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Governing Uncertainty: Foreclosure, Finance, and the American Dream in Michigan

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Governing Uncertainty: Foreclosure, Finance, and the American Dream in Michigan GOVERNING UNCERTAINTY: FORECLOSURE, FINANCE, AND THE AMERICAN DREAM IN MICHIGAN By Anna Virginia Jefferson A DISSERTATION Submitted to MicHigan State University in partial fulfillment of tHe requirements for the degree of AntHropology - Doctor of Philosophy 2013 ABSTRACT GOVERNING UNCERTAINTY: FORECLOSURE, FINANCE, AND THE AMERICAN DREAM IN MICHIGAN By Anna Virginia Jefferson Michigan alone has accounted for more than one of every eight foreclosures nationwide since the housing crisis began in 2006. This dissertation, researched at the height of new foreclosure activity (August 2009—October 2010) in mid- and eastern Michigan, argues that widespread foreclosure undermines American cultural citizenship. Data for the dissertation include fourteen months of participant observation at housing counseling agencies, industry trainings, outreach events, and political rallies; interviews with distressed homeowners (n=29) and housing professionals and activists (n=34); and secondary materials including legislation, government analyses, popular media, and industry training materials. My key claims are (1) that threatened foreclosure upends claims to upward mobility, the American dream, and national greatness premised on a broad middle class. (2) The foreclosure crisis accelerated the reconfiguration of state power such that finance is more integral to the state and everyday life. Simultaneously, citizens’ access to the state is mediated both through banks and non-profits that try to help homeowners avoid foreclosure. Together, personal experiences facing foreclosure and their governance in everyday life change the substantive rights of American citizenship, namely homeownership, state legitimacy, and belief in the consonance of business and public interests. As the birthplace of the American auto industry and strongest labor union, Michigan’s history validated beliefs in upward mobility, the blue-collar middle class, and economic and social inclusion for African Americans—all told, the prototype of the good life. These were instrumental to the postwar vision of shared affluence, the most visible sign of which was owning a home. From the perspective of distressed homeowners and housing professionals, Michigan’s post-industrial struggles, including foreclosures and the state’s infamously “shrinking cities,” continued to rupture the social compact and, similar to deindustrialization, privilege finance over community wellbeing. The signature, albeit flawed, policy response to the foreclosure crisis is the federal Home Affordable Modification Program (HAMP) administered through mortgage servicers and sometimes with housing counseling agencies, such as those where I conducted fieldwork. Michigan implemented an additional protection in 2009 so that distressed homeowners, with the help of a housing counselor, could negotiate alternatives to foreclosure. Financial institutions failed to implement HAMP and other programs effectively, confounding both homeowners’ and the state’s efforts to safeguard citizens’ welfare. Counseling agencies that offered frontline assistance simultaneously distanced their clients from the state and taught them to lower their expectations for modifications. Homeowners’ experiences strained their loyalty to financial institutions they believed served their interests and, as they negotiated under the auspices of state or federal programs, their trust in public institutions. In conclusion, I argue that these mediations refigure the locations and practices of governance and citizenship. Copyright by ANNA VIRGINIA JEFFERSON 2013 DEDICATION This work is dedicated to Randy, who makes so much possible. I also dedicate this dissertation to the Michigan homeowners and advocates who generously shared their time and experiences with me. v ACKNOWLEDGMENTS I am tremendously grateful to my committee members Elizabeth Drexler, Laurie Medina, Brandt Peterson, and Lisa Fine. Their interest, commitment, and willingness to ask me questions have been unwavering over the years. My advisor, Elizabeth Drexler has, above all else, resolutely trusted me while holding me to the highest standards of truth telling. I am also indebted to Anne Ferguson of the department of anthropology and Center for Gender in Global Context for the joy of editing the Gendered Perspectives on International Development working paper series for four years. This work would not have been possible without the encouragement of Jodi Mercer, Mary Townley, Sharon Evans, and Sean Chapman in the homeownership division of the Michigan State Housing Development Authority (MSHDA), Franklin Street Community Housing Corporation, Capital Area Community Services, and many housing counselors and consumer advocates: especially Tami Farnum, Verna Smith, Bill Acheson, Juanita Grissom, and Bette Brown, and Ingham County Treasurer Eric Schertzing. Thank you for your curiosity about this project and willingness to share your time, knowledge, and resources. I’m deeply grateful to all the homeowners facing foreclosure who were willing to share their stories with me. Many of them said it was important to share their stories in order to reduce foreclosure’s shaming power and help others in the future. I have tried to be a good steward of your stories and trust. The MSU Graduate School provided me with generous financial support through a University Enrichment Fellowship (2005—2010) and a Dissertation Completion Fellowship (2013). The anthropology department, in conjunction with the Writing Center, began offering facilitated peer writing groups in 2011, which were key to my writing vi process. To my writing buddies and dear friends, thank you for the moral and intellectual support: Deon Claiborne, Adrianne Daggett, Rowenn Kalman, Tazin Karim, Christine Labond, Rebecca Meuninck, and Heather Yocum. Additional friends in Michigan without whom this project could not have succeeded include Cristina and Bryan Benton, Tyson and Beth Cowles, David and Cris Käppynen, Andrew Ratkiewicz, and Sara and Josh Vredevoogd. Deepest namaste to my yoga teachers, especially Hilaire Lockwood O’Day of Hilltop Yoga, who taught me mana eva manushyanam karanam bandha mokshayoho…and so much more. I could not ask for better colleagues than I’ve found at Abt Associates. Their intellectual and material support and, above all, friendship have been invaluable. I particularly thank Sandra Nolden and Mary Joel Holin, who encouraged me to take time off to write. Kimberly, Meg, Katie, Judy, Kristina, Jennifer L., Jennifer T., Shawn, Morgan, Melissa, and Melanie—thank you for the cheerleading, cups of tea, walks around the pond, and more. Jean and David Layzer, thank you for an idyllic space to write at a key time in the dissertation process. My parents—Marcia Walker, Michael Cox, Jon Jefferson, Jane McPherson, and Coral and Ray Juras—are incredible friends, teachers, and role models. This dissertation and much more would not be possible without the moral support, intellectual challenge, and safe haven provided by my husband, Randall Juras. The depth of your confidence in and generosity to me is marvelous and humbling. vii TABLE OF CONTENTS LIST OF TABLES.........................................................................................................................................................x LIST OF FIGURES..................................................................................................................................................... xi Chapter 1 Introduction .............................................................................................................................................1 Distress .................................................................................................................................................................... 1 On Crisis, Finance, and Citizenship ............................................................................................................. 7 State Power Beyond the State.................................................................................................................11 Anthropology of Finance...........................................................................................................................17 Consumption as Citizenship ....................................................................................................................20 Consumption and the American Dream of Citizenship.....................................................................27 The Promotion of Homeownership......................................................................................................31 Situating Michigan in the Foreclosure Crisis.........................................................................................37 “The Cities that Built America”...............................................................................................................37 The Context of Local Foreclosures........................................................................................................41 Research Methods, Participants, and Data.............................................................................................46 Chapter 2 At Home in a Crisis.................................................................................................................................................59 Buying In...............................................................................................................................................................59 Busted,
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