The construction companies promised to build houses and funded the construction with sales of promises to build more houses. Now real estate is crashing, and the construction company is going bankrupt, and you’ve got home buyers who are underwater on a mortgage for a house that is not built. The construction company has billions in unearned revenue that it cannot afford to deliver on.

This is an absolute nightmare. Hundreds of billions of dollars in liability. And somehow getting the funding to complete these works will not improve their financial standing because they already took all the money for it.