In a recent review of the budget from Mayor Verners staff, we were told the city has invested 160 million plus in the Fannie and Freddie Companies.
We were told since Uncle Sam was baling Fannie and Freddie out we were ok. Basically the money the city invested in Fannie and Freddie was taxpayer money and since the taxpayer is baling Fannie and Freddie out we get to pay twice. Even though it was stated the city stopped buying Fannie and Freddie 3 years ago because it they not look good, but the city has started buying it again because the government is coming to the rescue. What?
The city makes some investment decisions that don’t work out; the taxpayers get to pay again. Isn’t our own city doing just what Fannie and Freddie and the others did to get us into this mess? Taking high-risk and relying on the taxpayer to bail them out when it takes a nosedive? It isn’t just in Washington folks it is right here in good ol Spokane.
