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Mortgage debt in an age of austerity

In: Debt and Austerity

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  • Susan J. Smith

Abstract

By far the largest personal debts in most modern societies take the form of residential mortgages. Symbolically as well as practically, such loans have a profound influence on the wider lending and borrowing ecosystem. In this chapter, I show first how the advent of markets for mortgages helped credit emerge from the shadows of opprobrium into the spotlight of respectability. Second I turn to the way mortgage product innovation blunted, for a while, the hard edge of an unequalising world - one in which borrowing became a structural necessity. I conclude with a thought experiment to consider whether there is anything about mortgages - or more properly housing finance - that affects the outlook for the future.

Suggested Citation

  • Susan J. Smith, 2020. "Mortgage debt in an age of austerity," Chapters, in: Jodi Gardner & Mia Gray & Katharina Moser (ed.), Debt and Austerity, chapter 2, pages 30-45, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19627_2
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