out as it can be and this i great investment. it goes back to location, location, location. you re not going to find too many golden horseshoes in p potomac area. reporter: now what he s talking about the golden horseshoe is this area here in potomac, maryland, outside of d.c. it s not a closed in suburb, it s farther out, 40 minutes from downtown, but it s an area that is filled with very large mansions from the old mcmansion era. a lot of those are on the market now at reduced prices but he s not concerned about that. he says his buyers are looking for brand new, they don t want to remodel. they have cash to put into the homes and they re not a part of the housing downturn because they are so ultraluxury high end. i have to say, i ve seen stories in greenwich in hamptons, out west, where they re dropping prices on homes like these, even in upwards of $30 million, $40 million range. we ve got the mcmansions in
found shot next to her mother who did not survive the attack. wildlife officials has this for whoever did it? if we find them 2 years in prisonment $200,000 in fine. shepard: only four of 15 gunshot pellets have been removed from that baby. that s a wrap on this fox trip around the world in 80 seconds. as home values have fallen during the housing downturn, people who would be selling our renting their homes or condos at a loss are now trying to make some money in other ways. so they re getting a bit creative and turning unused living space into hotel rooms jeff flock from the fox business network is live in chicago this evening. how big is this getting, jeff? shep, it s very big. i m in maybe a 6,000 square foot condo, beautiful on the north side of chicago. got all classic finishes, the marble and the viking appliances. goes for about $3 million. the problem is they can t sell it they would like to keep
why so many? because of cost cutting some share the same types of ignition parts across several models and that s why it affects 2.14 million vehicle that is nissan has made, the company s third largest recall ever. let s get you back down to jon and jenna. jenna: thanks harris. also breaking news about the foreclosure crisis in this country, shattered dreams for millions and millions of homeowners, the worst of the housing downturn is happening in a number of large cities now that aren t normally the cities we hear about when we talk about foreclosures. folks, for example, in the seattle area hit the hardest with foreclosures up 71 percent if we re looking at the month of september, also followed by chicago, 35 percent, houston, detroit, and atlanta. now, realty trak which watches these trends say this is the latest sign that the foreclosure mess is getting worse as more homeowners face unemployment and also fall behind on
continued to guarantee and buy loans during the housing downturn, to the point they are the mortgage market. as we know it. so, if the home prices turn down, we are we, the american taxpayer, are on the hook for mounting losses because of that. arthel: dagen, two things: if the taxpayers don t continue to fund, what happens? and if you don t hold a fannie mae and freddie mac mortgage, why should you care. that is a very good point, fannie mae and freddie mac at this point, if they step away from the mortgage market, it will be might be incredibly difficult, at this point, to even get a mortgage. that is the central question, the entire country has to ask. to what extent do you want your taxpayer dollars, the federal government involved in making mortgages and fannie mae and freddie mac, if they disappeared would private investors and private lenders step into the fray? maybe, maybe not. we don t know. but, interest rates would be higher, but, if interest rates go up, home prices
the valor, just forbid these guys from any exotic investments, be they collateralized dealt obligations or mortgage derivatives which are in this case, might have bet on the housing downturn. just stop them from doing it? well, i tell you neil: i don t know. i m sorry. okay. go ahead? senator let bahm alert lincon proposed so derivative to eliminate the problem and i would separate investment banking an financial services the way we did in this country from insured do deposits but it s