Browsing by Subject "Great Recession"

Now showing 1 - 3 of 3
  • Thumbnail Image
    Item
    From Homeownership to Foreclosure: Exploring the Meanings Homeowners Associate with the Lived Experience of Foreclosure
    (2014-10) Murphy-Nugen, Amy; Adamek, Margaret E.; Byers, Katharine; Luca Sugawara, Carmen; McGuire, Lisa; Suess Kennedy, Sheila
    This study is an interpretative phenomenological analysis that explored the meanings homeowners associated with their lived experience of foreclosure. In the wake of the 2006 housing crash and 2008 Great Recession, questions have been posed about the continued efficacy of homeownership as an asset-based strategy. In addition, the conversation has been dominated by traditional economic and business interests. Discussions about housing policy and foreclosure response have marginalized the voice of vulnerable populations. The literature on housing policy reflects a positivist perspective that privileges analysis of unit production, economic costs and benefits. Secondary attention is given to exploring housing and foreclosure from a critical and constructivist standpoint. Consequently, this study intentionally engaged people who have experienced foreclosure. Depth and meaning were uncovered through interpretative phenomenological analysis. A purposive sample of five homeowners who experienced foreclosure was identified. The five homeowners participated in semi-structured interview. Transcribed interviews were analyzed using the six-step process articulated for interpretive phenomenological analysis (IPA). IPA combines three philosophical foundations—phenomenology, hermeneutics, and idiography—to approach qualitative and experiential research. The findings of this study discovered that foreclosure represents disconnection for the participants. Specifically, due to experiencing foreclosure, participants felt separated from their self-identity, from housing finance literacy, from their relationship with their mortgage lender and servicers, from the benefits of homeownership and from self-sufficiency due to their social service-based, helping-based, and/or low-wage employment. Study findings both affirm and challenge relevant theoretical frameworks. In addition, this research underscores the need for social work education to address financial literacy. Further, social work practitioners should be prepared to either provide or refer consumers to home-buyer education and training. Social workers should also challenge exploitative consumer practices and offer empowering alternatives in their place. Lastly, this research offers strategies and practices to strengthen housing policy and foreclosure response for the benefit of consumers.
  • Thumbnail Image
    Item
    Heterogeneity and Giving: Evidence From U.S. Households Before and After the Great Recession of 2008
    (Sage, 2019-12) Osili, Una O.; Clark, Chelsea Jacqueline; Han, Xiao; Lilly Family School of Philanthropy
    Before the Great Recession of 2008, a stable two-thirds of the U.S. population donated to charitable causes in any given year. However, the fraction of American donors has declined by 11% since the Great Recession. In this article, we investigate pre- and postrecession charitable giving between 2000 to 2014. By examining household dynamics including race and ethnicity, age, gender, and educational attainment, this article uncovers changes in giving behaviors and provides new insights into how the Great Recession of 2008 affected both giving rates and amounts. It also discusses the implications for civil society and the need to build resilience for responding to future economic shocks.
  • Thumbnail Image
    Item
    Revisiting the Causes of the Financial Crisis
    (2014) Page, Antony; Robert H. McKinney School of Law
    Much has been written on the legal causes of the financial crisis and its aftermath, often referred to as the Great Recession. Presumably the debate will continue for many years to come, much as scholars continue to debate the causes of the Great Depression. Lost, however, in the descriptions of arcane laws and complex derivative financial products, is a relatively brief and straightforward account of the crisis and its most likely causes for interested lawyers, law students, or graduate students who are not specialists and do not want to become specialists. This Essay, based on a presentation at the Indiana Law Review’s 2013 Symposium, Law and the Financial Crisis, aims to provide such an overview.