By Cory Doctorow (GPG 0xBF3D9110957E5F4C) @doctorow.pluralistic.net · 25/07/2026If a borrower goes bust, the lender can repossess their house or apartment and sell it to recover the loan amount. Now, the finance sector *did* repossess a fuckton of houses after the crash. Foreclosure and eviction became official policy. 18/ 1252
By Cory Doctorow (GPG 0xBF3D9110957E5F4C) @doctorow.pluralistic.net · 25/07/2026Treasury Secretary Timothy Geithner told Obama that a wave of foreclosures was necessary to "foam the runways" for the banks, so Obama encouraged banks to foreclose on their loans, rather than restructuring them so that Americans could keep their homes: wallstreetonparade.com/2012/08/how-... 19/wallstreetonparade.comHow Treasury Secretary Geithner Foamed the Runways With Children's Shattered LivesAccording to former TARP Special Inspector General, Neil Barofsky, HAMP was nothing more than a cynical program to give banks more time to handle foreclosures. 1285
By Cory Doctorow (GPG 0xBF3D9110957E5F4C) @doctorow.pluralistic.net · 25/07/2026But even with these foreclosures, lenders and their customers lost hundreds of billions on the subprime crisis. 20/ 1262
