{"title":"安全如家:美国的金融化、取消赎回权和不稳定的房屋所有权","authors":"Walker Nelson Kahn","doi":"10.1177/00031224241231011","DOIUrl":null,"url":null,"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.","PeriodicalId":48461,"journal":{"name":"American Sociological Review","volume":null,"pages":null},"PeriodicalIF":7.1000,"publicationDate":"2024-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Safe as Houses: Financialization, Foreclosure, and Precarious Homeownership in the United States\",\"authors\":\"Walker Nelson Kahn\",\"doi\":\"10.1177/00031224241231011\",\"DOIUrl\":null,\"url\":null,\"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.\",\"PeriodicalId\":48461,\"journal\":{\"name\":\"American Sociological Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.1000,\"publicationDate\":\"2024-02-29\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"American Sociological Review\",\"FirstCategoryId\":\"90\",\"ListUrlMain\":\"https://doi.org/10.1177/00031224241231011\",\"RegionNum\":1,\"RegionCategory\":\"社会学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"SOCIOLOGY\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"American Sociological Review","FirstCategoryId":"90","ListUrlMain":"https://doi.org/10.1177/00031224241231011","RegionNum":1,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"SOCIOLOGY","Score":null,"Total":0}
Safe as Houses: Financialization, Foreclosure, and Precarious Homeownership in the United States
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.
期刊介绍:
The American Sociological Association (ASA) is a non-profit membership association established in 1905. Its mission is to advance sociology as a scientific discipline and profession that serves the public good. ASA is comprised of approximately 12,000 members including faculty members, researchers, practitioners, and students in the field of sociology. Roughly 20% of the members work in government, business, or non-profit organizations.
One of ASA's primary endeavors is the publication and dissemination of important sociological research. To this end, they founded the American Sociological Review (ASR) in 1936. ASR is the flagship journal of the association and publishes original works that are of general interest and contribute to the advancement of sociology. The journal seeks to publish new theoretical developments, research results that enhance our understanding of fundamental social processes, and significant methodological innovations. ASR welcomes submissions from all areas of sociology, placing an emphasis on exceptional quality.
Aside from ASR, ASA also publishes 14 professional journals and magazines. Additionally, they organize an annual meeting that attracts over 6,000 participants. ASA's membership consists of scholars, professionals, and students dedicated to the study and application of sociology in various domains of society.