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A Crisis of What? Mortgage Credit Markets and the Social Policy of Promoting Homeownership in the United States and in Europe

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  • Waltraud Schelkle

Abstract

The crisis of 2007-09 was prefigured by bubbles in the housing and mortgage credit markets of major Organisation for Economic Co-operation and Development (OECD) countries. A comparison of the United States, the United Kingdom, and France reveals that, contrary to popular perception, the two European countries had a bigger housing price bubble, more volatility, and a more short-termist mortgage market. Yet, the fallout of the crisis—in terms of overindebtedness of mortgage holders, foreclosures of homes, and the extent to which the “nest-eggs†of households were devalued—has been worse in the United States. This article explores which differences in the use of credit markets for the social policy of promoting homeownership can account for this puzzling finding.

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  • Waltraud Schelkle, 2012. "A Crisis of What? Mortgage Credit Markets and the Social Policy of Promoting Homeownership in the United States and in Europe," Politics & Society, , vol. 40(1), pages 59-80, March.
    • Handle: RePEc:sae:polsoc:v:40:y:2012:i:1:p:59-80
    DOI: 10.1177/0032329211434690
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    Citations

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    Cited by:

    1. Beibei Zhang, 2020. "Social policies, financial markets and the multi-scalar governance of affordable housing in Toronto," Urban Studies, Urban Studies Journal Limited, vol. 57(13), pages 2628-2645, October.
    2. Greg Fuller & Alison Johnston & Aidan Regan, 2018. "Bringing the Household Back in. Comparative Capitalism and the Politics of Housing Markets," Working Papers 201807, Geary Institute, University College Dublin.
    3. Dorothee Bohle, 2014. "Post-socialist housing meets transnational finance: Foreign banks, mortgage lending, and the privatization of welfare in Hungary and Estonia," Review of International Political Economy, Taylor & Francis Journals, vol. 21(4), pages 913-948, August.
    4. Cyril Benoît, 2023. "The regulatory path to healthcare systems’ financialization," Post-Print hal-04220439, HAL.
    5. Cesar Leandro, Julio & Botelho, Delane, 2022. "Consumer over-indebtedness: A review and future research agenda," Journal of Business Research, Elsevier, vol. 145(C), pages 535-551.
    6. Iain Ramsay, 2012. "Between Neo-Liberalism and the Social Market: Approaches to Debt Adjustment and Consumer Insolvency in the EU," Journal of Consumer Policy, Springer, vol. 35(4), pages 421-441, December.
    7. Alison Johnston & Aidan Regan, 2015. "Taming Global Finance in an Age of Capital? Wage-Setting Institutions' Mitigating Effects on Housing Bubbles," LEQS – LSE 'Europe in Question' Discussion Paper Series 87, European Institute, LSE.
    8. Bravo, Jorge Miguel & Ayuso, Mercedes & Holzmann, Robert, 2019. "Making Use of Home Equity: The Potential of Housing Wealth to Enhance Retirement Security," IZA Discussion Papers 12656, Institute of Labor Economics (IZA).
    9. Kohl, Sebastian, 2018. "A small history of the homeownership ideal," MPIfG Discussion Paper 18/6, Max Planck Institute for the Study of Societies.
    10. Dorothee Bohle, 2017. "Mortgaging Europe’s periphery," LEQS – LSE 'Europe in Question' Discussion Paper Series 124, European Institute, LSE.

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