Treacy: I have read nothing about the impact of the debacle on individual
property values. It would follow from one perspective that the
costs of the failure will be born by capitalizing the loses on
immobile property owners. Well to do renters, can follow the Tiebout
The other irony about Orange County's collapse is that as far as I can
tell from the press coverage, a lot of their derivatives were in mortgage
securities. The reason the mortgage security market exists is because
Fanny Mae and Ginny Mae provide guarantees. In other words, those Orange
County L
Treacy: I have read nothing about the impact of the debacle on individual
property values. It would follow from one perspective that the
costs of the failure will be born by capitalizing the loses on
immobile property owners. Well to do renters, can follow the Tiebout
