Quotes About Foreclose

Debt ownership in a shaky enterprise means control, for when a company fails to meet its interest payments, a bondholder can foreclose and liquidate the company.

In rural America, small-town drivers warned me about the growing power of such neofascist groups as the Posse Comitatus in the Midwest and the Aryan Nation in the Northwest. Local banks were afraid to foreclose on their farms, and police hesitated to help repossess farmhouses and barns when they knew their occupants to be well armed.

the citizens of Ulysses cut the town's buildings into pieces and dragged them across the prairie to a new location, "leaving the bond-holders," as the 1939 WPA guide to the state puts it, "40 acres of bare ground on which to foreclose."9 The only social actor capable of that kind of defiance today is the corporation. Corporations are mobile; cities are not.

The creditors' objective is to replace the customary right of citizens to self-support by its opposite principle: the right of creditors to foreclose on the property and means of livelihood pledged as collateral (or to buy it at distress prices), and to make these transfers irreversible.