Dispossessed - How Predatory Bureaucracy Foreclosed on the American Middle Class (Paperback)

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.

General

Imprint:	University of California Press
Country of origin:	United States
Series:	California Series in Public Anthropology, 44
Release date:	June 2019
First published:	2019
Authors:	Noelle Stout
Dimensions:	229 x 152 x 15mm (L x W x T)
Format:	Paperback - Trade
Pages:	280
ISBN-13:	978-0-520-29178-2
Categories:	Books > Social sciences > Sociology, social studies > Social issues > Poverty Books > Social sciences > Sociology, social studies > Social issues > Unemployment Books > Business & Economics > Finance & accounting > Finance > Property & real estate Books > Social sciences > Sociology, social studies > Anthropology > Social & cultural anthropology > General Books > Social sciences > Sociology, social studies > Social groups & communities > Social classes > General Books > Money & Finance > Property & real estate
LSN:	0-520-29178-6
Barcode:	9780520291782

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