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Real Estate/Development

Oct. 28, 2010

Rise and Fall of a Real Estate Market Niche

After burning through $135 billion in taxpayer bailouts and counting, the future of Fannie Mae and Freddie Mac as the nation's largest backers of residential mortgages has never been more in doubt. By Daily Journal Staff Writer Jason W. Armstrong.


By Jason W. Armstrong


Daily Journal Staff Writer


It all started one night in 1994. San Diego attorney Darryl Steinhause was talking to an investment fund manager friend with a client who wanted to invest $1 million and get the benefits of a "like-kind exchange" to defer massive capital gains taxes.


Since investment funds aren't eligible for those tax breaks, Steinhause's friend William O. Passo, a lawyer who fo...

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