Table of Contents
List of Figures vii
List of Tables viii
Notes on Contributors ix
Foreword: The Urban Roots of the Financial Crisis xiii David Harvey
Series Editors’ Preface xx
Acknowledgments xxi
Part I Introduction 1
Subprime Cities and the Twin Crises 3 Manuel B. Aalbers
Part II The Political Economy of the Mortgage Market 23
1 Creating Liquidity Out of Spatial Fixity: The Secondary Circuit of Capital and the Restructuring of the US Housing Finance System 25 Kevin Fox Gotham
2 Finance and the State in the Housing Bubble 53 Herman Schwartz
3 Expanding the Terrain for Global Capital: When Local Housing Becomes an Electronic Instrument 74 Saskia Sassen
4 Building New Markets: Transferring Securitization, Bond-Rating, and a Crisis from the US to the UK 97 Thomas Wainwright
5 European Mortgage Markets Before and After the Financial Crisis 120 Manuel B. Aalbers
6 The Reinvention of Banking and the Subprime Crisis: On the Origins of Subprime Loans, and How Economists Missed the Crisis 151 Gary A. Dymski
Part III Cities, Race, and the Subprime Crisis 185
7 Redlining Revisited: Mortgage Lending Patterns in Sacramento 1930–2004 187 Jesus Hernandez
8 The New Economy and the City: Foreclosures in Essex County New Jersey 219 Kathe Newman
9 Race, Class, and Rent in America’s Subprime Cities 242 Elvin Wyly, Markus Moos, and Daniel J. Hammel
Part IV Conclusion 291
10 Subprime Crisis and Urban Problematic 293 Gary A. Dymski
Glossary 315
Index 324