Vail Daily letter: Fannie Mae’s doing well
May 13, 2011
There are reports that Eagle County’s 30 percent decline in residental property values is more than triple the average declione for homes in all 64 of the state’s counties.
Eagle County’s downvalley resident-rich communities of Eagle and Gypsum also saw the steepest decline in values.
This decline in property-tax revenue contribution will undoubtedly have a profound negative effect on areas such as infrastructure maintenance and growth and, more importantly, lost property contribution for education, adding to the state’s massive budget deficit.
In another report comes word that Fannie Mae, with support from the federal government, has jumped from 81st to fifth on the list of Fortune 500 companies in 2010 while gathering revenues of $153,825,000,000.
Wow. Another successful government bailout venture assisted by your tax dollars and endless foreclosures.
There are now some experts predicting the country is headed towards a double dip in the housing market. With the people’s help and the help of the feds, maybe Fannie can reach No. 1 in 2011.
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Good luck and God bless.