Dispossessed: How Predatory Bureaucracy Foreclosed on the American Middle Class

Author:   Noelle Stout
Publisher:   University of California Press
Volume:   44
ISBN:  

9780520291782


Pages:   280
Publication Date:   04 June 2019
Format:   Paperback
Availability:   Out of stock   Availability explained
The supplier is temporarily out of stock of this item. It will be ordered for you on backorder and shipped when it becomes available.

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Dispossessed: How Predatory Bureaucracy Foreclosed on the American Middle Class


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Overview

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.

Full Product Details

Author:   Noelle Stout
Publisher:   University of California Press
Imprint:   University of California Press
Volume:   44
Dimensions:   Width: 15.20cm , Height: 1.50cm , Length: 22.90cm
Weight:   0.408kg
ISBN:  

9780520291782


ISBN 10:   0520291786
Pages:   280
Publication Date:   04 June 2019
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Out of stock   Availability explained
The supplier is temporarily out of stock of this item. It will be ordered for you on backorder and shipped when it becomes available.

Table of Contents

List of Illustrations Introduction. Once Sold, Twice Taken: A Life Undone 1. Dream It, Own It: Genealogies of Speculation and Dispossession in the Valley Landscapes 2. Put Out: Bank Seizure at the Poverty Line 3. Robbing Peter to Pay Paul: Relocating the Middle Class Documents 4. Can’t Work the System: The Troubled Sympathies of Corporate Bureaucrats 5. We Shall Not Be Moved: The Shifting Moral Economies of Debt Refusal Drawings Conclusion. You Can’t Go Home Again Acknowledgments Glossary Notes References Index

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Highly recommended. * CHOICE *


Author Information

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.

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