This week we have attempted to focus on a very specific topic, foreclosures and Kalamazoo. We have also just finished reading the book Foreclosure Nation. We haven't had much of an opportunity to discuss the book in class so I want to post this question.
What is your response to the book?
Overall I thought the book was an interesting read. I found the chapters full of definitions helpful and enlightening but I am afraid I will not remember much of them after a week (at least now I know where to look if I ever hear an unfamiliar term). The author brings up a lot of thought provoking questions in the final chapter, which I enjoyed the most.
I did not think I would like the book much but it actually proved to be an enjoyable read for me. I was intimidated by the topic because I really did not know much about the housing crisis but the book was easy to follow and understand. I learned a lot; the definitions were very helpful, but I agree there were so many and I may not remember many in a week. I really liked the appendixes in the back of the book too.
ReplyDeleteI like the book because it was an easy read, and also, I can relate to the what she is saying in the book. I think this book is more of a way to refresh our memory about foreclosure and also teach us things that we have not learned before.
ReplyDeleteFor the most part, I enjoyed the book. It was an easy read, but I didn't particularly like some of her analysis. I definitely appreciated the definitions though.
ReplyDeleteI appreciated the definitions and feel like my overall technical knowledge about foreclosures and investing in real estate has improved, even if I will not be able to remember all the term. When I first started reading I though the book was going to be biased and very opinionative, which I was not excited for. Though the author did show the shameful side of the real estate industry, she did shed light on the profession reminding in the industry and how they deserving of their place. I noticed though that she never really talked about the greed of people wanting houses they couldn’t afford, which is something we have discussed in class. Also, the examples were always a nice break from the explanations of terms and concepts.
ReplyDeleteOverall, I found the book very informative. I can't say I particularly enjoyed the entire book (going through all the definitions was a bit tiresome after a while), but I did learn about mortgages and foreclosures, which I wouldn't have learned otherwise. I think the author did a good job showing how each part of the mortgage process was flawed and how fraud played a part. I agree with Bianca that she didn't really talk about "the greed of people wanting houses they couldn't afford." I think she painted most borrowers as victims of lenders. She did make a comment about our society changing so that people today want more than we can afford, but even then I felt like she was blaming society and not the individual people.
ReplyDeleteWhen I first got this book, I read the title, "Foreclosure Nation", and my immediate reaction was, this is going to be soooo boring, but I read the first chapter anyway, and was pleasantly surprised. Olefson's words are really powerful and kind of a smack in the face to wake up and smell the coffee. I really enjoyed this book and I am definitely keeping it as a reference for anyone, myself included, to use when considering buying a house.
ReplyDeleteI think the book does an excellent job. It has good definitions that are easy for people who have little to no background in foreclosures. I like that it paired definitions, technical knowledge, examples, and facts/data all together in a way that you did not feel overwhelmed.
ReplyDeleteWhat’s nice is this is a book you can go back to reference if needed when reading other related material.
"Unfortunately, in many cases where a modification or foreclosure payment plan or some other foreclosure alternative is reached there soon comes a point (especially if the borrower’s life situation doesn’t change) at which even these lower payments can’t be met." (Olefson p. 209)
ReplyDeleteThis seems to be the most crushing reality of foreclosure presented in this reading. Even though systems are in place that are supposed to help borrowers forego foreclosure, like loss mitigation and refinancing, they are often often time-consuming and confusing. It seems like people will inevitably lose their homes if they do not earn a higher net income, which is hard to do when you’re paying large amounts of legal fees and having valuable time consumed by frustrating legal processes.