Description
Book SynopsisSubprime 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
Trade 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)
Table of ContentsList 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
