Social Polarization and the Politics of Low Income Mortgage Lending in the United States

ABSTRACT The structured inequalities of capital investment and disinvestment are prominent themes in critical urban and regional research, but many accounts portray ‘capital’ as a global, faceless and placeless abstraction operating according to a hidden, unitary logic. Sweeping political‐economic shifts in the last generation demonstrate that capital may shape urban and regional processes in many different ways, and each of these manifestations creates distinct constraints and opportunities. In this paper, we analyze a new institutional configuration in the USA that is reshaping access to wealth among the poor – a policy ‘consensus’ to expand home‐ownership among long‐excluded populations. This shift has opened access to some low‐ and moderate‐income households, and racial and ethnic minorities, but the necessary corollary is a greater polarization between those who are able to own and those who are not. We provide a critical analysis of these changes, drawing on national housing finance statistics as well as a multivariate analysis of differences between owners and renters in the 1990s in New York City. As home‐ownership strengthens its role as a privatized form of stealth urban and housing policy in the USA, its continued expansion drives a corresponding reconstruction of its value for different groups, and inscribes a sharper axis of property‐rights inequalities among owners and renters in the working classes.     

次贷危机中的日本金融经济动向

本文通过分析日本金融市场短期利率、长期利率、股票指数、日元汇率指标的变动,来评估次贷危机对日本金融市场和金融体系产生的影响。文章认为次贷危机使日本丧失了一个难得的金融政策正常化以及走向长期经济增长的机会,日本金融指标变动与美欧的同步化使得日本难以独善其身,而高企的日元汇率随时有反转的可能。     

金融危机与日本业内规制演进分析

日本金融市场上历次出现的金融危机,暴露了日本金融规制体系存在的问题,也影响了金融业规制政策的重点和发展方向。1927年昭和银行危机后实施的对策为“护送舰队”式规制提供了前提。日本的泡沫经济、1997年的亚洲金融危机对规制产生了影响,2007年由美国爆发的金融危机及其引发的全球金融海啸,影响了日本金融业规制的发展。日本金融业规制在金融危机的影响下,从限制竞争的“事前规制”演进到注重健全经营的“事后规制”,目前正向“事前规制”与“事后规制”相结合的以防范系统性风险为目的的保护性规制体系演进。     

浅析地震毁损房屋的按揭贷款

通过分析房屋按揭贷款中的法律关系,明确了地震毁损房屋的按揭贷款的法律责任应由受灾人承担。但现实中受灾人不具有承担能力,执行的合法性与合理性发生冲突,汶川地震后我国政府采取的一系列解决措施不具有可重复使用性。有必要通过完善配套保险法律制度、建立国家巨灾风险专项基金、建立灾难法律援助制度、引进个人破产制度等来有效解决。     

Mortgage finance and culture

Using a nationally representative sample of 12,344 immigrants from 41 different countries of ancestry living in Spain in 2007, we find that the higher the housing‐loan penetration in the country of ancestry, the higher the likelihood of having a mortgage in Spain. Similarly, the higher the mortgage depth in the country of ancestry, the higher the present value of the monthly mortgage payments. Our results suggest that social norms regarding mortgage finance in the country of ancestry matter in determining immigrants’ mortgage finance in the host country. More specifically, the effect of social norms on the decision to have a mortgage (the extensive margin) and the amount of the mortgage payments (the intensive margin) is about one third and tenth the size of the effect of having a college degree on mortgage debt, respectively. Evidence of strong persistence of culture among those with longer tenure in the host country, those who immigrated as children or young adults, and second‐generation immigrants suggests that vertical transmission of beliefs (from parents to children) is a plausible channel of transmission. Perhaps most importantly, we find that cultural attitudes regarding property rights are most relevant when explaining individuals’ decision to get a mortgage, but those regarding credit information matter most when explaining the amount of the mortgage debt.     

The mortgage crisis and evictions in Barcelona: identifying the determinants of the spatial clustering of foreclosures

The article identifies the determinants of the uneven spatial distribution of housing accumulated by banks via foreclosures in the city of Barcelona. Working with a new data source, we geolocalised foreclosed housing and analysed its tendency to spatially cluster. Using the bivariate version of the Local Moran Indicator, we confirmed the spatial correlation between the concentration of foreclosed housing and indicators of the socio-economic vulnerability of the neighbourhoods containing it. We also applied an OLS model to identify and weight the determinants of this clustering at the neighbourhood level. Our findings revealed that the growth of unemployment, the concentration of (non-EU) immigrant population and a greater presence of residents with low levels of studies were the key variables that explain the uneven geography of foreclosures in Barcelona. The results obtained also allowed us to characterize the spatial distribution of the housing accumulated by the banks during the mortgage crisis. As a result of the massive wave of evictions, banks have emerged as large-scale property owners in Spain and key agents for present and future housing policies.