| 00:07:14 |
CALLER, -
SEE WHAT HAS BEEN HIS INTERACTION WITH FANNIE MAE AND FREDDIE MAC, BECAUSE REALLY I WORKED WITH THEM AND I PREPARE GETTING A LOT OF FALSE BLAME IN...
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| 00:08:38 |
GUEST, -
UP A LOT OF GOOD POINTS. WITH REGARD TO THE REFINANCING, I BELIEVE FANNIE MAE AND FREDDIE MAC PROGRAMS HAVE BEEN MUCH TOO COMPLEX AND SLOW TO GET REGULATIONS....
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| 00:10:44 |
HOST, -
INSIDE VIEW OF THE MORTGAGE CRISIS, A PROFESSOR OF FINANCE AT COLUMBIA BUSINESS SCHOOL. HE IS A RESEARCH ASSOCIATE AT THE NATIONAL BUREAU OF ECONOMIC...
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| 00:12:14 |
GUEST, -
TOTALLY DISAGREE WITH THE LAST PART. IT IS VERY DIFFICULT TO GET A LOAN THESE DAYS. THAT IS IF IT IS NOT TOTALLY SECURED. THE GOVERNMENT IS ABOUT THE...
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| 00:13:43 |
HOST, -
FROM ELAINE, A DEMOCRAT IN UPPER MARLBORO, MARYLAND. CALLER: I AM CALLING
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| 00:13:51 |
CALLER, -
ABOUT WHAT YOU ARE TALKING ABOUT AND THE WOMAN BEFORE YOU. I AM 63 YEARS OLD. I RAISED MY TWO CHILDREN BY MYSELF. I BOUGHT A HOUSE I COULD AFFORD. I...
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| 00:15:22 |
GUEST, -
YOU FOR THAT. YOU AND I ARE SOMEWHAT NEIGHBORS. MY FAMILY BACK ON THE EAST COAST LIVED IN MARYLAND AND WE ALSO HAVE A HOME IN CALIFORNIA. I HAVE HOMES...
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| 00:17:13 |
HOST, -
FOR THE NUMBERS ON THE ECONOMY. THE U.S. ECONOMY GREW 2.5% IN THE THIRD QUARTER AS CONSUMERS REBOUND, ON THIS STORY. THE U.S. ECONOMY GREW MODESTLY...
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| 00:17:51 |
HOST, -
ANY REACTION? GUEST: I'M GLAD
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| 00:17:54 |
GUEST, -
WE ARE ABLE TO START DIGGING OUT A LITTLE. I AM AFRAID THAT IF WE DON'T DEAL WITH SOME OF THE OVERHANG ON THE HOUSING MARKET AND CONSTRUCTION AREA, THAT...
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| 00:18:48 |
HOST, -
DECLINES, APPLICATION STUCK ABOVE THE 400,000 LEVEL -- WE ARE TALKING TO CONGRESSMAN DENNIS CARDOZA ABOUT THE ECONOMY ANTAEUAND HOW IT IS TIED TO THE...
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| 00:20:04 |
GUEST, -
SEEN IS THERE ARE 22 MILLION AMERICANS LIVING WITH A RELATIVE. THEY CANNOT AFFORD THEIR OWN PLACE. ONE OF MY COLLEAGUES SAID THE OTHER DAY THIS IS A...
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| 00:21:12 |
HOST, -
HOST: WILL THE NUMBERS EVER RECOVER?
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| 00:21:15 |
GUEST, -
GUEST: IP THEY WILL. I AM HOPEFUL. THIS IS AMERICA. WE HAVE ALWAYS HAD OUR TURN DOWNTURNS AND HAVE ALWAYS COME BACK ROBUSTLY. -- I BELIEVE THEY WILL RECOVER....
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| 00:21:33 |
HOST, -
CALL IS FROM ST. PETERSBURG, FLORIDA, APPARENT IS AN INDEPENDENT -- AARON IS AN INDEPENDENT. CALLER: YOU WERE INVOLVED IN
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| 00:21:45 |
CALLER, -
THE BAILOUT PROCESS. MY QUESTION IS WHY WAS THE DECISION NOT SIMPLY TO ALLOW HOMEOWNERS DIRECTLY AND ACCOMPLISHED THE EXACT SAME THING INSTEAD OF THROWING...
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| 00:22:13 |
GUEST, -
WITH YOU. THANKS FOR YOUR QUESTION. WHEN GOODMAN TARP DISCUSSION WAS COMING FORWARD, MY DISTRICT WAS ONE OF THOSE MOST HEAVILY AFFECTED, SO I HAD THE...
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| 00:23:49 |
HOST, -
OF THE TWITTER COMMUNITY TWEETS -- WE HAVE 12 MINUTES LEFT WITH CONGRESSMAN DENNIS CARDOZA. MICHAEL IS A REPUBLICAN IN MASSACHUSETTS. CALLER:
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| 00:24:06 |
CALLER, -
GOOD MORNING, THANKS FOR YOUR COVERAGE. FOR THE PAST COUPLE YEARS I HAVE BEEN ASSISTING HOME OWNERS NAVIGATING THROUGH THE HEMP PROGRAM. I BELIEVE THE...
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| 00:26:49 |
GUEST, -
I THINK YOU ARE RIGHT IN AND RESPECT. THE DISTANCE BETWEEN YOUR AREA IN MASSACHUSETTS AND MY AREA IN CALIFORNIA IS MY FOLKS ARE 50% OR 60% UNDER WATER...
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| 00:28:15 |
HOST, -
NORTH CAROLINA, ARLENE, DEMOCRAT. CALLER:
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| 00:28:19 |
CALLER, -
HELLO. LET ME TURN THIS DOWN. THE COMMENT I HAVE, I WAS GOING TO APPLY IT TO A WOUNDS BLEEDING, BUT USAGE CANCER. LOOKED AT THE CANCER AS ADJUSTABLE-RATE...
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| 00:29:39 |
GUEST, -
THANKS FOR YOUR QUESTION. I DON'T BLAME THE PRESIDENT FOR MUCH PREDICT FOR THE TYPE OF MORTGAGE PEOPLE GET. I AM CRITICAL OF THE PRESIDENT IN THAT I BELIEVE...
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| 00:31:55 |
HOST, -
HOST: FRANK IN ATLANTA.
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| 00:31:57 |
CALLER, -
CALLER: I LOVE THE USA. WHAT IS THE DIFFERENCE BETWEEN PEOPLE BORROWING MONEY FOR MORTGAGES THEY CANNOT PAY BACK AND THE GOVERNMENT BORROWING TRILLIONS...
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| 00:32:16 |
GUEST, -
SIR. I LOVE OUR COUNTRY AS WELL. I HAVE PUT SO MUCH INTO RUNNING FOR OFFICE IN THE STATE LEGISLATURE, MY LOCAL TOWN COUNCIL, OR IN CONGRESS HERE. THE...
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| 00:33:15 |
HOST, -
GIVES US THIS THOUGHT -- LENNY IN BROOKLYN, A DEMOCRAT ON THE AIR. CALLER:
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| 00:33:25 |
CALLER, -
GOOD MORNING. I HAVE A MORTGAGE TO THE BANK'S 1985. -- SINCE 1985. $8,446. I APPLIED FOR A HOME IMPROVEMENT LOANS ON THE SAME BANKS AND ARE PRESENTLY...
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| 00:34:33 |
GUEST, -
KNOWLEDGE OF REAL-ESTATE, IF YOU HAVE THE SAME MORTGAGE SINCE 1985, YOU ONLY HAVE FIVE YEARS LEFT ON THAT LOAN, YOU SHOULD BE ABLE TO HAVE ENOUGH EQUITY...
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| 00:35:18 |
HOST, -
ARE OUT OF TIME AND WAITING FOR THE HOUSE TO COME IN SESSION. SECRETARY CLINTON WILL BE THERE TODAY. HOW CONCERNED ARE YOU ABOUT THIS ATTRITION ON THE...
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| 00:35:31 |
GUEST, -
AND PAKISTAN ARE VERY MUCH TO GATHER IN THE CONCERN THAT SECRETARY CLINTON WILL SHARE. WE HAVE HAD OUR THIRD CRISIS THIS YEAR WITH PAKISTAN. SHE WILL...
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| 00:36:13 |
HOST, -
THANKS FOR BEING HERE. ON THE HOUSE FLOOR TODAY, TWO MEASURES. ONE ACCOUNT WOULD REPEAL THE POSITION OF A 3% THREE CLOSING ON PAYMENTS TO GOVERNMENT...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.