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Subprime Cities

The Political Economy of Mortgage Markets
IJURR Studies in Urban and Social Change Book Series, Band 72 1. Aufl.

from: Manuel B. Aalbers
20,99 €
Publisher:	Wiley-Blackwell
Format	EPUB
Published:	19.01.2012
ISBN/EAN:	9781444347432
Language:	englisch
Number of pages:	368

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Subprime Cities: The Political Economy of Mortgage Markets presents a collection of works from social scientists that offer insights into mortgage markets and the causes, effects, and aftermath of the recent 'subprime' mortgage crisis. <ul> <li>Provides an even-handed and detailed analysis of mortgage markets and the recent housing crisis</li> <li>Features contributions from various social scientists with expertise in critical social theories who have assembled and analyzed detailed empirical information</li> <li>Offers a unique and powerful rebuttal to many of the misleading popular explanations of the crisis and its aftermath</li> <li>Reveals how racial minorities and the neighbourhoods inhabited by them are more likely to be targeted by subprime and predatory lenders</li> </ul>

List of Figures vii List of Tables viii Notes on Contributors ix Foreword: The Urban Roots of the Financial Crisis xiii David Harvey Series Editors’ Preface xx Acknowledgments xxi Part I Introduction 1 Subprime Cities and the Twin Crises 3 Manuel B. Aalbers Part II The Political Economy of the Mortgage Market 23 1 Creating Liquidity Out of Spatial Fixity: The Secondary Circuit of Capital and the Restructuring of the US Housing Finance System 25 Kevin Fox Gotham 2 Finance and the State in the Housing Bubble 53 Herman Schwartz 3 Expanding the Terrain for Global Capital: When Local Housing Becomes an Electronic Instrument 74 Saskia Sassen 4 Building New Markets: Transferring Securitization, Bond-Rating, and a Crisis from the US to the UK 97 Thomas Wainwright 5 European Mortgage Markets Before and After the Financial Crisis 120 Manuel B. Aalbers 6 The Reinvention of Banking and the Subprime Crisis: On the Origins of Subprime Loans, and How Economists Missed the Crisis 151 Gary A. Dymski Part III Cities, Race, and the Subprime Crisis 185 7 Redlining Revisited: Mortgage Lending Patterns in Sacramento 1930–2004 187 Jesus Hernandez 8 The New Economy and the City: Foreclosures in Essex County New Jersey 219 Kathe Newman 9 Race, Class, and Rent in America’s Subprime Cities 242 Elvin Wyly, Markus Moos, and Daniel J. Hammel Part IV Conclusion 291 10 Subprime Crisis and Urban Problematic 293 Gary A. Dymski Glossary 315 Index 324

Review

"Aalbers has edited a commendable volume that makes a strong case for the centrality of urban processes in crisis formation. It has implications for a number of subfields in political science—including urban politics, economic and housing policy processes, race and ethnicity, politics and history, and federalism and intergovernmental relations—and should be read by scholars seeking to pinpoint the urban origins of the global financial crisis, as well as by those with an interest in learning more about the unavoidable and deepening connection between the fate of cities and the fate of nations." (Perspectives on Politics, 1 September 2013) “So its reading will benefit not only economic geographers, but also sociologists, political scientists and, dare we say, economists.” (Political Studies Review, 8 January 2014) "Aalbers has edited a commendable volume that makes a strong case for the centrality of urban processes in crisis formation. It has implications for a number of subfields in political science—including urban politics, economic and housing policy processes, race and ethnicity, politics and history, and federalism and intergovernmental relations—and should be read by scholars seeking to pinpoint the urban origins of the global financial crisis, as well as by those with an interest in learning more about the unavoidable and deepening connection between the fate of cities and the fate of nations."(Perspectives on Politics, September 2013) “The book will be extremely useful for advanced courses in economic geography, housing policy and related topics. It should be widely cited in the ongoing debates over the subprime crisis as well as in discussions of mortgage and housing markets more generally.” (International Journal of Housing Policy, 20 June 2013) “Overall, the book is a must-have for not only those interested in the economics, geography, and politics of the subprime crisis or mortgage markets, but also those more broadly interested in economic geography more broadly, especially as it concerns finance. The book will be extremely useful for advanced courses in economic geography, housing policy, and related topics. It should be widely cited in the ongoing debate over the subprime crisis as well as in discussions of mortgage and housing markets more generally.” (International Journal of Housing Policy, 2012)

Authorportrait

Manuel B. Aalbers is Associate Professor in the Department of Geography at the University of Leuven, Belgium. He is the author of Place, Exclusion and Mortgage Markets (2011) and associate editor of the Encyclopedia of Urban Studies (2010).

Back cover copy

The study of mortgage markets has traditionally been the domain of economists. During historic times of turmoil and change, however, social scientists of various stripes are often called upon to shape our understanding of ways mortgage markets function. We are presently experiencing an episode of severe turmoil and change. How did we get here? Subprime Cities: The Political Economy of Mortgage Markets presents a collection of works from social scientists that offer important insights into what is happening in today's mortgage market including the causes, effects, and aftermath of the "subprime" mortgage crisis. In addition to shedding light on how the current housing crisis has spread to other sectors of the economy, readings address the mortgage market itself and how problems have spread throughout mortgage and housing markets. Various chapters address changes that have resulted in the subprime mortgage crisis; others focus on the structural changes in the mortgage market, rather than on the crisis itself. Documentation of the geographical, social, and institutional inequalities associated with the crisis reveals how the recent mortgage boom created “subprime cities,” and how the victims of the crisis are the product of deep structural inequalities. This book is a provocative wake-up call for us to reconsider the structures of housing finance and housing policy if we are to avoid another crisis.

Unpublished endorsement

"There has, prior to the publication of this book on Subprime Cities, been very little concern for examining and interpreting this sequence of events and explaining the role of urbanization and financialization (along with rent-seeking) in this whole dynamic. What this book does is to begin upon the complex task of exploring and explaining the urban roots of crisis formation in general and of the dynamics of the most recent crisis in particular. We have here an astonishing and revelatory understanding of the urban roots of the fiscal crisis." —From the foreword by David Harvey, Graduate Center, City University New York “Subprime Cities reveals how the fate of metropolitan areas has long been and continues to be intricately intertwined with the opaque dealings of financial institutions. More importantly, this book exposes deep, fundamental structural barriers that persist and must be challenged before we can bring some rationality to financial service industries in a manner that will lead to more balanced and equitable development of those communities.” —Gregory D. Squires, George Washington University