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Sen. Richard Shelby, (R-Ala.), on efforts to avoid the fiscal cliff and the FHA’s rising debt.
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Speaker John Boehner today calling out the White House saying they're wasting time and President Obama is bringing our economy.
Break to the edge.
The -- you -- we offered a serious proposal.
Based on testimony of president Clinton's former chief of staff.
Since then there's been no counteroffer from -- White House.
Its debt.
Reports indicate that the president has adopted.
A deliberate strategy to slow walk our economy right to the edge of the fiscal -- Earlier I asked Republican senator Richard Shelby of Alabama offered his take on Boehner -- comments.
I believe.
Space -- on the right track the president has not.
Total amount billion deeply involved that we know about time -- -- these offers and counter offers.
He looks like he's been campaigning to me but.
He's got to get in -- if he wants to avoid fiscal cliff.
I think that the speaker has side indicating -- he will.
Try to engage in trying to medium some way.
And try to avoid the fiscal cliff with the president's gonna continue to say it's my way and -- way that's another game.
That is another gain indeed Harry green data today saying that the game is -- jets game of the Republicans are the jets.
Here's -- worried.
-- -- he's got a problem.
He has three quarterbacks.
He can't decide who -- quarterbacks going to be that sustained home Republicans -- Romney's gone but he still background.
How we have McConnell -- we have Boehner who is the quarterback past present.
Well what do you make of that analogy.
Well that's a football analogy we all do that from time to time but but the reality is the speaker of the house is a speaker of the house is.
Is the majority Republicans and and if he's gonna advance that way that's probably in order.
Senator McConnell is involved I'm sure token -- Boehner about these issues he always has been.
But you gotta have some spokesman but he got half somebody's Thompson the president Sampson appeared yet.
And I hope he will come to the table and how we can avoid it but a lot of it is going ultimately -- the president to watch.
Why didn't tell -- there are other people MIA -- Most of house gone now on vacation.
The senate -- spending all its time carrying out how to going to be able to watch link and then have popcorn is what Harry Reid is spent the last couple days doing apparently.
Why can't we get people in the same room for a period of time and try to get this thing resolved incident just talking past each other.
With a speaker of the house and see what the real parameters are.
And see if there's any real negotiating room there wiggle room known each side until that happens.
You know if you did in the -- you do it and -- holly you do -- in Michigan he admitted taxes.
Somewhere else that's not do -- here.
Well -- -- -- -- to another topic as well today which is -- Federal Housing Administration which is facing.
-- -- precedent financial problem.
And now Shaun Donovan who runs Hud the Department of Housing and Urban Development saying hey we know we're taking steps to try to lighten the load.
But isn't enough that what is the right it -- rescue what's the right plan.
The FHA.
Actually it's a timely question we had the Hud secretaries you know before the banking committee yesterday.
FA JE has over a trillion.
Dollars in its portfolio into the hemorrhaging billions of dollars.
Its -- got a negative well worth of value right now.
It is fines I'm afraid it's going to be asking sooner than later -- taxpayer bailout.
They already have the mechanism in place to tap the treasury.
And I hope they won't.
That's the Hud secretary I hope will.
-- he's got some -- it is discretion he can.
He thought he can run the premium not have reason more money.
He cannot stop the hemorrhaging that way he can also.
Perhaps watch do you makes loans to.
Some of the loans that were made or just default didn't left and right we can't have that kind of -- housing policy.
Will -- be enough those simply to raise premiums they've already done that they're already trying that.
To market these bad loans as quickly as they can't -- visit to this situation called for -- more radical response.
-- -- -- Raising premiums you're right the will not alone will not do it.
Part of it is is inherent in the FHA program people of paying down sold.
Few dollars.
They have not much equity in the in the game and a lot of them they've lowered some of the credit scores you know to get people.
And people live deep -- -- have bad credit -- and we continue to lead to default again that's part of the problem loan underwriting.
Well and we gotta find cut some kind of solution because there's not a person I know he wants to bail out somebody else right now I think where we've had it.
Now with the bailouts.
Sandwich -- it may have made to -- CEO senator Richard Shelby thanks for coming on tonight it's -- -- your pleasure to have you thank you thank you.
