Creating Liquidity Out of Spatial Fixity: The Secondary Circuit of Capital and the Restructuring of the US Housing Finance System

Subprime Cities: The Political Economy of Mortgage Markets

Volumn , Issue , 2012, Pages 23-52

  Gotham, Kevin Fox ^a  

^a TULANE UNIVERSITY   (United States)

Author keywords

Capital; Housing finance; Mortgage market; Political economy; Restructuring; Secondary circuit; Spatial fixity; US

Indexed keywords

EID: 84876153879     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1002/9781444347456.ch1     Document Type: Chapter

References (58)

1. Aalbers, M.B. (2007) Geographies of housing finance: the mortgage market in Milan, Italy. Growth and Change, 38(2): 174-99.
2. Baily, M.N., Litan, R.E., and Johnson, M.S. (2008) The Origins of the Financial Crisis. Washington, DC: Brookings Institution.
3. Beauregard, R.A. (1994) Capital switching and the built environment: United States, 1970-89. Environment and Planning A., 26: 715-32.
4. Bond, C. and Williams, R. (2007) Residential segregation and the transformation of home mortgage lending. Social Forces 86(2): 671-98.
5. Brenner, N., and Theodore, N. (eds.) (2002) Spaces of Neoliberalism: Urban Restructuring in North America and Western Europe. New York and London: Blackwell Publishing.
6. Calem, P., Gillen, K., and Wachter, S. (2004) The neighborhood distribution of subprime mortgage lending. Journal of Real Estate Finance and Economics, 29: 393-410.
7. Charney, I. (2001) Three dimensions of capital switching within the real estate sector: A Canadian case study. International Journal of Urban and Regional Research 25(4): 740-58.
8. Checkoway, B. (1984) Large builders, federal housing programs and postwar suburbanization. In: W.K. Tabb and L. Sawyers (eds.) Marxism and the Metropolis: NewPerspectives in Urban Political Economy. Second Edition. New York: Oxford University Press, pp. 152-73.
9. Colton, K.W. (2002) Housing finance in the United States: The transformation of the US housing finance system. Joint Center for Housing Studies, Harvard University W02-5.
10. Davies, P. J. (1958) Real Estate in American History. Washington, DC: Public Affairs Press.
11. Feagin, J.R. (1982) Urban real estate speculation in the United States: implications for social science and urban planning. International Journal of Urban and Regional Research, 6: 35-60.
12. Feagin, J.R. (1987) The Secondary Circuit of Capital: Office Construction in Houston, Texas. International Journal of Urban and Regional Research, 11: 172-92.
13. Federal National Mortgage Association (FNMA). (1975) Background and History. Washington, D.C.: FNMA.
14. Florida, R.L. (1986a) The origins of financial deregulation: The CMC, Heller Committee, and the Friend Study. In: R.L. Florida (ed.) Housing and the New Financial Markets. New Brunswick: Center for Urban Policy Research, State University of New Jersey, pp. 49-65.
15. Florida, R.L. (1986b) The political economy of financial deregulation and the reorganization of housing finance in the United States. International Journal of Urban and Regional Research 10(2): 207-31.
16. Florida, R.L. and Feldman, M.M.A. (1988) Housing in US Fordism. International Journal of Urban and Regional Research 12(2): 187-210.
17. Friend, I. (1969) A Study of the Savings and Loan Industry: Summary and Recommendations. Washington, DC: Federal Home Loan Bank Board.
18. Gotham, K.F. (2002) Race, Real Estate, and Uneven Development: The Kansas City Experience, 1900-2000. Albany, NY: State University of New York Press (SUNY).
19. Gotham, K.F. (2006) The secondary circuit of capital reconsidered: Globalization and the U.S. real estate sector. American Journal of Sociology 112(1): 231-75.
20. Gottdiener, M. (1994) The Social Production of Urban Space. Second Edition. Austin, TX: University of Texas Press.
21. Green, R.K. and Wachter, S.M. (2005) The American mortgage in historical and international context. Journal of Economic Perspectives19:(4): 93-114. http://ssrn.com/abstract=908976 (Accessed November 29, 2007).
22. Guttentag, J. (1961) The short cycle in residential construction, 1946-59. American Economic Review 51(June): 275-98.
23. Haila, A. (1991) Four types of investment in land and property. International Journal of Urban and Regional Research, 15: 343-65.
24. Haila, A. (1998) The neglected builder of global cities. In: O. Kalltopr, I. Elander, O. Ericsson, and M. Frazen (eds.) Cities in Transformation-Transformation in Cities. Aldershot: Ashgate Publishing.
25. Harriss, C.L. (1951) History and Policies of the Home Owners Loan Corporation. New York: Bureau of Economic Research.
26. Harvey, D. (1975 [2001]) Spaces of Capital: Towards a Critical Geography. New York: Routlege.
27. Harvey, D. (1978) The urban process under capitalism: A framework for analysis. International Journal of Urban and Regional Research, 2: 101-31.
28. Harvey, D. (1985) The Urbanization of Capital: Studies in the History and Theory of Capitalist Urbanization. Baltimore, MD: Johns Hopkins University Press.
29. Harvey, D. (1999) The Limits to Capital. New Edition. Oxford: Blackwell.
30. Harvey, D. (2001) Globalization and the "spatial fix." Geographische Revue 2: 23-30.
31. Hendershott, P. and Villani, K. (1977) Regulation and Reform of the Housing Finance System. Washington, DC: American Enterprise Institute.
32. Immergluck, D. (2008) From the subprime to the exotic: Excessive mortgage market risk and foreclosures. Journal of the American Planning Association 74(1): 59-76.
33. Immergluck, D. (2009) Foreclosed: High-Risk Lending, Deregulation, and the Undermining of America's Mortgage Market. Ithaca, NY: Cornell University Press.
34. Kane, E.J. (1985) The Gathering Crisis in Federal Deposit Insurance. Boston, MA: MIT Press.
35. Lefebvre, H. ([1970] 2003) The Urban Revolution. Minneapolis, MN: University of Minnesota Press.
36. Lefebvre, H. ([1974] 1991) The Production of Space. Oxford: Blackwell.
37. MacDonald, H. (1995) Secondary mortgage markets and federal housing policy. Journal of Urban Affairs 17(1): 53-79.
38. MacDonald, H. (1996) The rise of mortgage-backed securities: Struggles to reshape access to credit in the USA. Environment and Planning A 28(7): 1179-98.
39. Marx, K. (1973) [1857]) The Grundrisse: Foundations for the Critique of Political Economy. Translated by Martin Nicholas. New York: Vintage Books.
40. McCoy, P. and Renault, E. (2008) The Legal Infrastructure of Subprime and Nontraditional Home Mortgages. UCC08-5. Cambridge: Joint Center for Housing Studies.
41. Newman, K. (2009) Post-industrial widgets: Capital flows and the production of the urban. International Journal of Urban and Regional Research 33(2): 314-31.
42. Orederud, G.I. (2006) The Norwegian home-building industry-locally embedded or in the space of flows? International Journal of Urban and Regional Research 30(2): 384-402.
43. President's Committee on Federal Credit Programs. (1963) Report of the President's Committee on Federal Credit Programs. Washington, DC: US Government Printing Office.
44. President's Committee on Home Building and Home Ownership. (1932) Final Report of the Committee on Large-Scale Operations. Washington, DC: US Government Printing Office.
45. Radford, G. (1996) Modern Housing for America: Policy Struggles in the New Deal. Chicago: University of Chicago Press.
46. Rowe, P.G. (1995) Modernity and Housing. Cambridge: MIT Press.
47. Smith, N. (1984) Uneven Development: Nature, Capital and the Production of Space. New York: Blackwell.
48. Squires, G.D. (ed.) (2004) Why the Poor Pay More: How to Stop Predatory Lending. Westport, CT: Greenwood Publishing Group.
49. Squires, G.D., Hyra, D.S., and Remer, R.N. (2009) Segregation and the subprime lending crisis. Paper presented at the 2009 Federal Reserve System Community Affairs Research Conference. Washington, DC, April 16, 2009. Version 6.11.09. Available at: http://www.kansascityfed.org/carc2009/pdf/carc2009%20Hyra%20paper.pdf (accessed October 6, 2009).
50. US House of Representatives. (1989a) Administrative Plan to Resolve the Savings and Loan Crisis. Committee on Banking, Finance and Urban Affairs. 101st Congress. 1st Session. Washington, DC: US Government Printing Office.
51. US House of Representatives. (1989b) Financial Institutions Reform, Recovery, and Enforcement Act of 1989, pts. 1 and 2. Committee on Banking, Finance and Urban Affairs, Subcommittee on Financial Institutions Supervision, Regulation and Insurance. 101st Congress. 1st Session. Washington, DC: US Government Printing Office.
52. US House. (1934a) The National Housing Act. 73rd Congress, 2nd Session. Committee on Banking and Currency (CBC). Hearings on H.R. 9620. May 18
53. June 4, 1934. Washington, DC: US Government Printing Office.
54. US House. (1934b) Hearings on H.R. 8403 (S. 2999). A Bill to Guarantee the Bonds of the Home Owners Loan Corporation, etc. Committee on Banking and Currency. 73rd Congress. 2nd Session. March 7, 1934. Washington, DC: US Government Printing Office.
55. US Senate. (1933) Hearings on S. 1317. The Home Owners Loan Act. Committee on Banking and Currency.. 73rd Congress, 1st Session. Washington, DC: US Government Printing Office and University of Chicago Press.
56. Weiss, M.A. (1987) Rise of the Community Builders: The American Real Estate Industry and Urban Land Planning. New York: Columbia University Press.
57. Williams, R., Nesiba, R., and McConnell, E.D. (2005) The changing face of inequality in home mortgage lending. Social Problems 52(2): 181-208.
58. Wyly, E.K., Atia, M., Foxcroft, H., Hammel, D.J., and Phillips-Watts, K. (2006) American home: Predatory mortgage capital and neighborhood spaces of race and class exploitation in the United States. Geografiska Annaler 88 B(1): 105-32.