and any little mistake that was made by a lender, fha would penalize them severely. so what they've done is, if the mistake that was made by a lender in no way would effect somebody qualifying for a loan, life is good for the lender. but what we think is gonna happen is the lender will not work under a fear of penalties any longer from the fha. and that's important. what's important to understand is, when you decide to buy a home, go to a mortgage broker. have them explain all the new programs that are out there and also some of the changes in the fha insurance. that's important for you to know as a homeowner. that's all the time we have for today. be sure to send me your property stories, questions, or pictures of your property bloopers. send them to propertyman@foxnews.com, and don't forget to check us out on facebook and twitter. there's also plenty more information and videos on our website, foxnews.com/propertyman. [ woman vocalizing ] >> lou: good evening, everybody. the president hasn't been in office quite a year, but already accomplished much more than any p

qualifying loans are those guaranteed by the usda, va and fha under the respective program guides. they're pulled into the mortgage-backed securities or mbs. the ginnie mae guarantee and the ginnie mae brand is globally recognized and trusted. the strong value of our brand leads to investment in the u.s. housing market from large asset managers, pension funds and central banks across the globe all of which makes lending to low income, first-time, rural and veteran borrowers possible. it would be very difficult for me to overstate the consequences for the u.s. housing market if ginnie mae and our partnering federal agency, the usda, va and fha did not successfully police our programs. global capital is drawn to the market in part because of the strength of the united states and its credit worthiness, but if our program is abused or taken advantage of, this capital can and will find other investment vehicles. that would drive up interest rates and make mortgage credit less available for millions of americans. as such, it is imperative that we all work together, those of us here on th

unlike va, other agencies such as jennie mae, freddie mac and fha can make changes quickly. we support legislation that would empower to make changes in a similarly expeditious manner, with seasoning and recoupment periods for earls. >> additionally, policymakers should ensure that noncost-saving reasons should consider through the process of our deserving veterans. thank you again, mr. chairman and ranking member and the committee for allowing you to come before you today and i look forward to questions. >> thank you, mr. cooper. i now recognize and yield myself five minutes. i may have to yield early and i would rather yield to my colleague, but in the event i have to leave i want to put my thoughts out there and ask you guys question. i've spent four years as a regulator in washington during the bush administration, george w., at the fdic, and my philosophical view of regulation is that the best way to regulate in a private market is to have full transparency and robust competition so that people know what they're getting and they have choices. because presumably if peopl

other agencies such as ginny mae, fannie mae and fha can make changes more quickly. we support legislation that would empower va to make program changes in a similarly expeditious manner potentially including seasoning and recruitment period. additionally, policymakers should ensure the reasons are considered in the process to protect benefits of the deserving veterans. thank you again. i will now you recognize and yield myself to i would like to put my thoughts out there and ask you some questions. i spent four years as a regulator here in washington during the bush administration george w. but fdic and the regulation is that the best way to regulate any private market is full transparency and robust competition. so, the people know what they are getting and have choices. they are buying things if. i think mr. motley would understand about being in the industry. but this isn't a private market, it is a government market. explain that difference between. the competition the free marketeers like me believe in and rely on as the best way to weed out the riffraff. what

you have the fha loans that have less than 5% down, they were less than 3% of the new loans back at the peak in 2005 -- >> neil: so you're saying we're getting risky again. let me turn this around knowing that people knew you be here. but one thing they said, maybe housing doesn't lead the economy like it used to. maybe this concern about housing is overstated because of other factors like corporate earnings, all this other stuff is driving this economy in a far greater way an can absorb whatever happening to housing. what do you say? >> housing doesn't lead the economy. the housing market didn't bottom until 2011. the recession bottomed in 2009. >> neil: their point, housing isn't a big of deal as you make it to be. you say what? >> it accounts for 15 to 20% of overall economic growth. not just the housing market. but also all the other different aspects that housing tends to stimulate through the economy. so it is a significant part. it's not going to cause a recession by itself. in fact, it's just the opposite. i think the risk to the housing market, if prices are overinflated or get

bitcoins are mined on computers using the fha 256 hashing algorithm creating 12.5 bitcoins per block. >> uh-huh. >> that is until mid 2020. >> uh-huh. >> and then afterwards, 6.25 bitcoins per block for four years until the next halving. >> wait, are we still talking about money? >> cryptocurrency. >> this sounds so simple. >> shut up, margaret. there's no way you understood all of that. [ laughter ] >> okay. >> so how much do one of these bitcoins cost? >> $17,000. >> $17,000? that's insane! >> sounds like a bargain. >> oh! [ light laughter ] >> and how do you keep track of these things' values? >> just check the internet. so far today its value has gone up $1,000 -- and now it's down 800 -- and now it's up $500. >> sounds like you can't lose. >> you absolutely can, margaret. >> how do i buy bitcoins? >> it's easy. just go online and give them your credit card number. >> give who your credit card number? >> bitcoin. and then let the internet do what it does. >> what does it do exactly? >> it bitcoins. >> here's my credit card. >> no! [ laughter ] >> so who started bitcoin? >> we thin

working class families could afford to buy a home with an fha mortgage. today those homes sell for seven times. working class families, and you all know this, middle class families can't even afford to move to these suburbs that were created in the '40s and aye 50s. -- '50s. so today nationwide we have a ratio in income, african-american income on average is about 60% of white income. african-american wealth is 5-7% of white wealth. most families in this country gain their wealth through housing equity. this enormous difference between 60% income ratio and 5% wealth ratio is almost entirely aricket bl to -- attributable to unconstitutional federal housing policy that was practiced in the 1930s, '40s and into the '50s. so the wealth gap, i think, is attributable. >> some of these authors have or will be appearing on booktv. you can watch them on our web site, booktv.org. >> you know, the title came in the spring of 2016 before george w. bush had purportedly said to aides off the record i may be the last republican president. it was very clear to me that re

it means reforming fha policies and other forms of government assistance to provide a path to responsible home ownership to as many americans as possible. this cornerstone of the american dream is a major step to independence and equity passed down through generations. and it's important to note that renters, in general, have a net worth of about $5,000. homeowners, about $200,000. it's a 40-fold difference. we need to concentrate on getting people out of a rental situation, but it has to be done responsibly. because the last time it was not done responsibly, and it doesn't do anybody any good to put them in a home they can't afford. they lose their home, their credit, and their future opportunities. we're looking at responsible ways of being able to do that. it means embracing the president's executive orders to reduce regulatory burden on americans and their businesses, especially those providing jobs and housing to fellow citizens. i can't presume to speak for my fellow secretaries, nor members of congress, but i believe this is the way forward. not just for black americans but for all

just one note for today, if the government does shut down, government mortgage programs like fha and va loans, they are all shut down as well. >> diana, thank you very much. >>> coming up, from prison to politics, don blankenship served time for mine safety violations, but now he's running for sflena in west virginia he will join us next >>> as we head to break a quick check of the european markets right now. stay with me, mr. parker. when a critical patient is far from the hospital, the hospital must come to the patient. stay with me, mr. parker. the at&t network is helping first responders connect with medical teams in near real time... stay with me, mr. parker. ...saving time when it matters most. stay with me, mrs. parker. that's the power of and. tomorrow, it's a day filled with promise and new beginnings, challenges and opportunities. at ameriprise financial, we can't predict what tomorrow will bring. but our comprehensive approach to financial planning can help make sure you're prepared for what's expected and even what's not. and that kind of financial confidence can help you

column in a nice little neighborhood, not a great area, not a bad area, i bought it for $64,000 on an fha loan for 30 years. i lived in a 12 years, refinanced it on a 15-year loan at 7.5% and got it down to 5.6%. i paid for it two years ago. my first year of property taxes was $1000 on it. i get it this year and it went up to $1200. we have a 9.25% sales tax. the high cost, you can't buy anything under half $1 million in nashville. guest: richard is going to get a nice little return on that house, i think. boom ins up this skyscraper construction. there are actually some cities that are managing their growth well. smart growth is the new trend. one of them is right here, the washington dc area. not just the city proper, but they are having a decent metro system. we are growing in places like montgomery county all the way out to dulles airport. each of those metro stops is becoming its own little business community. that is a good way to grow. so not everybody is commuting to the same place. if people are commuting to the same place, things are not going to go well. dallas is another examp