“Wouldn’t You Walk Away?” Foreclosures and Homeowner Understandings

2018 ◽  
Vol 100 (2) ◽  
pp. 174-187
Author(s):  
Carol L. Cleaveland ◽  
Debra Lattanzi Shutika
Keyword(s):  
Great Recession ◽  
Ground Level ◽  
Well Being ◽  
High Rate ◽  
Subprime Mortgage ◽  
Dominant Ideology ◽  
House Values ◽  
The Great Recession ◽  
Mortgage Crisis ◽  
Economic Collapse

Social work scholarship on neoliberalism—the dominant ideology and policies shaping access to housing, jobs, healthcare, and education—is in its infancy. This study examines the ground-level impact of the subprime mortgage crisis that triggered the Great Recession in 2008, examining how homeowners interpreted the changes to their neighborhood as they witnessed a remarkably high rate of foreclosures during the economic collapse of 2008-2010. Residents of a suburban community were unaware of the lending and banking practices that transformed their neighborhoods, though these policies arguably depreciated house values and a sense of well-being. Not knowing the culpability of predatory lenders in the crisis, some residents turned to an anti-immigrant social movement to preserve their community.

scholarly journals Economic Distress and Voting: Evidence from the Subprime Mortgage Crisis

2017 ◽  
Author(s):  
Andrew B. Hall ◽  
Jesse Yoder ◽  
Nishant Karandikar
Keyword(s):  
Voter Turnout ◽  
Great Recession ◽  
Difference In Differences ◽  
Subprime Mortgage ◽  
Individual Level ◽  
Economic Distress ◽  
The Great Recession ◽  
Mortgage Crisis ◽  
Subprime Mortgage Crisis ◽  
Home Foreclosures

Roughly 7 million Americans lost homes to foreclosure during the Great Recession. Despite claims that the subprime mortgage crisis helped fuel recent political turmoil in the U.S., we lack systematic empirical evidence about the effects of this unprecedented spike in home foreclosures on American elections. We combine nationwide deed-level public records data on home foreclosures with election data and administrative voter data to examine the effects of home foreclosures on electoral outcomes and on individual voter turnout. At the aggregate level, county-level difference-in-differences estimates show that counties that suffered larger increases in foreclosures did not punish or reward members of the incumbent president's party more than less affected counties. At the individual level, merging the Ohio voter file with foreclosure data, difference-in-differences estimates reveal that Ohioans whose homes were foreclosed on were somewhat less likely to turn out to vote, particularly when foreclosures occurred close to election day. The findings cast doubt on the claim that individual-level economic distress during the Great Recession directly activated angry voters, and raise questions about the posited causal link between economic distress and the electoral punishment of incumbents.

Recent Trends in the Material Well-Being of the Working Class in America

2021 ◽  
Vol 695 (1) ◽  
pp. 70-91
Author(s):  
James P. Ziliak
Keyword(s):  
Working Class ◽  
Food Insecurity ◽  
Great Recession ◽  
Insurance Coverage ◽  
Well Being ◽  
Absolute Poverty ◽  
Earnings Growth ◽  
The Great Recession ◽  
Recent Trends ◽  
Using Data

I examine trends in the material well-being of working-class households using data from the Current Population Survey in the two decades surrounding the Great Recession. In the years leading up to the Great Recession, average earnings, homeownership, and insurance coverage all fell, and absolute poverty and food insecurity accelerated. After-tax incomes were, for the most part, stagnant. The economic hemorrhaging either abated or reversed, however, in the decade after the Great Recession, especially for the least skilled and for households headed by a Hispanic person. This includes robust earnings growth, which led to declines in earnings inequality, absolute poverty, and food insecurity, coupled with increased insurance coverage and a modest rebound in after-tax incomes. As many of these recent advances likely stalled with the onset of the COVID-19 pandemic, I discuss various policy options.

scholarly journals Well-being and the Great Recession in Spain

2018 ◽  
Vol 26 (15) ◽  
pp. 1279-1284 ◽  
Author(s):  
Jesús Peiró-Palomino ◽  
Francesco Perugini ◽  
Andrés J Picazo-Tadeo
Keyword(s):  
Great Recession ◽  
Well Being ◽  
The Great Recession

Foreclosure Stories: Neoliberal Suffering in the Great Recession

2012 ◽  
Vol 47 (1) ◽  
pp. 49-68 ◽  
Author(s):  
ANDREW LAWSON
Keyword(s):  
Social Relations ◽  
Great Recession ◽  
Financial Management ◽  
Credit Scoring ◽  
Mortgage Lending ◽  
Human Beings ◽  
Subprime Mortgage ◽  
The Great Recession ◽  
Foreclosure Crisis ◽  
Crisis Of Representation

This article examines how the foreclosure crisis has been represented in a range of narrative genres: the reportage of Paul Reyes's Exiles in Eden: Life among the Ruins of Florida's Great Recession (2010), Michael Moore's documentary film Capitalism: A Love Story (2009), and Paul Auster's novel Sunset Park (2010).These narratives attempt to contextualize the human beings caught in the center of the subprime mortgage storm, but in the process each of them runs up against an opacity or obscurity, a crisis of representation. The article argues that underlying the financial crisis is an inability to recognize and comprehend deeply embedded structures of inequality, a failure common to both the financial system and the wider culture. Drawing on recent accounts of the techniques of credit scoring and mortgage securitization in the disciplines of business history, accounting, financial management, and human geography, the article concludes that subprime mortgage lending involved social relations of supremacy and subordination, as well as representational strategies which identified individuals solely in terms of credit risk, while failing to grasp the conditions of poverty and disadvantage which constituted them as a class.

Grandparent Coresidence and Family Well-Being

2014 ◽  
Vol 654 (1) ◽  
pp. 110-126 ◽  
Author(s):  
Rachel E. Dunifon ◽  
Kathleen M. Ziol-Guest ◽  
Kimberly Kopko
Keyword(s):  
Marital Status ◽  
Great Recession ◽  
Living Arrangements ◽  
Well Being ◽  
Future Research ◽  
The Great Recession ◽  
The Family ◽  
New Research ◽  
Economic Well Being

U.S. children today have increasingly diverse living arrangements. In 2012, 10 percent of children lived with at least one grandparent; 8 percent lived in three-generational households, consisting of a parent and a grandparent; while 2 percent lived with a grandparent and no parent in the household. This article reviews the literature on grandparent coresidence and presents new research on children coresiding with grandparents in modern families. Findings suggest that grandparent coresidence is quite common and that its prevalence increased during the Great Recession. Additionally, these living arrangements are diverse themselves, varying by the marital status of the parent, the home in which the family lives, and the economic well-being of the family. Suggestions for future research are also proposed.

UK Unemployment in the Great Recession

2010 ◽  
Vol 214 ◽  
pp. R3-R25 ◽  
Author(s):  
David N.F. Bell ◽  
David G. Blanchflower
Keyword(s):  
Life Satisfaction ◽  
Great Recession ◽  
Sharp Increase ◽  
Well Being ◽  
The Great Recession ◽  
Financial Difficulties ◽  
Small Rise ◽  
Low Levels ◽  
The Unemployed

This paper considers some of the implications of the increase in UK unemployment since the beginning of the Great Recession. The major finding is that the sharp increase in unemployment and decrease in employment is largely concentrated on the young. This has occurred at a time when the size of the youth cohort is large. As a response to a lack of jobs there has been a substantial increase in applications to university, although there has only been a small rise in the number of places available. Further we find evidence that the unemployed have particularly low levels of well-being, are depressed, have low levels of life satisfaction, have difficulties paying their bills and are especially likely to be in financial difficulties.

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