gregg: oh, my gosh. these two pilots are in a load of hot water after the cell phone video emerged showing one of $33 million taxpayer funded aircraft dropping into lake tahoe. apparently this was not a training exercise. officials telling nbc news the helicopter crews were trying to take photos of each other s choppers hovering above the lake. they hit the water and managed to regain altitude but the aircraft suffering $50,000 in damage. i guess you and i and everybody are going to have pay for that one. good news for the obama administration mortgage relief program. as of august, 680,000 homeowners
republic. thanks a lot for sharing with us. thanks for reading it. julie: the obama administration s mortgage relief program that was supposed to help hundreds of thousands of homeowners. many people that own a home and value of their home is less than the value of the mortgage. more than half of them have fallen out of program. what happened and what now? a live interview plus, striking video coming from the web. two navy pilots in 33 million choppers pulling a stunt. find out about the video and what is going to happen to the pilots. activia has delicious news for dessert lovers.
behind on their mortgage payments and facing foreclosure, the white house is responding with the backing of billions of dollars, many argue the money will help the banks more than the homeowners who need the help the most. stephen moore is summer economic writer for the wall street journal, my guest from d.c. great to be with you. how do we do a followup on a zebra story? phillip: we could have ran another animal in front of you. might have made a better metaphor. but zebra is as good as we could do right now! listen, a $2 billion program, what s it designed to do, stephen? i have on my butcher sticker, it said honk if i paid your mortgage and people are honking at me as they go down the street! this is the fifth mortgage relief program we ve had now in washington in the last 18 months, almost none of them have worked. we ve spent about $200 billion of t.a.r.p. money on mortgage relief and
finally. our corporate cousins at the wall street journal are reporting that they interviewed leaders of several large companies and many of them indicate they plan to use some of that money they have saved to start expanding their businesses. now, that could be great news for job seekers. at last word, companies were saving 26% more cash than one year earlier. hundreds of thousands of troubled homeowners who applied for help through the white house s mortgage relief program are now out of that program. the treasury department now reports 40% of the 1.3 million people who have applied either dropped out or didn t qualify when banks asked them for proof that they met income limits still the feds say 30% who started the program last year have been able to permanently modify their homes. longer repayment period and interest rates as low as 2%. we re told the program has cut monthly average payments by $500 and senators from both parties are now grilling president obama s choice to be the
force someone to get rid of their house, presumably at a discount, which is the case in the market, then someone else sells it at the market rate. how many cases are like that? well, the latter one is the short sale fraud. those are new. that program just rolled out and the problem with that is they roll it out, doubled the incentives almost across the board. and there s a incentive in those cases for a falls deflated valuation of the house. so the house is worth $100,000 for a scamster to try to convince the bank and government it s worth $75,000. and what normally what happens with the fha is you get an aplace sal. in program the government says you just need an opinion from a broker who are often parts of the fraud. neil: that would become a sham. having said all of that, when i step back from this mortgage relief program and the stimulus