Dispossessed: How Predatory Bureaucracy Foreclosed on the American Middle Class by Noelle StoutISBN: 9780520291775
Date: 2019-06-04
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.