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Homes were foreclosed on, businesses shuttered, and there was a real concern about the future, according to the town manager.
In the previous year, it generated only P341.6 million from auctioning off foreclosed assets.
Source: https://business.inquirer.net/391524/pdic-asset-sales-raised-p1-5b-in-2022
Not only had the house been foreclosed on, which takes a few months to complete, but it had been months since the new owner purchased it, so how the hell are they still under the impression that the house is still theirs?
Source: https://www.fark.com/comments/12758756?utm_source=feed&utm_medium=comments&utm_campaign=fark
One of the most pervasive of these beliefs is that banks generated the majority of toxic mortgages that resulted in over-building, and ultimately billions of dollars in foreclosed loans.
Source: https://www.postindependent.com/opinion/bankers-hours-the-new-home-loan-landscape-part-1/
The Chevron Land Company acquired the speedway and in 1980 foreclosed on the property, which these days is home to the Toyota Arena, a Hilton, business offices and condos.