![]() ![]() ![]() It was a total disaster and incredibly unfair. Most surprisingly, while I can understand politicians doing the wrong thing, I couldn't believe that the retroactivity provisions would be upheld by the courts, but amazingly, they were. ![]() Some people had to pay for tax shelters while, at the same time, paying taxes on the shelters they were buying. It's one thing to establish a new set of guidelines it's another thing to say, Guess what, the rules you were playing by, and basing already done deals on, are dead. I couldn't believe that a government would allow deals to be made and then wipe them out. Property values fell so precipitously that developers who had never missed a loan payment were being foreclosed upon because regulators, pointing to the abruptly devalued worth of their mortgaged property, demanded millions more in additional collateral. ![]()
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