Subprime Cities: The Political Economy of Mortgage Markets / Edition 1

Subprime Cities: The Political Economy of Mortgage Markets / Edition 1

by Manuel B. Aalbers
ISBN-10:
1444337777
ISBN-13:
9781444337778
Pub. Date:
04/16/2012
Publisher:
Wiley
ISBN-10:
1444337777
ISBN-13:
9781444337778
Pub. Date:
04/16/2012
Publisher:
Wiley
Subprime Cities: The Political Economy of Mortgage Markets / Edition 1

Subprime Cities: The Political Economy of Mortgage Markets / Edition 1

by Manuel B. Aalbers
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Overview

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.

  • Provides an even-handed and detailed analysis of mortgage markets and the recent housing crisis
  • Features contributions from various social scientists with expertise in critical social theories who have assembled and analyzed detailed empirical information
  • Offers a unique and powerful rebuttal to many of the misleading popular explanations of the crisis and its aftermath
  • Reveals how racial minorities and the neighbourhoods inhabited by them are more likely to be targeted by subprime and predatory lenders

Product Details

ISBN-13: 9781444337778
Publisher: Wiley
Publication date: 04/16/2012
Series: IJURR Studies in Urban and Social Change Book Series , #55
Pages: 368
Product dimensions: 6.00(w) x 8.90(h) x 0.70(d)

About the Author

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).

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Table of Contents

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

What People are Saying About This

Crispin N'Landa

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.
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

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