{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Mortgage bank managers meet over financial crisis, protestors' data-url='/boclips/videos/5c54bcf3d8eafeecae130778' data-video-url='/boclips/videos/5c54bcf3d8eafeecae130778' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nMortgage bank managers meet over financial crisis, protestors\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eSan Francisco, California - 20 October 20081. Wide of annual Mortgage Bankers Association convention2. Mid of convention graphic on screen 3. SOUNDBITE: (English) John Courson, CEO Mortgage Bankers Association:\"I've never, ever seen a...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eSan Francisco, California - 20 October 2008\u003cbr/\u003e1. Wide of annual Mortgage Bankers Association convention\u003cbr/\u003e2. Mid of convention graphic on screen \u003cbr/\u003e3. SOUNDBITE: (English) John Courson, CEO Mortgage Bankers Association:\u003cbr/\u003e\"I've never, ever seen a tornado like this.\"\u003cbr/\u003e4. Wide of Courson's picture on screen\u003cbr/\u003e5. Close up of screen reading: (English) \"Mortgage Bankers Association\"\u003cbr/\u003e6. Mid of signs in convention hall for various mortgage lenders\u003cbr/\u003e7. Close up of Freddie Mac sign\u003cbr/\u003e8. Wide of Chairman of Mortgage Bankers Association, Kieran Quinn on stage \u003cbr/\u003e9. SOUNDBITE: (English) Kieran Quinn, Chairman Mortgage Bankers Association:\u003cbr/\u003e\"Originate good solid loans, loans that homeowners, regulators and our investors can embrace with unbridled confidence once again.\"\u003cbr/\u003e10. Mid of sign reading: (English) \"Mortgage Bankers Association\" \u003cbr/\u003e11. SOUNDBITE: (English) Craig Hyman, New York Mortgage Broker:\u003cbr/\u003e\"Now people have gotten used to the new dynamic, so it's now OK, how much worse is it going to get and how do we turn around.\"\u003cbr/\u003e12. SOUNDBITE: (English) Annette Alonso, Idaho Mortgage Broker:\u003cbr/\u003e\"We've gotten rid of all that craziness that we went through, that was rather insane, and we've gotten back to the basics of underwriting, making sure that people that are buying these houses have the wherewithal to buy them, they have the ability to pay for the mortgages.\"\u003cbr/\u003e13. Protesters marching outside convention hall, as seen from inside building\u003cbr/\u003e14. Exterior showing protesters marching in circle\u003cbr/\u003e15. Mid of protesters holding signs reading: (English) \"Honk if you hate mortgage bankers\"  \u003cbr/\u003e16. Wide of corner of building and protesters outside\u003cbr/\u003e17. Protesters holding banner reading: (English) \"Bailout working people, not the rich\"\u003cbr/\u003e18. Woman yelling into megaphone, UPSOUND: (English) \"Fannie Mae, Freddie Mac\"\u003cbr/\u003eCrowd: \"Give us our houses back.\"  \u003cbr/\u003eWoman: \"Fannie Mae, Freddie Mac.\"\u003cbr/\u003eCrowd: \"Give us our houses back.\"\u003cbr/\u003e19. SOUNDBITE: (English) Richard Becker, Protest Organiser:\u003cbr/\u003e\"The bankers inside here are responsible for the crisis. They're getting rewarded while the people who are the victims of this crisis are being punished by losing the places that they have to live.\"\u003cbr/\u003eFILE: California - Recent, exact date and location unknown \u003cbr/\u003e20. Close up of sign outside a home reading: (English) \"Foreclosure\" \u003cbr/\u003e21.  Home owners walking out of house with \"Foreclosure\" sign\u003cbr/\u003e22. \"Auction\" sign outside home \u003cbr/\u003eBankers sought to look to the future following the recent financial turmoil that hit the US, as they gathered in San Francisco for the Mortgage Bankers Association's annual convention on Monday, while protesters gathered outside urging foreclosure relief.\u003cbr/\u003eThe mood among bankers in attendance at the convention was sombre, hardly a surprise given the industry was the epicentre of the financial crisis that is expected to shove the economy into its worst recession in a quarter-century.\u003cbr/\u003eJohn Courson, the Mortgage Bankers Association's chief operating officer, said it felt like a \"tornado\" had swept through the industry and transplanted lenders to a surreal place.\u003cbr/\u003eThe new chief executives of Fannie Mae and Freddie Mac were also in attendance. \u003cbr/\u003eThey used the meeting as an opportunity to highlight how they are trying do more to stop the home foreclosures hammering the housing market, but said it still might take years for real estate to recover in some cities. \u003cbr/\u003eThe Fannie Mae and Freddie Mac heads, and others responsible for the financial meltdown are meeting to work on ways to turn around the lending industry. \u003cbr/\u003eWe must, \"originate good solid loans, loans that homeowners, regulators and our investors can embrace with unbridled confidence once again,\" Kieran Quinn, the Chairman of the Mortgage Bankers Association, said.\u003cbr/\u003eConference attendees are cautiously optimistic that the mortgage industry can get back on track. \u003cbr/\u003e\"We've gotten rid of all that craziness that we went through, that was rather insane,\" said Annette Alonso, a mortgage broker from Idaho.  \u003cbr/\u003e\"We've gotten back to the basics of underwriting, making sure that people that are buying these houses have the wherewithal to buy them,\" she added.   \u003cbr/\u003eFreddie Mac and Fannie Mae own or guarantee about 5 (t) trillion US dollars of the nation's outstanding mortgages - nearly half of the home loans in the United States. \u003cbr/\u003eThe new chief executives of Fannie Mae and Freddie Mac are trying to do more to stop the home foreclosures hammering the housing market, but said it still might take years for real estate to recover in some cities.\u003cbr/\u003eFreddie Mac CEO David Moffett says he doesn't think there is a magic bullet to fix the markets, especially the housing market situation in Miami and parts of California, Nevada, and Arizona.\u003cbr/\u003eFannie Mae CEO Herbert Allison, seated next to Moffett during an hour-long discussion, touched upon similar themes during his comments. \u003cbr/\u003eHe also assured the crowd of lenders that Fannie Mae is open to all ideas for tackling the myriad problems facing the industry.\u003cbr/\u003eBoth Moffett and Allison were hired seven weeks ago after the US government bailed out Freddie Mac and Fannie Mae.\u003cbr/\u003eThe mortgage finance agencies are operating in a conservatorship that enables the government to inject up to 100 (b) billion US dollars in each company in exchange for ownership stakes of almost 80 percent.\u003cbr/\u003eThe two companies have applied to manage some of the mortgage assets under a 700 (b) billion US dollar government rescue programme for the financial system that Congress passed on October 3, a person familiar with the matter said on Monday. \u003cbr/\u003eThe person declined to be identified because the companies' bids are not yet public.\u003cbr/\u003eMoffett and Allison said they have been focused on renegotiating the terms on thousands of mortgages that borrowers can no longer afford to repay. \u003cbr/\u003eBy doing so, the companies hope to prevent more foreclosures that would add to the glut of for-sale homes that has driven down prices.\u003cbr/\u003eAccording to Allison, the company has prevented about 300-thousand foreclosures so far this year.\u003cbr/\u003eBut both companies conceded it's not realistic to expect all delinquent borrowers to be saved from a foreclosure, partly because so many home loans have been bundled into complex packages or securities that are now owned by institutional investors around the world.\u003cbr/\u003eAnd in some cases borrowers shouldn't be given a break because they were speculating on real estate as an investment instead of buying a place to live, the director of the Federal Housing Finance Agency said.\u003cbr/\u003eThose reasons, though, haven't placated mortgage industry critics who believe lenders should be forced to be more forgiving, particularly now that the government has agreed to spend more than one (t) trillion US dollars to rescue Fannie Mae, Freddie Mac, insurer American International Group Inc. and hundreds of banks around the country.\u003cbr/\u003eProtesters rallied outside Monday's convention to urge more foreclosure relief. \u003cbr/\u003eOutraged over the government bailout demonstrators say the victims of lending were once preyed upon and are now being ignored. \u003cbr/\u003eA group carrying signs against mortgage bankers marched outside the convention hall, yelling, \"Fannie Mae! Freddy Mac! Give us our houses back!\"\u003cbr/\u003eOne woman managed to slip past security to confront Allison and Moffett on stage about the country's foreclosure epidemic. After calling for a moratorium on all foreclosures, the woman was escorted off the stage without incident.\u003cbr/\u003eThe Mortgage Bankers Association says it's working on a plan to help pass a national law prohibiting predatory lending to prevent future foreclosures.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv 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