2000s
2008
A01=Noelle Stout
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Author_Noelle Stout
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banks
bureaucracy
Category1=Non-Fiction
Category=JBFC
Category=JBFD
Category=JBSA
Category=JFFA
Category=JFFB
Category=JFSC
Category=JHMC
Category=KFFR
communities of color
COP=United States
corporate
debt
Delivery_Delivery within 10-20 working days
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eq_business-finance-law
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eq_nobargain
eq_non-fiction
eq_society-politics
eviction
financial crisis
great depression
homeowner
income inequality
Language_English
lenders
lending
loan servicers
losing home
losing property
loss
middle class
mortgage
PA=Available
people of color
Price_€20 to €50
PS=Active
residential
sacramento valley
softlaunch
tragedy
true story
united states
us history
wall street
walls treet
Product details
- ISBN 9780520291782
- Weight: 454g
- Dimensions: 152 x 229mm
- Publication Date: 04 Jun 2019
- Publisher: University of California Press
- Publication City/Country: US
- Product Form: Paperback
- Language: English
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In the aftermath of the 2008 financial crisis, more than 14 million U.S. homeowners filed for foreclosure. Focusing on the hard-hit Sacramento Valley, Noelle Stout uncovers the predacious bureaucracy that organized the largest bank seizure of residential homes in U.S. history. Stout reveals the failure of Wall Street banks’ mortgage assistance programs—backed by over $300 billion of federal funds—to deliver on the promise of relief. Unlike the programs of the Great Depression, in which the government took on the toxic mortgage debt of Americans, corporate lenders and loan servicers ultimately denied over 70 percent of homeowner applications. In the voices of bank employees and homeowners, Stout unveils how call center representatives felt about denying appeals and shares the fears of families living on the brink of eviction. Stout discloses the impacts of rising inequality on homeowners—from whites who felt their middle-class life unraveling to communities of color who experienced a more precipitous and dire decline. Trapped in a Kafkaesque maze of mortgage assistance, borrowers began to view debt refusal as a moral response to lenders, as seemingly mundane bureaucratic dramas came to redefine the meaning of debt and dispossession.
Noelle Stout is Associate Professor of Anthropology at New York University. She is the author of After Love: Queer Intimacy and Erotic Economies in Post-Soviet Cuba and director of the documentary Luchando.
