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Detailed text transcripts for TV channel - FOXNEWS - 20110604:05:49:00

Stopping foreclosures is hurting the market. dead wrong that argument. if my neighbor is fore foreclosed on i have an abandoned building next to me. you got a house six doors down that goes into foreclosure and the bank tell sells for 60 cents on the the bank sells for 60 cents on the dollar is we have to get through it and then begin to rise. bret: it is a bite the bullet solution that crockett admits will cause significant pain for americans who bought into the housing boom at the wrong time. what about the people who sat it out? i want able to afford the area i wanted or the type of house i was looking for. bret: keeping the american dream alive, after the break. ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110604:05:17:00

Which exposed fannie mae and freddie mac as titanickic disasters. frank says he was surprised as anyone. in july of 2008 you state fanny and freddie are son and not in danger of going un. i was over optimistic. after i said that i got a call they were in trouble. it is necessary to take ox. bret: by the time the treasury secretary took over more than 3.5 trillion had been bought in subprime mortgages or securities, assets described as toxic. terrible irony is we made fannie and freddie to share with americans the right to own a house, the right to buy. instead, we ve caused many americans to lose their house. bret: just as ironic, even though taxpayers had to inject more than 135 billion dollars into fannie and freddie and ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110604:05:54:00

Able to an for the area that i wanted or the type of house i was looking for. bret: me coal works in insurance in arizona. i nicole works in insurance in arizona. i was telled to buy a condo. but i wanted a backyard. and it was worth to wait and save more. bret: they both say before the crash they could have bought the homes they wanted but only with the kind of risky loans so many other americans took out. interest only, balloons, you name it, anything was out there. i decided think that wanted to wait for the 30 year fix. bret: across town, dan felt the same way. i could have gotten a home. what if it doesn t work? now i m stuck with a mortgage i can pay. bret: it want just home buyers who got cold feet. we specialize in conventional mortgages. i sat on the sidelines for four years watching people making all this money. ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110604:05:14:00

They came down on ufer row ly. bret: they held the keys to the american dream. elected officials from both parties bought it. soon they were pushing the mortgage giants to fund more loans for moderate and low income americans. they began with a 30% quota. that was increased to 42% in 1995, to 50% in the year 2000. finally, by 2007 it had gone up to 55%. had to be to people who were at or below the median income. reporter: bret: fanny and freddie became the biggest buyers of securities from wall street that was to pete affordable housing goals or boost earnings in dispute. even barney frank, a stalwart advocate for affordable housing says the low income mortgage quotas were not a good idea. i think we made a great mistake. i ve felt that for a long time. you don t set an arbitrary gel ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110604:02:09:00

Where am i going, carl ? thnext year. th was weird. but awesome ! nationwide is on your side bret: the federal government has been encouraging homeownership for federal income tax allowed a mortgage interest deduction, huge incentive to buy. if the depression the federal housing administration began insureing longer more affordable mortgages. in the 60s lbj s great society ....

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