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3,874 result(s) for "REPOSSESSION"
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Constructing a New Asset Class: Property-led Financial Accumulation after the Crisis
This article is concerned with new modes of property-led financial accumulation emerging in the wake of the 2008 financial crisis. Focusing on the United States, the article traces the creation of an asset class derived from securitizing the rental income of foreclosed homes turned rental properties. The study strategically combines conceptual agendas often pursued separately. Theories of market formation rooted in science and technology studies inform the method of analysis so as to attend to the work of realizing markets, the role of calculative devices in market formation, and the contingent and conditional aspects of markets. This analysis reveals the single-family rental (SFR) asset class as a practical accomplishment. However, a broader framework rooted in political economy is necessary to attend to the broader significance of the SFR asset class in terms of power, politics, and the dynamics of capital accumulation. The article particularly focuses upon the historical and geographic contingencies making it possible to conceive of a large-scale SFR market, the work of state and capital market actors in reframing repossessed single-family homes as rental properties and the role calculative practices played in this process, and the strategies of issuers and credit rating agencies to frame a novel asset class for institutional investors. The SFR asset class affirms the fundamental role for housing in the ideology of capital, and speaks to new entanglements of financial actors and home life as financial accumulation is adjusted to the postcrisis context. Beyond shedding light on postcrisis housing financialization, the article demonstrates how economic geographers can carefully integrate theoretical perspectives to critically examine both the circumstances of market formation and the social, spatial, and political consequences of markets.
The Impact of Universal Credit Rollout on Housing Security: An Analysis of Landlord Repossession Rates in English Local Authorities
Housing allowances within the UK’s welfare system help protect low-income households from eviction. Universal Credit (UC) has faced criticism for threatening this with its long wait periods, increased conditionality and monthly direct payments. However, there is currently a lack of robust, national-level quantitative analysis on UC’s housing security impacts. This article addresses this, exploiting cross-area variation in the timing of UC rollout to assess its impact on landlord repossession rates within 323 English local authorities. A fixed-effects panel design was used, linking data from UC’s rollout schedule with Ministry of Justice data on legal repossession actions from 2012 Q1 - 2019 Q1. Results suggest that UC ‘Full Service’ rollout, on average, led to an increase of 1.74 landlord repossession claims, 1.42 landlord repossession orders and 0.70 landlord repossession warrants within local authorities (per 10,000 rented dwellings). This corresponds to a 4–5 percent increase on pre-rollout rates. UC’s impact tended to increase the longer it had been rolled out. Where ‘Full Service’ had been rolled out for 12+ months, it led to an increase of 2.60 landlord repossession claims, 2.89 landlord repossession orders and 1.09 landlord repossession warrants (per 10,000 rented dwellings), corresponding to a 6–10 percent increase on pre-rollout rates.
CONSUMER BANKRUPTCY AND FINANCIAL HEALTH
This paper estimates the effect of Chapter 13 bankruptcy protection on financial health using a new data set linking bankruptcy filings to credit bureau records. Our empirical strategy uses the leniency of randomly assigned judges as an instrument for Chapter 13 protection. We find that Chapter 13 protection decreases an index measuring adverse financial events such as civil judgments and repossessions by 0.323 standard deviations and increases the probability of being a homeowner by 13.2 percentage points. Chapter 13 protection has little impact on open unsecured debt but decreases the amount of debt in collections by $1,333.
The Impact of Repossession Risk on Mortgage Default
I study the effect of removing repossession risk on a mortgagor's decision to default. Reducing default costs may result in strategic default, particularly during crises when homeowners can be substantially underwater. I analyze difference-in-differences variation in repossession risk generated by an unexpected legal ruling in Ireland that prohibited collateral enforcement on delinquent residential mortgages originated before a particular date. I estimate that borrowers defaulted by 0.3 percentage points more each quarter after the ruling, a relative increase of approximately one-half. High loan-to-value ratios and low liquidity are associated with a larger treatment effect, suggesting both equity and consumption-based motivations.
Hijacking Human Rights
Recent histories of human rights identify the 1970s as the \"breakthrough\" period when they gained traction globally. However, most of the new historiographers adopt a restricted Americo-Eurocentric perspective that disregards events and peoples in the rest of the world as makers of human rights history. For many in the Global South, the Western \"rediscovery\" of human rights in the 1970s looks more like retrenchment and repossession, part of a larger \"rollback\" of Third World agendas to decolonize and reshape the international order. This same period saw an increased use of airline hijackings as a tactic of national liberation movements, which helped to speed a reversal in the official discourse on \"terrorism.\" Together, these forces facilitated a neoliberal hijacking of human rights that delegitimized national self-determination, narrowed international concern to the plight of individual political prisoners, and realigned the moral economy of human rights.
Incorporating First Nations, Inuit and Métis Traditional Healing Spaces within a Hospital Context: A Place-Based Study of Three Unique Spaces within Canada’s Oldest and Largest Mental Health Hospital
Globally and historically, Indigenous healthcare is efficacious, being rooted in Traditional Healing (TH) practices derived from cosmology and place-based knowledge and practiced on the land. Across Turtle Island, processes of environmental dispossession and colonial oppression have replaced TH practices with a colonial, hospital-based system found to cause added harm to Indigenous Peoples. Growing Indigenous health inequities are compounded by a mental health crisis, which begs reform of healthcare institutions. The implementation of Indigenous knowledge systems in hospital environments has been validated as a critical source of healing for Indigenous patients and communities, prompting many hospitals in Canada to create Traditional Healing Spaces (THSs). After ten years, however, there has been no evaluation of the effectiveness of THSs in Canadian hospitals in supporting healing among Indigenous Peoples. In this paper, our team describes THSs within the Center for Addiction and Mental Health (CAMH), Canada’s oldest and largest mental health hospital. Analyses of 22 interviews with hospital staff and physicians describe CAMH’s THSs, including what they look like, how they are used, and by whom. The results emphasize the importance of designating spaces with and for Indigenous patients, and they highlight the wholistic benefits of land-based treatment for both clients and staff alike. Transforming hospital spaces by implementing and valuing Indigenous knowledge sparks curiosity, increases education, affirms the efficacy of traditional healing treatments as a standard of care, and enhances the capacity of leaders to support reconciliation efforts.
Reclaiming Land, Identity and Mental Wellness in Biigtigong Nishnaabeg Territory
Indigenous peoples globally are pursuing diverse strategies to foster mental, emotional, and spiritual wellness by reclaiming and restoring their relationships to land. For Anishinaabe communities, the land is the source of local knowledge systems that sustain identities and foster mino-bimaadiziwin, that is, living in a good and healthy way. In July 2019, the community of Biigtigong Nishnaabeg in Ontario, Canada hosted a week-long land camp to reclaim Mountain Lake and reconnect Elders, youth and band staff to the land, history, and relationships of this place. Framed theoretically by environmental repossession, we explore the perceptions of 15 participating community members and examine local and intergenerational meanings of the camp for mental wellness. The findings show that the Mountain Lake camp strengthened social relationships, supported the sharing and practice of Anishinaabe knowledge, and fostered community pride in ways that reinforced the community’s Anishinaabe identity. By exploring the links between land reclamation, identity, and community empowerment, we suggest environmental repossession as a useful concept for understanding how land reconnection and self-determination can support Indigenous mental wellness.