Excerpt from The Interstate Land Sales Full Disclosure Act Amendments: Hearings Before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-Fifth Congress, Second Session
Many of these investments turned out to be worthless. The land was underwater or without water. The develo er went bankrupt before providing promised amenities. Title to the and was encumbered after the land was sold pursuant to installment contracts. Often, there was no resale market for the land, whatever.
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