New America: Foreclosure Fraud in the Wake of the Great Recession
What happened and can it happen again?
Among the painful legacies of The Great Recession is the extent to which it wreaked havoc on the family balance sheet. As the housing bubble burst and prices declined, home equity disappeared and millions of American families experienced a precipitous decline in their assets and net worth. But those that were able to stay in their homes were able to weather the storm. Others couldn’t. Tragically, something more nefarious and preventable was also in play—foreclosure fraud. Scores of families were evicted from their homes based on false evidence by mortgage companies that had no legal right to foreclose.
In his new book, Chain of Title, David Dayen chronicles how a small group of people uncovered large-scale corporate malfeasance that undermined that financial security of families across the country when they were most economically vulnerable. It is a cautionary tale of how firms operating in the financial services marketplace can behave badly and an inspiring story of citizens fighting back.
Join us for a discussion of foreclosure fraud in the wake of the Great Recession and how it led to new policy tools through the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Author, Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud
Executive Vice President, National Community Stabilization Trust
Former Member of the House of Representative (D-NC) and Member of the House Financial Services Committee
Director, Asset Building Program, New America