Sub-prime mortgage lending: A cultural economy

Economy and Society

Volumn 37, Issue 4, 2008, Pages 469-494

  Langley, Paul ^a  

^a NONE

Author keywords

Adjustable rate mortgages; Agency; Cultural economy; Risk based pricing; Securitization; Sub prime mortgages

Indexed keywords

CULTURAL ECONOMY; FINANCIAL MARKET; MORTGAGE LENDING; RISK ASSESSMENT;

NORTH AMERICA; UNITED STATES;

EID: 53549088306     PISSN: 03085147     EISSN: 14695766     Source Type: Journal    
DOI: 10.1080/03085140802357893     Document Type: Article

References (89)

1. Aizcorbe, A. M., Kennickell, A. B. and Moore, K. B. (2003) Recent changes in U.S. family finances: Evidence from the 1998 and 2001 survey of consumer finances. Federal Reserve Bulletin, 89, pp. 1-32.
2. (2004) The Blackwell cultural economy reader, Blackwell, Oxford
3. Anderson, J. (2007) New York Times
4. Andrews, E. L. (2007) Treasury chief moves to stabilize markets: Bernanke is troubled by housing trend. New York Times
5. Bajaj, V. (2007) New York Times
6. Bajaj, V. and Haughney, C. (2007) New York Times
7. Bajaj, V. and Nixon, R. (2006) New York Times
8. Bajaj, V. and Nixon, R. (2006) New York Times
9. Bank of England (2006) Financial stability report, July
10. Bank of England (2007) Financial stability report, April
11. Barry, A. (2002) The anti-political economy. Economy and Society, 31:2, pp. 268-284.
12. Blackburn, R. (2006) Finance and the fourth dimension. New Left Review, 39, pp. 39-70.
13. Bowley, G. and Anderson, J. (2007) Where did the buck stop at Merrill?. New York Times
14. Buck, T. (2007) Rating agencies targeted in EU probe into subprime crisis. Financial Times
15. Burton, D. (1994) Financial services and the consumer, Routledge, London
16. Burton, D. (2008) Credit and consumer society, Routledge, London
17. Burton, D., Knights, D., Leyshon, A., Alferoff, C. and Signoretta, P. (2004) Making a market: The UK retail financial services industry and the rise of the complex sub-prime credit market. Competition and Change, 8:1, pp. 3-25.
18. Bush, George W. (2005)
19. Callon, M. (1998) Introduction: The embeddedness of economic markets in economics. The laws of markets, pp. 1-57. Blackwell, Oxford
20. Callon, M. (1999) Actor-network theory - the market test. Actor network theory and after, pp. 181-195. Blackwell, Oxford
21. Callon, M. (2005) Why virtualism paves the way to political impotence: A reply to Daniel Miller's critique of The Laws of Markets. Economic Sociology: European Electronic Newsletter, 6:2, pp. 3-20.
22. Callon, M. and Muniesa, F. (2005) Economic markets as calculative collective devices. Organization Studies, 26:8, pp. 1229-1250.
23. (2007) Market devices, Blackwell, Oxford
24. Carruthers, B. G. and Stinchcombe, A. L. (1999) The social structure of liquidity: Flexibility, markets, and states. Theory and Society, 28:3, pp. 353-382.
25. Chancellor, E. (2005) Crunch time for credit? An inquiry into the state of the credit system in the United States and Great Britain, Harriman House, Petersfield
26. Chinloy, P. and MacDonald, N. (2005) Subprime lenders and mortgage market completion. The Journal of Real Estate Finance and Economics, 30:2, pp. 153-165.
27. Clarkson, B. (2007) Transparency and trust must keep on driving ratings agencies. The Financial Times
28. Cowan, A. M. and Cowan, C. D. (2004) Default correlation: An empirical investigation of a subprime lender. Journal of Banking and Finance, 28:4, pp. 753-771.
29. Creswell, J. (2007) Shaky markets prompt rumors of who's in trouble. New York Times
30. Crews Cutts, A. and Van Order, R. (2003) On the economics of subprime lending, Office of the Chief Economist, Washington, DC
31. Darlin, D. (2006) Keep eyes fixed on your variable rate mortgage. New York Times
32. Davies, P. J. and Scholtes, S. (2007) Big deals in trouble over debt take up. Financial Times
33. Dean, M. (1999) Governmentality: Power and rule in modern society, Sage, London
34. de Goede, M. (2004) Repoliticizing financial risk. Economy and Society, 33:2, pp. 197-217.
35. de Goede, M. (2005) Virtue, fortune, and faith: A genealogy of finance, University of Minnesota Press, Minneapolis, MN
36. Dodd, C. J. (2007)
37. Dodd, C. J. (2007)
38. (2002) Cultural economy: Cultural analysis and commercial life, Sage, London
39. Dymski, G. A. (2005) Financial globalization, social exclusion and financial crisis. International Review of Applied Economics, 19:4, pp. 439-457.
40. Economist (2006)
41. Economist (2007) Bearish turns.
42. Economist (2007) Bleak houses.
43. Economist (2007)
44. Economist (2007) Rising damp.pp. 93-94.
45. Economist (2007) Subprime solutions.
46. Eggert, K. (2007) Testimony at Subprime Mortgage Market Turmoil: Examining the Role of Securitization. Hearing of the Senate Banking, Housing and Urban Affairs Committee's Subcommittee on Securities, Insurance, and Investments, 17 April.
47. Elliott, L. (2007) We have nothing to fear but Wall Street. Guardian
48. Erturk, I., Froud, J., Sukhdev, J., Leaver, A. and Williams, K. (2007) The democratization of finance? Promise, outcomes and conditions. Review of International Political Economy, 14:4, pp. 553-576.
49. Essen, Y. (2007) Shareholders take legal action against rating agencies in US. Daily Telegraph
50. Fannie, Mae (2005) Housing solutions: Working with our partners to meet America's toughest housing needs
51. Fraser, S. (2005) Wall Street: A cultural history, Faber, London
52. Freddie, Mac (2005) Just the facts: How we make home possible
53. Froud, J., Johal, S., Leaver, A. and Williams, K. (2006) Financialization and strategy: Narrative and numbers, Routledge, London
54. Gotham, K. F. (2006) The secondary circuit of capital reconsidered: Globalization and the US real estate sector. American Journal of Sociology, 112:1, pp. 231-275.
55. Grey, C. (1997) Suburban subjects: Financial services and the new right. Financial institutions and social transformations, pp. 47-67. Macmillan, Basingstoke
56. Kiff, J. and Mills, P. (2007) Money for nothing and checks for free: Recent developments in US subprime mortgage markets. International Monetary Fund Working Paper
57. Kirchhoff, S. and Block, S. (2004) Subprime loan market grows despite troubles. USA Today
58. Knight, F. (1921) Risk, uncertainty and profit, A. M. Kelley, New York
59. Knorr-Cetina, K. (2003) From pipes to scopes. Distinktion, 7, pp. 7-23.
60. Kochan, N. (2001) Turning bad credits into profits. The Banker, pp. 3-6.
61. Langley, P. (2006) Securitising suburbia: The transformation of Anglo-American mortgage finance. Competition and Change, 10:3, pp. 283-299.
62. Langley, P. (2008) The everyday life of global finance: Saving and borrowing in Anglo-America, Oxford University Press, Oxford
63. Latour, B. (1987) Science in action: How to follow scientists and engineers through society, Open University Press, Milton Keynes
64. Latour, B. (1999) On recalling ANT. Actor network theory and after, pp. 15-25. Blackwell, Oxford
65. Latour, B. (2007) Reassembling the social: An introduction to actor-network theory, Oxford University Press, Oxford
66. Leyshon, A. and Thrift, N. (1995) Geographies of financial exclusion: Financial abandonment in Britain and the United States. Transactions of the Institute of British Geographers, 20:2, pp. 312-341.
67. Leyshon, A. and Thrift, N. (1999) Lists come alive: Electronic systems of knowledge and the rise of credit scoring in retail banking. Economy and Society, 28:3, pp. 434-466.
68. MacKenzie, D. (2004) The big, bad wolf and the rational market: Portfolio insurance, the 1987 crash and the performativity of economics. Economy and Society, 33:3, pp. 303-334.
69. MacKenzie, D. (2006) An engine, not a camera: How financial models shape markets, MIT Press, Cambridge, MA
70. Marron, D. (2007) Lending by numbers: Credit scoring and the constitution of risk within American consumer credit. Economy and Society, 36:1, pp. 103-133.
71. Miller, D. (2002) Turning Callon the right way up. Economy and Society, 31:2, pp. 218-233.
72. Mitchell, T. (2002) Rule of experts: Egypt, techno-politics, modernity, University of California Press, Berkeley, CA
73. Morgan, G. and Sturdy, A. (2000) Beyond organizational change: Structure, discourse and power in UK financial services, Macmillan, Basingstoke
74. Muniesa, F., Millo, Y. and Callon, M. (2007) An introduction to market devices. Market devices, pp. 1-12. Blackwell, Oxford
75. Peters, J. W. and Andrews, E. L. (2007) Manageable threats seen by Fed chief. New York Times
76. Poon, M. (2007) Scorecards as devices for consumer credit: The case of Fair, Isaac & Company Incorporated. Market devices, pp. 284-306. Blackwell, Oxford
77. Preda, A. (2006) Socio-technical agency in financial markets: The case of the stock ticker. Social Studies of Science, 36:5, pp. 753-782.
78. Pryke, M. (2007) Geomoney: An option on frost, going long on clouds. Geoforum, 38:3, pp. 576-588.
79. Pryke, M. and du Gay, P. (2007) Take an issue: Cultural economy and finance. Economy and Society, 36:3, pp. 339-354.
80. Read, J. (2007)
81. Reddy, S. (1996) Claims to expert knowledge and the subversion of democracy: The triumph of risk over uncertainty. Economy and Society, 25:2, pp. 222-254.
82. Rushton, E. W. (2007)
83. Samuels, S. (2007)
84. Shlay, A. B. (2006) Low-income homeownership: American dream or delusion. Urban Studies, 43:3, pp. 511-531.
85. Sinclair, T. J. (2005) The new masters of capital: American bond rating agencies and the politics of creditworthiness, Cornell University Press, Ithaca, NY
86. Smith, S. J. (2007) Owner occupation: At home with a hybrid of money and materials. Environment and Planning A
87. Stuart, G. (2003) Discriminating risk: The US mortgage lending industry in the twentieth century, Cornell University Press, Ithaca, NY
88. White, B., Knight, R., Callan, E., Beales, R., Scholtes, S. and MacKenzie, M. (2007) How a fiasco of easy home loans has tipped up America. Financial Times
89. Wyly, E. K., Atia, M., Foxcroft, H., Hammel, D. J. and Phillips-Watts, K. (2006) American home: Predatory mortgage capital and neighbourhood spaces of race and class exploitation in the United States. Geografiska Annaler, 88:2, pp. 105-132.