with a single industry since the 1998 tobacco deal. how much will it really help struggling home owners what about the housing market. will it help you? and a certified financial planner managing partner with car guile investment services and great to have you here. thank you. at first blush, this sounded like the greatest news every home owner getting a reduction in principle, lower interest rates and maybe a little check comes to you. big picture first. will it impact the housing market? well, the short answer is no. the settlement, even though it s 25 billion dollars is really rather modest and especially when you look at the huge 15 trillion dollar mortgage market. and as we step back and look at the settlement, the first part of it is very good, 5 billion dollars going to those victims of robo signing. now, remember, these aren t people that were improperly kicked out of their houses just denied due process, they were behind on their loans and deserve to lose their homes now
homeowners, and some of the most abusive practices of the mortgage industry. and begin to turn the page on an an era of recklessness that has left much damage in its wake. shepard: the settlement $25 billion. it involves five of the nation s largest mortgage lenders. under this agreement, the institutions will have to reduce loans for nearly 1 million households. send out $2,000 checks to about 750,000 victims of improper foreclosures. and pay billions for other programs intended to help every day homeowners. 49 states are taking part in this. the only holdout is oklahoma. it reached a separate agreement. overall, this is the largest settlement with a single industry since the 1998 tobacco deal. however, tonight some critics are saying it just doesn t go far enough. the fox business network s peter barnes is with us live at the white house tonight. peter, tell us about what this deal is lacking. well, shep, it covers only
. the federal settlement to help under water homeowners is being hailed as a landmark deal but not the first multi billion dollar federal pay out aimed at protecting consumers. if you want to sound smart, the federal mortgage agreement with five banks is the biggest set ment since the $206 billion tobacco deal in 1998. they agreed to change marketing practices and compensate states for medical costs connected to smoking-related illnesses. let s huddle up around the water cooler to watch nancy pelosi attempt to get a piece of the colbert magic. the host of the colbert report has a super pac called americans for a better tomorrow, tomorrow ms. pelosi
as a legislator, that he s reached across the aisle to the chagrin of a lot of conservatives and republicans. when he did mccain-feingold, when he did the tobacco deal. i don t disagree on with that, amy. be willing to be a statesman, reach across the aisle. work with the other side. amy, i can t wait for that statesmanship. i can t wait for that statesmanship because that means we won t have as many filibusters in this next session of the congress as we did in the last one. we already saw it with this idea of mixing up the state of the union seating. john mccain came out and said that he was for it. that was a good democratic idea and i m glad he did, but can john mccain be trusted, amy? i mean, he flip-flops on so much stuff. do you think he s genuine when he comes out on the heels of all of this, you know, obstruction that s been going on in the last session of congress? so you think he can be trusted with this letter and with this op-ed, right. i think that he can and i