Foreclosed Mortgage Servicing and the Hidden Architecture of Homeownership in America

In Foreclosed, Christopher K. Odinet gives voice to the stories of homeowners that have been neglected, particularly those facing foreclosure and deep financial distress. The book reveals the powerful and often invisible mortgage servicing industry, the tremendous discretionary power it wields over the housing lives of most Americans, and the servicing problems that still persist today. In doing so, it unveils a quiet and dangerous market shift in mortgage servicing - namely, an ongoing move toward a shadow banking sector where regulation is weak - that threatens the stability of our housing finance system. Ultimately, the book demonstrates how the law does not afford homeowners the protection most think and how regulation of these mortgage middlemen remains weak. Foreclosed should be read by anyone concerned with the state of housing and home ownership in the United States.

Introduction; Part I. The Housing Crisis, its Architects, and its Victims: 1. The lead-up to the crisis; 2. The crisis hits; 3. At your (mortgage) service; Part II. Foreclosures, Middlemen, and Homeowners in Crisis: 4. The most important document you've never read; 5. Lost and sign on the dotted line; 6. Break-In foreclosures; Part III. Solutions and Moving Forward: 7. Regulating mortgage servicing; 8. Reforming mortgage law and practice; Conclusion.

Foreclosed sheds light on stories of homeowners that have been neglected, particularly those facing foreclosure and deep financial distress. This book reveals the powerful and often invisible mortgage servicing industry, the tremendous discretionary power it wields over the housing of most Americans, and the servicing problems that persist today.

Christopher K. Odinet is an associate professor of law and an affiliate associate professor in entrepreneurship at the University of Oklahoma. Professor Odinet is a national expert on real estate law, mortgage finance, and consumer protection.