Subprime Cities: The Political Economy of Mortgage Markets

Subprime Cities: The Political Economy of Mortgage Markets

by Manuel B. Aalbers
     
 

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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

Overview

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.

Editorial Reviews

From the Publisher
"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)

Product Details

ISBN-13:
9781444337778
Publisher:
Wiley
Publication date:
04/17/2012
Series:
Studies in Urban and Social Change Series, #55
Pages:
360
Product dimensions:
6.00(w) x 8.90(h) x 0.70(d)

What People are saying about this

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

From the Publisher
"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

Meet 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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