tv Consider This Al Jazeera December 28, 2014 12:00am-1:01am EST
pass. >> it dropped the operator 42 minutes after that. that would have made it at cruising altitude... ..if you look at the aircraft and accidents and mishaps and the dangerous part of an aircraft of a flight of commercial aircraft, it's the take off and the landing. that's something that is being looked at very close. most of the time it's looking at weather lower to the grouped. these are facts, looking at history, but you can't apply that. i am sure that the
investigator... [ audio breaking up ]..it's factoring in the possibilities that could be playing a role in missing. >> we are waiting for a news conference by the transport minister. that's the malaysian transport - correction that's the indonesian transport minister. whose giving a conference. we'll go to that. if he speaks english or we have a translation. there has been a statement from air asia indonesia. we had that earlier on. what have they had to say?
>> well there has been a couple of statements now, at least since the first came out and said that this aircraft has gone missing. it dropped off radar, giving basic statistics of where it was. and then they followed up. again, we are going back to searching for an aircraft that we saw earlier in the year the malaysian aircraft that disappeared over the water. it's a different situation, because they didn't know which direction it was going. you have a situation like this a search and rescue operation, when wan aircraft is -- when an aircraft is that high up. it's a large area that you need to search and rescue. that you need to factor in if it's that high up that far off. if something happens up there. catastrophical or not that the
aircraft has if it makes an at sea emergency landing. it will go in different directions and take a while to get down to ground level. it opens up a wide area where the search and rescue operation had to take place. we are looking at 5.5 hours after it dropped off radar. now the operation has been going on already. it really is going to be a difficult search and rescue operation. hopefully there'll be more information that comes out in the press conference that is under way. maybe details of more radar information, more than simply dropping off radar. that leaves a lot of questions. one thing airlines and civil aviation departments do when it's at the beginning of a situation like this the very conservative information obviously for the emotional factor for those involved with the missing aircraft. there can be a lot of miss
steps. we can see a lot there. not saying that this is that situation. it has to be taken carefully, the data it's raw data in a lot of situations responders are being looked at where they are last scene. when they dropped off the radar, what does that mean. it can mean several different things. it could be old-fashioned radar, a sweep, where there's an object. there are other ways of locating aircraft sending signals out. a lot of data to go through. that's why airline itself the civil aviation boards will be conservative when they release this information as we know with the search and rescue operations ongoing until they get any confirmation visual confirmation of what can happen to this aircraft. >> thank you very much for that. that's our correspondent scott heidler in bangkok. we'll -- you more information on
that missing many as we get it. as we said we are monitoring that press conference from the indonesian transport minister waiting for a news conference from the malaysian transport minister. let's move to other news for now. the n.a.t.o. combat mission in afghanistan is coming to an end this month, after 13 years of operation in the country. this year has been the deadliest war, with more than 4,000 afghan soldiers and police killed. let's get more from our correspondent jennifer glasse joining us live from kabul. what is the mood in afghanistan ahead of this impending pull out. ferguson, greater st. louis, same people, same protesters same mourning the same community. and to see another officer involved shooting when we are still reeling from what happened in august and the shooting of black men in the area since
then then, powell and meyers, and to see there hasn't been police accountability to date, no matter what happened last night, whether this young plan had a gun or not. there's going to be questions about this. >> there's evidence of gun at the scene. >> allegedly. >> when you say allegedly, there is video of a gun at the scene. there is one difference ferguson to berkeley, the demographic of the places. >> of the 31 police officers, 17 berkeley. there is more black leadership in berkeley, however the officer who fired the fatal shot is said to be white. this is -- it is a race problem but ultimately it speaks to a police problem in the way that police police african americans.
>> it's unfortunate any time someone dies at the hand of police. again as we mentioned earlier there's this underlying issue here that probably needs to be addressed and how people feel about the police. we can go back to 50 years ago the civil rights era, malcolm x or martin luther king talk about how communities of minorities many feel that police are not there to protect them but to suppress them is a better way, that's how they feel when the police show up and granted they say that's why you get some of the responses from these young men. >> absolutely. you know there will not be a different feeling among black people among the police until the police kill black people at the rate at which they do. deadly force, absolutely we didn't see that with erik garner, tam ir
tamil rice, on and on and on, we know there's a problem with police and black people. there have been plenty of instances of white people who have shot police officers and taken in alive. >> do you think this >> a rare attack killed at least seven. they say that civilians are caught in the middle. civilian casualties are at an record high and the fighting continues. >> and the fight something not just in the south elizabeth also along the eastern border we've seen heavy fighting particularly in kunar province over the last couple of weeks. when nato handed over, they hoped there would be an established government in place. of course, we have a coalition
government ashraf ashraf ghani but they've not named a cabinet yet. >> thankthank you for. that's jennifer glasse joining us from kabul. let's go more to the missing flight, a boeing 737 has been dispatched to look for the plane which it last lost contact. they said that the last location was at sea. here's what we know so march. the flight was headed from indonesia to singapore when it lost contact with air traffic control. it was an airbus, and it was carrying 162 people when it went
missing. well joining me now from jakarta very good to have you with us. first of all let me ask you what are you hearing about the missing plane? >> it was carrying only four hours worth of fuel, and it's been over four hours. and so we know that it gone down somewhere, but what we don't know is where. >> we know that they have lost contact with air traffic control. under what conditions does a plane loose contact with air traffic control? >> first, the possibility will be a fault with the aircraft where they would have to have
contact with the aircraft. it's the pilots priority to control the aircraft rather than talk to anybody else. >> it had taken an unusual route after losing contact due to poor weather. what does unusual route mean, and to know that there were poor weather conditions. >> it is not clear. it was pretty bad weather but i wouldn't say that it's the worst that we've seen. that could explain what the
officials have said in terms they've asked for an unusual route. in the past they set it up. they deviated from their normal route due to weather. the other thing to think about is altitude. the moment that we can say that we know that it did affect what they decided and what they did with the flight. whether that brought down the plane, we don't know yet. >> why would the aircraft ask to change altitude? >> well, first of all, it's comfort. nobody likes to sit in turbulence. and the other is crew. if there is turbulence, it is best to stay out of it.
even in normal margins it's best to stay out of it. >> can you tell us more about the aircraft itself? >> asia has had a very good record. there have not been any mishaps. probably the cleanest in the country. so it's a little bit of a shock to have this happening. >> what will people who are trying to figure out what might have happened to this plane be looking for now? >> well, the priority is finding the aircraft first. the first 24 hours it is very
crucial. if there are survivors then the first 24 hours are crucial. that will determine whether survivors will live or not. until then we have key information from what i said earlier. we knew where it went, we knew there was turbulence. now from that to determine the cause it is a bit of a long stop. but based on the commission that is available we know weather may have been a factor. but beyond that it is pure speculation. >> i believe air asia is an malaysian airliner. it has been a catastrophic year for the malaysian airlines, hasn't it?
>> yes, if we look at the aircraft, there is slightly different ownership but it is the same bran. but if you're talking about malaysian, yes. nobody expected this to strike twice, and then a plane was shot down now this, it is unexpected. let's put it that way. this is probably the first time it has happened. >> aviation analyst joining us from jakarta there. thank you very much for your time. and we will have more on that missing air asia plane travel from malaysia to singapore. we'll bring you more information
>> you can now see the controversial movie "the interview" online. sony is allowing people to rent or buy the film on a variety of digital platforms such as youtube. >> good to have you with us. let's get you an update on our big developing story this hour. an air asia flight heading to singapore has lost contact with air traffic control. there were up to 162 people on board. in the past hour an air asia spokesman said that the last location the plane was at sea. searchsearch and rescue
operations are under way. and let's move on to other news now. to serbia will bashar al-assad's government say it's open to preliminary consultations in moscow. they hope to host attacks between syria and syrian divided opposition, but it's unclear who will be taking part. the head of the syrian national coalition said that without some kind of blueprint there is little to bring opposition groups to the table. >> russia does not have an initiative. what russia is calling for is a meeting in moscow without any specific suggestions. >> air force has stepped up
airstrikes in the northern province of aleppo. the airstrikes have killed more than 50 people in the past three days including seven children. jets targeting areas controlled by the islamic state in iraq and the levant in a nearby city. and government jets have also hit the town of douma. the airstrikes killed five people. and rebel held towns have also where people have been killed. to southeast asia where people are warned for more flooding as the monsoon system. intensifyies. morer the government has declared eight of its town provinces disaster zones. more than 8,000 have been
displaced. in northern ma lay a shah five people have died. 200,000 people are homeless across the region. well, we have reporters in both malaysia and sri lanka. first here is more from malaysia malaysia. >> we flew in this morning to one of the worst effected areas in malaysia. it is completely underwater. now from the air i had a chance to survey the areas outside of the city, and as far as the eye can see the land was completely sub merged in water. all you could see was the tops of trees very few roads were visible through the air. the roads that were visible were
cut off bifold waters. this is making it very give for rescue and reef operations to take placing. they cannot reach the worst effected areas by road. door weather continues are making it very difficult for helicopters to go in and drop supplies and evacuate people. you can see behind mes the main highway that connects to the northwest. inundated by water. vehicles sent in single file. it's very much a way to get past the floodwaters. there have been many cases being constanted by the water that have to be pulled out of these floodwaters. now basically there are over a million people affected by the bad weather. the majority of them affected by the floods. now essentially even in this part 12,000 people have been
moved. and even in other waters of the country the majority of the sri lanka's 22 districts affected by the problem. we've had the main amount of fatalities reported in landslides in the central part of the country and essentially there are further warnings that can be further. mudslides so people have been advised to be alert. there are areas where evacuated people and are keeping a close watch on the weather. the worst part for people around the country is that the weather forecast is not good. essentially more ref rains. >> pakistan's airstrikes have killed 39 fighters and destroyed continuance. the military said several rebel commanders were among the dead.
and a timber market has been engulfed in flames. six fire trucks were called to put out the flames, which had sent to nearby shops. the somali military say it has captureed the leader of al-shabab. he was caught during a rate on saturday morning. he is said to be al-shabab's intelligence chief. but al-shabab said that he surrendered to the intelligence department. here are some of the others leaders they've placed a bounty on.
>> pro russian separators have freed four more soldiers. it comes after the ukraine government and separatists have exchanged prisoners in the city of donetsk. >> the ukrainian president welcomes home these prisoners of war. they were exchange with hundreds of pro russian fighters. this is a propaganda coup. >> i'm telling you that i have a heart full of happiness that you will greet the new year and i promise together with your
families and two brothers that you will do what we've been waiting for for so long. we're thankful again that we have you. >> there is relief but also sadness about those still being held. >> thanks for what you have done to release us. we hope that our friends are still kept being as hostages will be released in the near future. >> this is where they're being exchanged. in secret place in donetsk. they know that this is still a fragile cease-fire. >> there are several people on the list who are missing. they're from the luhansk region, they have not arrived yet but they are on the way and we'll complete the exchange tomorrow. >> kiev said it is fighting against what it calls russian's
influence. russian has always denied providing soldiers and weapons. the latest twist in this crisis, ukraine's state rail company has suspended trains to crimea leaving many passengers stranded and frustrated. >> it is very bad and will affect many people. people should not be affected by such decisions. they should not suffer because of politics. >> this prisoner exchange is a small step towards reconciliation. and the families of the released prisoners it offers some hope in this bitter and deadly conflict. >> heavy snowfall has stranded
motors in the french alps. emergency shelters have been opened and france has declared a weather alert. you can always keep up-to-date with all the news on our website www.aljazeera.com. >> i think it will energize people even further. >> jamilla le mieux, happy holidays. >> its been six years since the financial crash that sent the global economy into a tailspin. devastating the us housing market. predatory lending and a poorly regulated financial system were at the root of the crisis.
but now, housing sales in some parts of the country have picked up. >> it really started in 2010 2011 in the wake of the housing bust and the foreclosure crisis that ensued. >> there were markets that were totally devastated. >> you had an unbelievable number of foreclosed homes. >> at foreclosure auctions like this one in georgia, competition has gotten steep. >> sold! >> what's the name of your company? >> we're private. >> but the recovery isn't quite what it seems. >> housing recoveries are typically led by buyers. and those buyers historically were typically homeowners. people who intended to purchase and live in the home. they weren't investors and it wasn't second homes. >> i don't want to be on camera >> but in 2011 2012 you started seeing firms that were backed by some of the larger private equity firms beginning to get into the market. >> who came in and bought houses
by the block basically. >> we've been trying to talk to some of the investors here like invitation homes right behind me but they refused to talk to us. >> this has not been the ideal recovery. this is the only housing recovery we have right now. >> it's a landlord's market and rents are rising across the country. the question is: are investors jump-starting the economy or laying the foundation for a new crisis. >> right now the biggest landlords in the u.s. is wall street. >> tonight: fault lines investigates america's largest and most powerful landlords: wall street. >> atlanta is really rough right now, is very rough you know for a family to own your home.
atlanta now is becoming lease and rental. >> atlanta georgia is a city that was gutted by the foreclosure crisis. six years after the crash, many residents here are still at risk of losing their homes. since 2008 almost 5 million u.s. homes have been lost to foreclosure. now, there are nearly two million more homeowners who are on the brink. >> eighteen years. over 18 years you've worked and poured your heart into where you live to make the house a home that you're children have grown up in. your memories are here. what do we do? we fight. >> tammy doe was fighting to keep her home of nearly two decades when it was foreclosed on and sold to a new owner at auction. >> they don't wanna hear nothing you have to say. they just feel like you just in
this position because you refused to pay your mortgage. no that's not the reason. >> she believes the foreclosure was illegal, but to prove it - and win back her home - is an uphill battle. when we met, she was on the verge of eviction. >> you know people say the america dream is to own your own home and to have something to leave for your children. it's not that anymore. i don't see it >> if tammy doesn't win the legal fight, there's only one way she can stay in her home: to rent it back. >> do you know who owns your home right now? >> colony... colony america colony homes. >> colony american homes the home rental arm of private equity firm colony capital is now one of the largest landlords in america. >> "there's nothing more american than the dream of living in your own home. colony american homes is helping people right now
to fulfill that dream." >> colony american when every home we went to it was fixed up, nice... >> the company owns over 16,000 homes in 10 states, purchased primarily from foreclosure auctions. >> "today there are fewer opportunities from strong investments, and even fewer opportunities to make a difference. at colony american homes we will do both." >> now we have seen the recreation of the dream as well maybe you won't be a homeowner but we really need more people who are renters, because we over-stimulated home ownership. >> ... and for me to have to rent and never own my own home? no. can't do it. >> "we bought the house for a hundred and thirty two five." >> tammy isn't alone. her neighbors are also fighting for their homes in this predominantly african american suburb, 60% of all homeowners are underwater. predatory lenders disproportionately targeted african americans and latinos
for riskier loans, including middle-income minorities who should have qualified for conventional mortgages. >> do you feel like you've been targeted? >> oh yeah most definitely. >> yes. >> definitely. >> yeah. bulls eyed out. >> and... and i... you know basically i just refuse to spend 20 years in the military working my buns off from dusk to dawn 7 days a week for 20 years, and come home and just give my retirement away. i'm not going to do that. >> colony bought your house for 40,000 dollars. >> uhum. >> an estimated 7 trillion dollars in housing wealth was lost in the crisis. much of it from communities like tammy's. >> you work and you work and you try to be the upholding citizen, and to guard your integrity. for them to come in and just rip it from you?
that hurts. don't tell me about the american dream because i don't believe in it. >> 60% of our wealth was in our home. and then we had the predators suck that wealth out. they came in and took it out. that wealth had purpose. it was the engine for small business in our community. it is what educated our children. >> if you are low income or lower middle income you probably don't have a stock portfolio it was your forced savings plan. >> with stagnant wages rising debt, and tight mortgage credit, buying a home is a dream more and more people just can't afford >> homeownership is stability. it's a stake in our nation. that's been lost.
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>> the other thing i'd say about investing is it's often a lonely business. when you go back to 08, 09 we, like most of the people in this room, we were suffering, right? because asset values had declined pretty significantly. >> many of them were gathered at this investors' conference in new york city. >> what i would tell you about the business overall you know what's gone wrong... people in this room would be shocked to hear: renovating homes costs more and took longer [laughter in the audience]. that... that definitely happened. but what went right was home price appreciation went better than expected. >> the industry leader - invitation homes denied our request for an interview. a new trade association - the national rental home council and several other companies, also said no. the one insider who would talk to us on camera was toni moss - a housing finance specialist who helped to launch the industry. >> there was a major shadow inventory of foreclosed homes
and we thought it would be interesting to see if we could get private capital back into the market and acquire these homes and revitalize these neighborhoods. >> who is regulating this industry right now? >> well.. this... yeah that's the issue. it's not being regulated on a federal level. and therefore it's this massive granular situation where you have neighborhood regulations and then you have municipal regulations and then you have state regulations. i mean can you imagine? when you have all those properties and you're trying to pay attention to what the neighborhood association is requiring? so it's not that the industry is not regulated, there is a lot of regulation. it's that the regulation itself is not consistent. >> investor landlords aren't just building a new business model.
they have also created a new financial product: rental backed securities. >> we are already, a handful of years after the crisis seeing the emergence of a new piece of the securitization market with weak standards just as the primary mortgage securitization market had been in the lead up to the crisis. >> so what is securitization? >> securitization is a financial tool. the bonds are backed by assets that have a cash flow. so anything where there are monthly payments coming in you can securitize. so when a tenant sends their rent check each month to their property management company, fees are taken out to pay for property management and other... other related fees and then what's left over is sent to the bond holders. >> mortgage securitization other kinds of securitization got really..., took a huge hit during the crisis yet you have this pent up demand... now you have this pent up demand to invest in those kinds of
vehicles so lets create a new one. >> do you think securitization poses... rather creation of rental-backed securities pose the same risk as mortgage-backed securities? >> no. absolutely not. i think that mortgage-backed securities were much more complex. this is very transparent very straightforward and it's bringing a lot of players into the market. >> the first rental-backed security was introduced by invitation homes in october of 2013. since then 9 more bonds have hit the market valued at nearly 5 billion dollars. we reviewed the list of addresses on that first invitation homes security, and found that the sun valley home rented by edit novshadyan and her family was one of the 3200 homes on the list. >> edith do you know that this house is part of blackstone's security? >> i don't know.
i didn't even know that it was owned by blackstone. i just knew that we were renting from invitation homes. >> do i see the real risk that we are heading down the same path? that the lessons learned - the wrong lessons learned - that you can cherry pick the best loans or the best rental properties to keep for yourself and securitize the worst is happening or can happen? i think that is a very real risk. >> if something goes wrong and bondholders aren't getting what they are supposed to get each month and the bond defaults, bondholders through their special servicer can seize the homes, so they can take the underlying collateral. >> that's not very secure for the tenants. >> we think there need to be more protections in that area. we think that's one of the risks and vulnerabilities here.. is that tenants could be displaced if things don't go as planned. >> back in washington, congressman mark takano,
who sits on the house financial services committee is a lone voice raising questions about new corporate landlords. >> i represent an area that suffered through the subprime mortgage crisis of the mortgage-backed securities. i am concerned about how fast these new types of rental-backed securities are going to proliferate. is there anything wrong with trying to make a profit? certainly not. but i want to make sure that residents are being treated fairly. that the impact on my community is not negative. >> how powerful are these new institutional investors, companies like blackstone? >> one of the big problems we have with the functionality of our government is that the ordinary person doesn't believe they have as much say as these big financial interests. and they're right. >> we have voted numerous times to weaken financial regulations,
the dodd-frank bill, the federal consumer protection bureau has been the subject of many pieces of legislation this past year. i'm not able to get one single hearing on this issue. >> if you've got lobbying powers who lobby 24 hours a day 7 days a week 365 days a year on behalf of banks on behalf of issuers and no one protecting investors or the consumer, you got a problem. >> the lack of change will allow them to do it all over again when people's memories fade and the dust settles.