Housing and mortgage markets in the everyday: how globalisation came home
Housing and mortgage markets in the everyday: how globalisation came home
This chapter focuses on the globalisation and liberalisation of mortgage markets. What has happened is that the mortgage market has become a conduit between global finance and the everyday. The home has become financialised in ways that were impossible before banking deregulation. For homeowners, the ability to unlock housing equity has been a widely used practice almost since the start of the deregulated mortgage market in the 1980s. This has created a super-commodified realm at the heart of the competition state. The democratisation of access to capital also required a new citizenship contract based around norms of risk taking and self-provisioning. More than this, however, homeowners are predisposed to support low-tax public policy because of the front-loading of housing costs.
Keywords: globalisation, mortgage markets, global finance, banking deregulation, homeowners, housing equity, competition state, citizenship contract, low-tax public policy, housing costs
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