Safe as Houses: Financialization, Foreclosure, and Precarious Homeownership in the United States
Abstract
The financialization of the U.S. economy has had important implications for household well-being, but the mechanisms connecting financialization and precarity have not been fully identified. This research identifies mortgage foreclosure as a nexus connecting macro-level financialization to an array of downstream consequences for homeowners and asks (1) how mortgage securitization, a key technology of financialization, enabled new foreclosure practices; and (2) how these practices affect housing precarity among homeowners at risk of foreclosure. To answer these questions, I analyze court records, interviews with key participants, and primary source documents to examine the evolution of mortgage foreclosure in Cook County, Illinois, from 1992 to 2006. I find that as mortgage securitization transformed the social and economic relations between borrowers and lenders, foreclosure became actively managed as both a driver of costs and a source of profits, and loan administrators and their attorneys worked to reduce costly borrower protections. These changes increased housing precarity by making foreclosure more frequent and more rapid.
Metadata is indexed. Open-access discovery has not completed for this record yet.
No local PDF is available.
GROBID Extracted text; discontinued.
This text is generated from TEI extraction for accessibility, search, and TTS. Formulas, tables, figures, page layout, and references may not perfectly match the original PDF.
No accessible text representation is available. The text extraction service has been discontinued for the time being. If you require this service, for accessibility or any other reason, please submit an issue/request on this page.
Metadata
Issues
No public issues have been filed for this DOI.
Submit an issue
Record history
| When | Event | Field | Old | New |
|---|---|---|---|---|
| 2026-06-18 19:37:53.011249+00:00 | identifier_assigned | DSEID | DSEID-001-8864057 |