Thought Ford mortgaged their own properties, didn’t take gov loans. It was so long ago… lol
I don't remember how Ford did it, but they were able to get their hands on cash before the market was frozen.
That is why GM and FCA needed the bailout money from the government. No banks were willing to open up as they were about to be gutted themselves.
Another instance where greed ran rampant until the door was slammed shut. No one bothered as people kept getting richer and richer.
I worked for a home builder at the time.
Build up new subdivisions within weeks. Problem, same guy would buy 5 or 6 of the new houses going up right next to each other. It was a huge flippers market and when the bottom fell out, it locked everything up.
Obama was elected in and policies put into place so that the economy would grow but just at a snails pace. Outside of COVID, it hasn't been down since. 16 year run and counting.