Subprime Cities (eBook, PDF)

The Political Economy of Mortgage Markets
Redaktion: Aalbers, Manuel B.

• Format: PDF

Produktbeschreibung

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

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 280
• Erscheinungstermin: 17. Januar 2012
• Englisch
• ISBN-13: 9781444347425
• Artikelnr.: 38306324

Autorenporträt

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).

Inhaltsangabe

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

Rezensionen

"Aalbers has edited a commendable volume that makes a strongcase for the centrality of urban processes in crisis formation. Ithas implications for a number of subfields in politicalscience--including urban politics, economic and housing policyprocesses, race and ethnicity, politics and history, and federalismand intergovernmental relations--and should be read byscholars seeking to pinpoint the urban origins of the globalfinancial crisis, as well as by those with an interest in learningmore about the unavoidable and deepening connection between thefate of cities and the fate of nations." (Perspectives onPolitics, 1 September 2013)

"So its reading will benefit not only economicgeographers, but also sociologists, political scientists and, darewe say, economists." (Political Studies Review,8 January 2014)

"Aalbers has edited a commendable volume that makes a strong casefor the centrality of urban processes in crisis formation. It hasimplications for a number of subfields in politicalscience--including urban politics, economic and housing policyprocesses, race and ethnicity, politics and history, and federalismand intergovernmental relations--and should be read byscholars seeking to pinpoint the urban origins of the globalfinancial crisis, as well as by those with an interest in learningmore about the unavoidable and deepening connection between thefate of cities and the fate of nations." (Perspectives onPolitics, September 2013)

"The book will be extremely useful for advanced courses ineconomic geography, housing policy and related topics. It should bewidely cited in the ongoing debates over the subprime crisis aswell as in discussions of mortgage and housing markets moregenerally." (International Journal of HousingPolicy, 20 June 2013)

"Overall, the book is a must-have for not only thoseinterested in the economics, geography, and politics of thesubprime crisis or mortgage markets, but also those more broadlyinterested in economic geography more broadly, especially as itconcerns finance. The book will be extremely useful for advancedcourses in economic geography, housing policy, and related topics.It should be widely cited in the ongoing debate over the subprimecrisis as well as in discussions of mortgage and housing marketsmore generally." (International Journal of HousingPolicy, 2012)

There has, prior to the publication of this book on SubprimeCities, been very little concern for examining and interpretingthis sequence of events and explaining the role of urbanization andfinancialization (along with rent-seeking) in this whole dynamic.What this book does is to begin upon the complex task of exploringand explaining the urban roots of crisis formation in general andof the dynamics of the most recent crisis in particular. We havehere an astonishing and revelatory understanding of the urban rootsof the fiscal crisis.
--David Harvey, Graduate Center, City University NewYork

Subprime Cities reveals how the fate of metropolitanareas has long been and continues to be intricately intertwinedwith the opaque dealings of financial institutions. Moreimportantly, this book exposes deep, fundamental structuralbarriers that persist and must be challenged before we can bringsome rationality to financial service industries in a manner thatwill lead to more balanced and equitable development of thosecommunities.
-- Gregory D. Squires, George Washington University