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The Financialization of Home and the Mortgage Market Crisis
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TLDR
In this article, the authors characterize capital switching from the primary, secondary or tertiary circuit to the quaternary circuit of capital as a transition from a "facilitating market" for homeowners in need of credit to one increasingly facilitating global investment.Abstract:
Financialization can be characterized as capital switching from the primary, secondary or tertiary circuit to the quaternary circuit of capital. Housing is a central aspect of financialization. The financialization of mortgage markets demands that not just homes but also homeowners become viewed as financially exploitable. It is exemplified by the securitization of mortgage loans, but also by the use of credit scoring and risk-based pricing. In the past century, mortgage markets were transformed from being a ‘facilitating market’ for homeowners in need of credit to one increasingly facilitating global investment. Since mortgage markets are both local consumer markets and global investment markets, the dynamics of financialization and globalization directly relate homeowners to global investors thereby increasing the volatility in mortgage markets, as the current crisis shows all too well.read more
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Seeing Like a State: How Certain Schemes to Improve the Human Condition Have Failed
TL;DR: Taylor and Francis shall not be liable for any losses, actions, claims, proceedings, demands, costs, expenses, damages, and other liabilities whatsoever or howsoever caused arising directly or indirectly in connection with, in relation to or arising out of the use of the Content.
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Making sense of financialization
TL;DR: In this paper, the authors evaluate the insights of more than a decade of scholarship on financialization and argue that a deeper understanding of financialization will lead to a better understanding of organized interests, the politics of the welfare state, and processes of institutional change.
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Late Neoliberalism: The Financialization of Homeownership and Housing Rights
TL;DR: In this article, the authors trace some key elements of the neoliberal approach to housing and its impact on the enjoyment of the right to housing in different contexts and times, taking the World Bank's 1993 manifesto as a starting point and the subprime crisis as its first great international flashpoint.
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The limits to financialization
TL;DR: In this article, the authors identify and fleshes out five key sets of limits and the connections between them: analytic, theoretic, strategic, optic, and empiric limits.
References
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Book
The consequences of modernity
TL;DR: In this paper, the authors present a Phenomonology of modernity and post-modernity in the context of trust in abstract systems and the transformation of intimacy in the modern world.
Journal ArticleDOI
Seeing like a State: How Certain Schemes to Improve the Human Condition Have Failed
Francis Fukuyama,James C. Scott +1 more
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Seeing like a State: How Certain Schemes to Improve the Human Condition Have Failed
James C. McCann,James C. Scott +1 more
Journal ArticleDOI
Seeing Like a State: How Certain Schemes to Improve the Human Condition Have Failed
TL;DR: Scott as discussed by the authors describes how certain schemes to improve the human condition have failed and why these schemes have failed, including the one described in this paper, See Like a State: How Certain Schemes to Improve the Human Condition Have Failed. New Haven: Yale University Press, 1998.