One-On-One with the President; Lawmakers Mull 4 Percent Loan
WOLF BLITZER, HOST: And to our viewers, you're in THE SITUATION ROOM. Happening now, breaking news -- the president's hand-picked choice to reform America's health care system is out. Former Senator Tom Daschle withdraws his cabinet nomination amid a growing controversy over his tax records. What it means for the new administration -- that's coming up. Some Republicans want to tweak the president's economic recovery plan to make it easier for you to buy a home. How does a 4 percent mortgage sound? And CNN's Anderson Cooper in the Oval Office one-on-one with President Obama. We have the interview. You'll see it here. I'm Wolf Blitzer. You're in THE SITUATION ROOM. Let's go right over to the White House. Our Anderson Cooper has just emerged from the Oval Office. He spent some time with the president of the United States -- Anderson, we're going to be having that interview. That's coming up on your show later tonight, also here in THE SITUATION ROOM. I guess the question is how did it go?</s>ANDERSON COOPER, CNN ANCHOR: It went very well. There were a number of interviews that he did with some of the broadcast anchors and myself. He was very forthcoming in his answers. We can't go into exactly what he said at this point, because it's embargoed until -- until later this evening. But I asked the president a lot, of course, about Tom Daschle -- whether or not the president felt he messed up on the nomination process -- whether the president felt that he himself messed up in the nomination process. I also asked, obviously, about the latest on the economic stimulus plan. I found out the president's plans for what he's going to announce tomorrow. And, also, a lot of personal questions just about life in the White House, about the search for the dog, about whether the president has smoked or not since entering the White House and a lot of other questions. He also had some pretty provocative -- interesting, I should say -- answer on the term "war on terror" and whether that's a term that he will be using in the future -- Wolf.</s>BLITZER: All right. It sounds great. But what -- I know you can't tell me about some of the substance, because that's embargoed until the 6:00 p.m. Eastern hour. But what was his mood like? Did he seem happy, depressed, relaxed? What was the sense you got just from the brief time you spent with him the Oval Office?</s>COOPER: You know, he's energetic, which is interesting. I've actually never been inside the Oval Office before, so it was my first time. It's actually a lot warmer than I had imagined. I heard the president likes to keep it very warm and it was quite warm. It was -- it's interesting. I mean, it's a very hushed sort of atmosphere as you walk toward the Oval Office. And when you see the president sitting there it's, frankly, a little surreal for the first -- for someone who's going there for the first time. But, you know, he's very engaging and he was certainly there. You know, it's been a tough day for him -- obviously, a lot in the news. This was an interview which was planned starting yesterday. They did not anticipate the news on Tom Daschle breaking today. So it was certainly, perhaps, a different kind of interview -- or the substance may have been a bit different than what the president and his team initially thought it was going to be. But the president certainly answered the questions forthrightly. And it was, I think, an interesting eye-opening interview.</s>BLITZER: Did you get a sense he was taking accountability -- personal responsibility -- because, as you say, a lot of us woke up, we were pretty surprised to hear Daschle stepping aside today?</s>COOPER: I think he made -- makes a big point of trying to get that across and I think you'll see that in the interview tonight.</s>BLITZER: All right. So all in all, you saw a guy who is -- who is ready, as somebody said yesterday -- ready to rumble to get this economic stimulus package through. Because I assume that was the major reason why he wanted to meet with all of the TV networks, to make the case that there's a dire economic situation in the country right now and the Senate has to follow the House's lead and pass legislation and do it quickly.</s>COOPER: Absolutely. That was the initial idea, I think, from the White House. We were free, of course, to ask any questions we wanted. And I asked a wide range of questions. In particular, I asked what actually keeps him up at night and is there something that keeps him up at night. And you'll see that answer tonight</s>BLITZER: I assume that he's deeply worried about -- I think the last time you interviewed him, there was a hurricane down in Louisiana, the Gulf Coast. Fortunately, we don't have to worry about that right now. But I assume at some point down the road, he'll be worrying about hurricanes, wars and all sorts of other stuff, as he -- as he's got so much on his agenda. But did you get that sense -- that burden of -- that enormous burden is on his shoulders?</s>COOPER: We -- yes. I mean, we talked -- you know, he's not -- I wouldn't say his shoulders were -- you know, he certainly seemed on point and not burdened. But, you know, talking with him, you wouldn't get the sense that he's burdened. But he's quite -- quite open in this interview about his thoughts and, as I said, about, you know what, if anything, keeps him up at night.</s>BLITZER: And Anderson is going to have the full interview later tonight. "</s>ANDERSON COOPER 360," 10: 00 p.m. Eastern. We're going to it coming up here in THE SITUATION ROOM, as well. Anderson, good work. Thanks so much.</s>COOPER: Thanks, Wolf.</s>BLITZER: Let's go to Susie Roesgen right now. She's working an important story. Republicans proposing that mortgage rate goes down to 4 percent for all those who qualify. This would be a way, presumably, to jump-start the economy. Susie Roesgen is joining us right now from Chicago -- all right, explain the pros and cons, Susie, of this -- this proposal.</s>SUSAN ROESGEN, GULF COAST CORRESPONDENT: Well, you know, Wolf, it does sound great. I mean 4 percent guaranteed? That just sounds great. Right now, the average home mortgage rate across the country is about 5.25 percent. But Republican senators are talking about possibly lowering the rate to just 4 percent guaranteed.</s>BETH RYAN, REALTOR: A bedroom on this level.</s>ROESGEN (voice-over): We all know that if you can do it, this is a great time to buy a home. Prices are way below what anyone would have imagined a couple of years ago. But GOP leaders in the Senate are talking about locking down the home mortgage rate across the country to just 4 percent for a 30 year loan. According to the proposal, the savings for the average family would be around $400 a month. That's nearly $5,000 a year. Realtors like Beth Ryan say the floodgates would open for many more potential buyers.</s>RYAN: We have buyers that are on the sidelines and can't make decisions and that, I believe, would prompt them to move forward and get out there and start looking some more.</s>ROESGEN: But mortgage lenders are making it tough for many people to qualify to get a loan. Steve Daniels, a senior writer for "Crain's Chicago Business," says lenders don't want to get stuck with anymore bad loans.</s>STEVEN DANIELS, "CRAIN'S CHICAGO BUSINESS": The days of easy credit, when anybody with a pulse could get a loan, were bad and led to this situation. On the other hand, if you were late with one utility bill payment over the course of, you know, your lifetime, you shouldn't -- you shouldn't be dinged for that.</s>RYAN: Would you like to see the basement?</s>ROESGEN: Right now, a 4 percent mortgage cap is just an idea -- not one that potential homebuyers can bank on.</s>ROESGEN: And, Wolf, as we've seen today, some senators say they want these ideas in, but other senators say, hey, the more ideas, the more costly the stimulus bill becomes and we've got to take more out. Also, Wolf, some people debate those numbers. Would it really be a $400 savings for the average family or would it be less than that? In any case, it's intriguing. It's something that the senators believe if they can get housing -- mortgage rates down, then people have more money in their pocket and that would stimulate the economy, by giving people some money to buy more -- Wolf.</s>BLITZER: Susie Roesgen in Chicago. Thanks. And there are signs that home sales may be bouncing back, at least in some parts of the country. Nationwide, pending sales of existing homes were up more than 6 percent in December. But new home sales continue to slump, down more than 14 percent that month. Regionally, sales are strongest in the South and the Midwest. The Northeast continues to dip, as does the West. But sales there in the West are actually up more than 17 percent year to year. Repossessions are soaring, especially one particular kind.</s>BOB TONEY, PRESIDENT, NATIONAL LIQUIDATORS: They need their house to live in and they need their car to get to work. And the boat is certainly not a necessity.</s>BLITZER: Boat repossessions up dramatically, and including, especially, in Florida. We're going to go there. And with Tom Daschle out, a new name is being floated for Health and Human Services secretary -- Howard Dean. Jamal Simmons and Tony Blankley -- they're here to weigh in. And the Venezuelan president, Hugo Chavez, takes a swipe at President Obama in an exclusive interview with CNN en Espanol. Details of what he's saying coming up right here in THE SITUATION ROOM.