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The Rise of Mortgage-Backed Securities: Struggles to Reshape Access to Credit in the USA

Author

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  • H MacDonald

    (Graduate Program in Urban and Regional Planning, University of Iowa, 347 Jessup Hall, Iowa City, IA 52242, USA)

Abstract

One of the most important outcomes of federal reregulation of the financial services sector since 1989 has been the completion of the shift from locally organized flows of credit to the housing sector, to a national mortgage-backed securities (MBS) market. In this paper the way in which the rise of MBSs has reshaped access to credit across social and spatial divisions is examined, and the implications of battles to shape the MBS market and of the practices of the two principal agencies in that market for the geography of financial exclusion are explored. Although the reregulation of the government-sponsored secondary markets promises to help break down entrenched patterns of financial exclusion, the government-sponsored enterprises are placed in the complex position of mediating social demands for more inclusionary credit practices and investor demands for continued high returns and low risks. It is unclear whether reform efforts will be sustained in the new political and economic environment of the mid-1990s.

Suggested Citation

  • H MacDonald, 1996. "The Rise of Mortgage-Backed Securities: Struggles to Reshape Access to Credit in the USA," Environment and Planning A, , vol. 28(7), pages 1179-1198, July.
    • Handle: RePEc:sae:envira:v:28:y:1996:i:7:p:1179-1198
    DOI: 10.1068/a281179
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    References listed on IDEAS

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    1. J Coakley, 1994. "The Integration of Property and Financial Markets," Environment and Planning A, , vol. 26(5), pages 697-713, May.
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    Cited by:

    1. Thomas Wainwright, 2009. "Laying the Foundations for a Crisis: Mapping the Historico‐Geographical Construction of Residential Mortgage Backed Securitization in the UK," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 372-388, June.
    2. Kathe Newman, 2009. "Post‐Industrial Widgets: Capital Flows and the Production of the Urban," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 314-331, June.
    3. Kevin Fox Gotham, 2009. "Creating Liquidity out of Spatial Fixity: The Secondary Circuit of Capital and the Subprime Mortgage Crisis," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 355-371, June.

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