Rhetorics of Risk in American Homeownership

University of Nevada, Reno Rhetorics of Risk in American Homeownership A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in English by Crystal Lynn Colombini Dr. Jane A. Detweiler / Dissertation Advisor May, 2012 Copyright by Crystal Lynn Colombini 2012 All Rights Reserved THE GRADUATE SCHOOL We recommend that the dissertation prepared under our supervision by CRYSTAL LYNN COLOMBINI entitled Rhetorics Of Risk In American Homeownership be accepted in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY Jane A. Detweiler, Ph.D., Advisor Catherine Chaput, Ph.D., Committee Member Donald E. Hardy, Ph.D., Committee Member Amy Pason, Ph.D., Committee Member Scott E. Casper, Ph.D., Graduate School Representative Marsha H. Read, Ph. D., Dean, Graduate School May, 2012 i ABSTRACT Rhetorics of Risk in American Homeownership, taking the post-2007 mortgage crisis and its problematic rhetorics of blame as a motivating exigence, investigates historical and contemporary economic discourses relevant to homeownership, with close attention to rhetorical constructions of risk. Building a theoretical lens that combines insights from rhetorical studies of risk, such as those undertaken by J. Blake Scott, with rhetorical critiques of political economy, such as that offered by James Arnt Aune, I illuminate risk logics as dynamic rhetorical resources that serve, in changing and adaptive ways, to shape notions of future certainty and uncertainty in accordance with the needs of a contemporary neoliberal political economy, where market mentalities infuse all aspects of social life. This lens, which draws on John Poulakos’ sophistic notion of to dynaton to locate the rhetorical force of risk in its ability to evoke and hierarchize multiple possible futures, aids me in discerning and critiquing risk logics at several sites: the long-standing tradition of American presidential homeownership promotion, where risk-based rhetorical strategies forge oppositional and dissociative relationships between risk, the economy, and homeownership; the rhetorical practices of the mortgage lending industry, where the language of risk evaluates, persuades, and shapes the identities of consumers; the contentious conversations among prominent economists in the years leading up to the crisis, where some analysts attempted to draw attention to incubating risk and others used a variety of risk-negating rhetorical appeals to insist that the market was safe and rational; and finally, the efforts on behalf of financial education so characteristic of post-crisis response, which have rhetorically magnified risks of illiteracy to authorize new initiatives in consumer education, without properly addressing failures of regulation. Throughout, I argue that risk discourses prompt consumption, authorize deregulation, create paradigms of affordability, and castigate consumers who fail to uphold neoliberalism’s expectations of self-governance. By situating Rhetorics of Risk in American Homeownership at the intersection of rhetorical risk studies and the rhetorical critique of political economy, I bring together two theoretical traditions that have heretofore worked independently and thus been bereft of the mutually beneficial insights that juxtaposition can present. Just as it extends rhetoric of risk scholarship by investigating the under-explored terrain of risk logics in economics, it extends the rhetorical critique of political economy by drawing attention to risk logics not only as surface features of conversation, but as meaningful in sustaining participation in economic institutions and encouraging the adoption of neoliberal economic worldviews. This study contributes to broader academic conversations on risk by drawing attention to the rhetorical ways that risk logics are produced and maintained: finally, it has pragmatic implications where it presents decision makers with a more fully developed understanding of the persuasive trajectories that inform and influence economic risk decisions in a context like homeownership. ii ACKNOWLEDGMENTS While this project bears only my name, it could not have come to be without the support of many wise advisors, encouraging friends, and loving family members. I first and foremost thank my committee members, all of whom I feel fortunate to have worked with: Dr. Jane Detweiler, Dr. Cathy Chaput, Dr. Don Hardy, Dr. Scott Casper, and Dr. Amy Pason. Graduate school would have been far less rich and rewarding without Jane, my chair: I grew immeasurably as a teacher, an administrator, a dissertation-writer, a job- seeker, and a future scholar through years of her steadfast friendship and thoughtful counsel. I have come to Jane with many a dilemma, and I have never left her presence without new ways to think through the problem, as well as new insights on the broader processes of researching, writing, and learning. I will always strive to carry what Jane has taught me about mentorship to the students of my future. Cathy was equally important in shaping this project, reading every draft and lending her brilliant mind to feedback that helped me solve problems I saw and see ones that I hadn’t. Through many conversations—in her office, at coffee, and at her house with her adorable, zen daughter Maddie to provide the occasional welcome distraction—Cathy has consistently challenged me to push myself as a writer and a thinker. To her, I owe whatever is smart in the economic aspects of this project’s critique, although of course its weaknesses are wholly my own. Through several seminars, Don introduced me to the linguistic theories and methods that have broadened my ways of thinking about risk; through a challenging but ultimately successful research project, he introduced me to the rewards of writing with a mentor. I also want to express a profound debt of gratitude to the UNR English Department and the university more broadly. When in 1997 I graduated from a Reno-area high school and departed for college at the University of Oregon, I never expected that eight years later I would return to pursue one advanced degree then stay on for another. Multiple faculty members, some still at Reno and some who have moved on, have cheered and encouraged me, shared knowledge and resources, provided me with opportunities, and expanded my thinking on what it means to be a professional in this field. I will always be proud to be a graduate of the UNR English Department. During the academic year 2011-2012, I wrote the bulk of this dissertation and completed a successful academic job market search, and it was without a doubt one of the most challenging years of my life. What bore me up through months of seemingly endless stress was hardly my own determination, which often flagged: instead, it was the enduring support of many friends, at least a few of whom I must mention by name. I am indebted to my friends who “Ph.D’d” before me: Dr. David Marquard, Dr. Maureen McBride, Dr. Maura Grady, Dr. Tiffany Threatt Bourelle, and Dr. Sarah Perrault are inspiring professionals and valued mentor-friends whose generosity with insights, advice, and resources I have deeply appreciated. I am grateful to my friend and copy-editor extraordinaire Alissa Surges, whose willingness to proofread for barter improved my chances on the job market as well as my skills at sewing Halloween costumes for dogs. iii Finally, I cannot fail to mention my brilliant, encouraging, and witty colleagues in the Ph.D. at UNR: Cassie Hemstrom, Eric Stottlemyer, Zachary Bankston, Jason Ludden, Katie Miller, and especially Meghan Sweeney, my steadfast writing partner who with chitchat, coffee breaks, and bouts of silent typing sustained me through many long days of writing. This crew sympathized, teased, and cheered me on through the intense highs and lows of my dissertation year, and the only thing that lessens my sadness at leaving them is the knowledge that we will always be friends and colleagues in the academic community that we have together worked hard to join. I am also thankful for the constant support of my family. My grandparents, Leo Hoefer and Eleanor Werner, have been benefactors not only of wise counsel but financial help: I owe much to their generosity, as do the countless others who have benefited from their great support of higher education. I am grateful, too, to my many other family members who are loving mainstays, among them my kind and generous mother-in-law and father- in-law, Christine and Robert Louis Colombini; my sister Amber Broch, her partner Scott Leland, and my beautiful niece Quincy Clementine; my charismatic cousin Christianna Beebout, who lived with me in the early stages of this project, nannied my kids, and kept me laughing with her frequent exhortations to “kick some Ph.D. behind;” my father Michael Broch, who inspires and awes me with his brilliant mind; and most particularly my mother, Debra Broch, who has always been my best friend and greatest supporter. Through this project, she put her extensive knowledge of the mortgage lending industry at my disposal; further, it is largely due to her unselfish help that I have been able to have two children and complete a Ph.D. within the same five years. There is not a day that I do not count myself fortunate to have her as my mother. Finally, and to end with what is closest to my heart, I thank my husband Mario Colombini and my daughters Scarlett Celeste and Eden Danielle for their support and for the love and joy that they bring to my life. Mario has been my rock throughout this long process, gracefully and without complaint picking up the many responsibilities I let slide as I researched, wrote, and struggled: I am truly fortunate to have such a constant, loving, and generous partner. Scarlett and Eden, my funny, wild, and beautiful girls, were both born during my doctoral studies, and it is to them that I owe the intensity of my drive to accomplish what I set out to, regardless of the challenges.

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