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Debtors' Rights in the Age of Mass Securitization
Debtors' Rights in the Age of Mass Securitization
상세정보
- 자료유형
- 학위논문 서양
- 최종처리일시
- 20250211152818
- ISBN
- 9798384012542
- DDC
- 301
- 서명/저자
- Debtors Rights in the Age of Mass Securitization
- 발행사항
- [Sl] : The University of Wisconsin - Madison, 2024
- 발행사항
- Ann Arbor : ProQuest Dissertations & Theses, 2024
- 형태사항
- 194 p
- 주기사항
- Source: Dissertations Abstracts International, Volume: 86-02, Section: A.
- 주기사항
- Advisor: Collins, Jane;Conti, Joseph.
- 학위논문주기
- Thesis (Ph.D.)--The University of Wisconsin - Madison, 2024.
- 초록/해제
- 요약Applying mixed methods analysis to a case study of mortgage foreclosure in Cook County, Illinois between 1992 and 2006, I examine how lawyers, judges, and market actors reshaped mortgage foreclosure to increase housing precarity for borrowers at risk of foreclosure. Past research on mortgage foreclosure has focused on foreclosure as an outcome, a risk factor, or a characteristic of place and often draws a straight line from lending decisions or missed payments to residential displacement. This research examines foreclosure as a socially emergent and highly variable process, and argues that these variations affect residential precarity, credit market structure, court systems organization, and borrowers' substantive legal rights and material wellbeing. Chapter 1 theorizes mortgage foreclosure as a nexus connecting macro-level financialization to the precarity experienced by struggling homeowners. The financialization of the American economy has had important implications for household well-being, but the mechanisms connecting financialization and precarity have not been fully identified. This chapter asks (1) how mortgage securitization, a key technology of financialization, enabled new practices in the collection of residential mortgage debt; and (2) how these new practices impact housing precarity among homeowners at risk of foreclosure. To answer these questions, this chapter traces the evolution of mortgage foreclosure in Cook County, Illinois, using statistical analysis of court records and process tracing interviews with key participants. I find that as mortgage securitization attenuated social relationships between lenders and borrowers, foreclosure became more common and loan administrators and their attorneys worked to reduce costly borrower protections, directly increasing both the likelihood and speed of displacement for homeowners at risk of foreclosure.Chapter 2 identifies county judges as housing market intermediaries that shape subprime lending markets through their management of foreclosure litigation. While studies have examined how states' lawmaking and enforcement apparatuses shape housing markets, local court systems and civil judges remain underexamined despite their critical role in enforcing mortgage contracts through foreclosure. However, the subprime mortgage boom of the 1990s and 2000s increased market actors' demands for courts' foreclosure litigation services even while court systems experienced chronic budget austerity. This chapter examines how resource-constrained judges developed the capacities for mass foreclosure required by the subprime mortgage industry, and how these capacities were shaped by courts' dependence on foreclosure litigation fee revenue. It asks (1) how local courts structure high-risk mortgage markets, and (2) how courts' fee dependency affects mortgage markets and housing precarity. Examining foreclosure in Cook County, Illinois between 1993 and 2005, I find that judges changed court processes and adjudication strategies to retain foreclosure fee revenue. These changes fast-tracked mortgage foreclosure, which accelerated residential displacement, increased subprime lending activity, and intensified housing precarity in Cook County.Chapter 3 examines the strategies that high-volume law firms used to speed up foreclosure litigation in Cook County, and the critical role foreclosure speed played in securing future business for these law firms. If financialization has led the corporate sector to prioritize profit through financial channels rather than the trade of goods and services, how has this shift affected foreclosure litigation strategies and the function of the real estate market? This research breaks new ground by testing anecdotal accounts that high-volume foreclosure firms prioritize foreclosure speed over other litigation goals. I find that firms completing foreclosures more quickly subsequently received more foreclosure litigation business. Further, I examine two strategies disproportionately used by high-volume foreclosure firms: filing foreclosures in federal court and using the Mortgage Electronic Registration System as a generic plaintiff. My analysis demonstrates that these strategies created uncertain legal outcomes that threaten both the stability of real estate transactions of foreclosed property and the function of the real estate market itself.
- 일반주제명
- Sociology
- 일반주제명
- Law
- 일반주제명
- Finance
- 키워드
- Courts
- 키워드
- Financialization
- 키워드
- Housing
- 키워드
- Mortgage market
- 기타저자
- The University of Wisconsin - Madison Sociology - LS
- 기본자료저록
- Dissertations Abstracts International. 86-02A.
- 전자적 위치 및 접속
- 로그인 후 원문을 볼 수 있습니다.
MARC
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■00520250211152818
■006m o d
■007cr#unu||||||||
■020 ▼a9798384012542
■035 ▼a(MiAaPQ)AAI31558915
■040 ▼aMiAaPQ▼cMiAaPQ
■0820 ▼a301
■1001 ▼aKahn, Walker Nelson.
■24510▼aDebtors' Rights in the Age of Mass Securitization
■260 ▼a[Sl]▼bThe University of Wisconsin - Madison▼c2024
■260 1▼aAnn Arbor▼bProQuest Dissertations & Theses▼c2024
■300 ▼a194 p
■500 ▼aSource: Dissertations Abstracts International, Volume: 86-02, Section: A.
■500 ▼aAdvisor: Collins, Jane;Conti, Joseph.
■5021 ▼aThesis (Ph.D.)--The University of Wisconsin - Madison, 2024.
■520 ▼aApplying mixed methods analysis to a case study of mortgage foreclosure in Cook County, Illinois between 1992 and 2006, I examine how lawyers, judges, and market actors reshaped mortgage foreclosure to increase housing precarity for borrowers at risk of foreclosure. Past research on mortgage foreclosure has focused on foreclosure as an outcome, a risk factor, or a characteristic of place and often draws a straight line from lending decisions or missed payments to residential displacement. This research examines foreclosure as a socially emergent and highly variable process, and argues that these variations affect residential precarity, credit market structure, court systems organization, and borrowers' substantive legal rights and material wellbeing. Chapter 1 theorizes mortgage foreclosure as a nexus connecting macro-level financialization to the precarity experienced by struggling homeowners. The financialization of the American economy has had important implications for household well-being, but the mechanisms connecting financialization and precarity have not been fully identified. This chapter asks (1) how mortgage securitization, a key technology of financialization, enabled new practices in the collection of residential mortgage debt; and (2) how these new practices impact housing precarity among homeowners at risk of foreclosure. To answer these questions, this chapter traces the evolution of mortgage foreclosure in Cook County, Illinois, using statistical analysis of court records and process tracing interviews with key participants. I find that as mortgage securitization attenuated social relationships between lenders and borrowers, foreclosure became more common and loan administrators and their attorneys worked to reduce costly borrower protections, directly increasing both the likelihood and speed of displacement for homeowners at risk of foreclosure.Chapter 2 identifies county judges as housing market intermediaries that shape subprime lending markets through their management of foreclosure litigation. While studies have examined how states' lawmaking and enforcement apparatuses shape housing markets, local court systems and civil judges remain underexamined despite their critical role in enforcing mortgage contracts through foreclosure. However, the subprime mortgage boom of the 1990s and 2000s increased market actors' demands for courts' foreclosure litigation services even while court systems experienced chronic budget austerity. This chapter examines how resource-constrained judges developed the capacities for mass foreclosure required by the subprime mortgage industry, and how these capacities were shaped by courts' dependence on foreclosure litigation fee revenue. It asks (1) how local courts structure high-risk mortgage markets, and (2) how courts' fee dependency affects mortgage markets and housing precarity. Examining foreclosure in Cook County, Illinois between 1993 and 2005, I find that judges changed court processes and adjudication strategies to retain foreclosure fee revenue. These changes fast-tracked mortgage foreclosure, which accelerated residential displacement, increased subprime lending activity, and intensified housing precarity in Cook County.Chapter 3 examines the strategies that high-volume law firms used to speed up foreclosure litigation in Cook County, and the critical role foreclosure speed played in securing future business for these law firms. If financialization has led the corporate sector to prioritize profit through financial channels rather than the trade of goods and services, how has this shift affected foreclosure litigation strategies and the function of the real estate market? This research breaks new ground by testing anecdotal accounts that high-volume foreclosure firms prioritize foreclosure speed over other litigation goals. I find that firms completing foreclosures more quickly subsequently received more foreclosure litigation business. Further, I examine two strategies disproportionately used by high-volume foreclosure firms: filing foreclosures in federal court and using the Mortgage Electronic Registration System as a generic plaintiff. My analysis demonstrates that these strategies created uncertain legal outcomes that threaten both the stability of real estate transactions of foreclosed property and the function of the real estate market itself.
■590 ▼aSchool code: 0262.
■650 4▼aSociology
■650 4▼aLaw
■650 4▼aFinance
■653 ▼aCourts
■653 ▼aFinancialization
■653 ▼aHousing
■653 ▼aMortgage foreclosure
■653 ▼aMortgage market
■653 ▼aResidential displacement
■690 ▼a0626
■690 ▼a0398
■690 ▼a0501
■690 ▼a0508
■71020▼aThe University of Wisconsin - Madison▼bSociology - LS.
■7730 ▼tDissertations Abstracts International▼g86-02A.
■790 ▼a0262
■791 ▼aPh.D.
■792 ▼a2024
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T17163989▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
