Foreclosure Counseling Outcome Study: Final Report Housing Counseling Outcome Evaluation

Jefferson, Anna

doi:10.2139/ssrn.2112264

Cited by 6 publications

(5 citation statements)

References 18 publications

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“…They vary from neighborhood community development corporations that provide a host of social services for local residents to large credit card counseling nonprofits that serve thousands of clients around the country through large telephone banks. Characteristics such as client focus, counselor skill set and experience, effectiveness of follow-up, and ease of referral to legal counsel or other required referral are important differences among providers (Collins & Schmeiser, 2012;Jefferson, Spade, Turnham, & Moulton, 2012;Lind, 2011;Mayer, Tation, Temkin, & Calhoun, 2012). Foreclosure counseling has similarities with and differences from traditional credit card counseling.…”

Section: Post-2007 Mortgage Default Counselingmentioning

confidence: 99%

The Financial Counseling Industry: Past, Present, and Policy Recommendations

Lander¹

2018

Journal of Financial Counseling and Planning

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Financial counseling plays an important role for low- and moderate-income Americans and deserves more attention from leaders in the field. As financial counseling has evolved, the providers have been challenged to find a model that is both borrower centered and sustainable. This article provides a diagnosis of the failures and challenges in the financial counseling field, as well as a discussion of steps through which the providers could optimally serve families in need. These steps include (a) enhanced funding of the industry as a result of a recognition by financial stakeholders that it would be beneficial for them if the counseling industry was markedly improved; (b) stronger training for counselors; (c) implementation of enhanced measurement tools so that both funders and consumer borrowers could choose their providers from an informed position; and (d) assertion of leadership by consumer advocates and the Consumer Financial Products Bureau in improving this industry.

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Section: Post-2007 Mortgage Default Counselingmentioning

confidence: 99%

The Financial Counseling Industry: Past, Present, and Policy Recommendations

Lander¹

2018

Journal of Financial Counseling and Planning

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“…Nationally, three‐quarters of homeowners who sought housing counseling had lost income (Jefferson et al. ). Considering Michigan's long recession and high unemployment, it seems plausible that unemployment or lost income were s as common triggers of mortgage delinquency as national economic crisis.…”

Section: The American Dream: Homeownership Promotion and Narratives Imentioning

confidence: 99%

“…Where I conducted most of my fieldwork, however, housing counselors and local officials cited that up to 90 percent of new delinquencies were due to unemployment or reduced income. Nationally, three-quarters of homeowners who sought housing counseling had lost income (Jefferson et al 2012). Considering Michigan's long recession and high unemployment, it seems plausible that unemployment or lost income were s as common triggers of mortgage delinquency as national economic crisis.…”

Section: Narratives Of Moral Order In Michigan's Foreclosure Crisismentioning

confidence: 99%

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Narratives of Moral Order in Michigan's Foreclosure Crisis

Jefferson

2013

City & Society

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In the United States foreclosure crisis since 2007, millions of homeowners have strived but failed to hold onto homeownership. This crisis threatens to unsettle the myth of the American dream and deep-seated cultural beliefs about the self as a moral, political, and financial subject. On the whole, mainstream narratives blame homeowners for their predicaments or at least hold them responsible for the consequences of the housing bust. This article examines how homeowners, housing professionals, and activists in Michigan confront narratives of blame and flawed foreclosure prevention programs. Michigan has been pivotal in the formation of beliefs about the American dream, evidenced in the blue-collar middle class, as well as being emblematic of deindustrialization and the foreclosure crisis. Confronting a multi-layered crisis, homeowners, housing professionals, and activists in Michigan produce narratives of suicide, walking away, or strategically defaulting on the mortgage. These narratives present moral critiques of lenders, enact and challenge tropes of blame, and imagine ways to recapture (albeit constrained) agency. [narrative, morality, foreclosure, American dream, Michigan] A long the main avenue in Michigan's capital, Lansing, a pale blue billboard hung over a sprawling, weedy lot where two auto plants were demolished in 2008. In simple block font it stated, "Foreclosure is hard on the whole family" and directed viewers to the federal government's foreclosure prevention website and hotline. Similar signs hung throughout the city at major intersections and encircled it along the interstate during my 12 months of fieldwork in 2009 and 2010, physically marking it as one of the areas hardest-hit by the national foreclosure crisis. Hanging over the ruins of two auto factories, the billboard also marked the stratigraphy of economic change in the community: the once-prosperous auto industry; deindustrialization starting in the 1970s and accelerating through the shutdown of Oldsmobile, headquartered in Lansing, in 2004; the decade-long recession; and then, one of the highest foreclosure rates in the nation. These processes have chipped away at the American dream, understood as financial stability and upward mobilitysymbolized by stable, decent work and homeownership. Whereas deindustrialization stripped away the possibility of a dignified work life as it was understood in the post-war period, foreclosure threatens the vision of decent family life symbolized by homeownership. Indeed, the foreclosure prevention campaign run through the Michigan State Housing Development Authority (MSHDA) was dubbed "Save the Dream." bs_bs_banner

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“…However, housing counseling is not universally available and can impose costs on lenders and borrowers (Collins & O'Rourke, , ). Questions about the effectiveness of housing counseling and education contributed to a moratorium on HUD counseling funding in Fiscal Year 2011 and have motivated a series of HUD‐sponsored studies (Herbert, Turnham, & Rodger, ; Jefferson et al., ). These interventions are designed primarily to guide prospective homebuyers through the loan application process or to intervene once payments are being missed.…”

Section: Introductionmentioning

confidence: 99%

Effects of Monitoring on Mortgage Delinquency: Evidence From a Randomized Field Study

Moulton¹,

Collins²,

Loibl³

et al. 2014

J. Pol. Anal. Manage.

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In the wake of the housing crisis in 2008, U.S. policymakers have developed a range of policy proposals to address the risk of mortgage borrowers going into payment default. Some of these proposed regulations would effectively eliminate certain loans with riskier borrower characteristics from the market. Such prescriptive approaches fail to recognize alternatives that permit riskier loans to be made, but require postorigination practices designed to offset elevated default risk by improving the capability of individual borrowers to make timely payments. This study provides evidence of one such approach. Through a randomized field experiment, we test the impact of goal setting and external monitoring on mortgage delinquency. First-time homebuyers who completed a financial planning module and received quarterly contact from a financial coach are less likely to become delinquent or default on their mortgages. These results suggest that relatively low cost procedures embedded into loan servicing may increase adherence to timely repayments, thereby reducing the probability of delinquency while still permitting riskier borrowers to participate in credit markets. C 2014 by the Association for Public Policy Analysis and Management.

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Foreclosure Counseling Outcome Study: Final Report Housing Counseling Outcome Evaluation

Cited by 6 publications

References 18 publications

The Financial Counseling Industry: Past, Present, and Policy Recommendations

The Financial Counseling Industry: Past, Present, and Policy Recommendations

Narratives of Moral Order in Michigan's Foreclosure Crisis

Effects of Monitoring on Mortgage Delinquency: Evidence From a Randomized Field Study

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