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MSNBCW The Dylan Ratigan Show April 16, 2012

are demanding that taxpayer-funded fannie and freddie, our money at the government, do more to relieve struggling homeowners. they say they want some of the mortgage debt that we own of our own money that the government canceled. they say we ll help stabilize the housing market and help at-risk homeowners. remember, fannie and freddie own 60% of our mortgages. in turn, it means you and i and the taxpayers own our own debt, if that makes any sense. so the good news is we re actually negotiating a debt restructuring, theoretically, with ourselves. make no mistake, unless this housing debt is restructured, the housing market and the economy will never fully recover. delaware attorney general beau biden is one of 11 that has sent a letter to the federal finance housing agency. beau, what s your proposal? well, this is a letter led by martha ckl as we a my other colleagues, harris in california, le illinois, real leaders on these issues. what we re saying, fannie and fredd ....

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MSNBC The Dylan Ratigan Show April 16, 2012

remember, fannie and freddie own 60% of our mortgages. in turn, it means you and i and the taxpayers own our own debt, if that makes any sense. so the good news is we re actually negotiating a debt restructuring, theoretically, with ourselves. make no mistake, unless this housing debt is restructured, the housing market and the economy will never fully recover. delaware attorney general beau biden is one of 11 that has sent a letter to the federal finance housing agency. beau, what s your proposal? well, this is a letter led by martha coakley, the attorney general from massachusetts, as well as nine of my other colleagues, harris in california, leisa madigan in illinois, real leaders on these issues. what we re saying, fannie and freddie, now run by the faha, should begin to do and consider doing more fundamental production of homeowners mortgages. it s good for the economy, most importantly. it s not just good for the borrower, it s good for the neighbor of that bar ....

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Detailed text transcripts for TV channel - MSNBC - 20120416:20:04:00

To make this very easy for gretchen and for demarco, they should do principal reductions for those that have no second liens behind. that answers that question. as it relates to those who do have second liens behind them, the reality on that as well, as you know, the first lienholder, faha, they re the big boys, they re the big actors, they re the big dogs. if they re going to take a haircut, they can force a haircut on the second. they can force this on the second lienholders, because if the first lienholders allow this to go into foreclosure, the second folks, the second people in the line, they got nothing. they got nothing. so this is very straightforward to me. what do you think is the greatest community? it s obvious what the individual benefit would be from an individual homeowner from a principal reduction. what do you think would be the greatest community benefit, state benefit and national benefit of deploying a program like this? i think it s a fundamental economic issue ....

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