g.m. stock closed at $24.72. allied financial is not even publicly traded initial public offering for us to get the money back. shepard: why is this sounding suspiciously like a permanent bailout. well for one because this program is going to last until 2017. the last is $430 billion how much the congressional budget office says we are going to lose at the end of the day. a lot of it has to do with foreclosed homes. 51 billion that hasn t been spent to help people in foreclosure trouble. the chances of being paid back every penny would be as good as florida beating old miss. florida is not beating old miss. up by 13. you are up by 13. i m a florida fan. it s my house. protect this house. that s why i said what i said. now we know what we did during the newscast. 2011 worst year for home sales ever on record go back 50 years from the commerce department to date december sales were down bringing the total for the year to 307,000.
for banks to start making new loans again. also, people don t want foreclosed properties on their block. they are boarded up. they are vacant. they are ugly, so we want foreclosures to continue. we want foreclosures and foreclosure sales to continue. listen, the country has been in foreclosure trouble for three years now. why is this all happening now? well, a couple of weeks ago three banks announced that they were going to stop the foreclosure proceedings in the 23 states that courts have to approve the foreclosures in, so then on friday bank of america came out and said that it was going to stop foreclosure sales in all 50 states which set off a firestorm. tammy, give us perspective. how big a deal is this? right, it s still a little too early to tell. attorneys general are starting to investigate for fraud. politicians are calling for the bank s heads, but the bottom line is, if you haven t paid your mortgage, you can t stay in your home so there may be some instances whe
probably should go forward. so to give us the full perspective on this papework program we re joined by a senior writer for cnnmoney.com. tammy, welcome. david axelrod just mentioned some foreclosures he said may be valid, but why wouldn t the president want to stop all of them to make sure that everything is above board in all cases? sure. well, it s not healthy for the nation or for the housing market for foreclosures to stop. we have a lot of inventory out there. foreclosures are very popular, and we need to get this inventory out of the way for housing prices to stabilize and for banks to start making new loans again. also, people don t want foreclosed properties on their block. they are boarded up. they are vacant. they are ly, so we want foreclosures to continue. we want foreclosures and foreclosure sales to continue. listen, the country has been in foreclosure trouble for three years now. why is this all happening now? well, a couple of weeks ago three banks announced th
a national moratorium. some foreclosures should if forward. to give us information, senior writer for cnnmoney.com. welcome. david axelrod mentioned some foreclosures, he said may be valid. but why wouldn t the president just want to stop all of them to make sure everything is above board in all cases? sure. well it s not healthy for the nation or for the housing market for foreclosures to stop. we have a lot of inventory out there. foreclosures are very popular. and we need to get this inventory out of the way for housing prices to stabilize and for banks to start making new loans again. and also, people don t want foreclosed properties on their block. they re boarded up, they re vacant, they re ugly. we want foreclosures and foreclosure sales to continue. the country has been in foreclosure trouble for three years now. why is this all happening now? well, a couple of weeks ago, three bank announced that they were going to stop the
explain why one candidate shouted the rent is too damn high, over and over and over again. box two, brands new buzz surrounding christine o donnell. she seems to get buzzed. we tell you what she said about the first amendment that has some people talking. and in box number three: football star brett favre to go before the head of the national football league to answer allegations that he sent racy photographs and left lewd voice mail for a former jet employee. a weird day in studio b unless breaking news changes everything. first from fox at 3:00, stunning new allegations in the nation s foreclosure trouble. brand new. according to court documents workers at one of florida s biggest foreclosure firms blindly signed away people s homes in exchange for