Due to the financialization of housing in today’s market, housing risks are increasingly becoming financial risks. Financialization refers to the increasing dominance of financial actors, markets, practices, measurements and narratives. It also refers to the resulting structural transformation of economies, firms, states and households. This book asserts the centrality of housing to the contemporary capitalist political economy and places housing at the centre of the financialization debate. A global wall of money is looking for High-Quality Collateral (HQC) investments, and housing is one of the few asset classes considered HQC. This explains why housing is increasingly becoming financialized, but it does not explain its timing, politics and geography. Presenting a diverse range of case studies from the US, the UK, the Netherlands, Germany, Italy and Spain, the chapters in this book include coverage of the role of the state as the driver of financialization processes, and the part played by local and national histories and institutions. This cutting edge volume will pave the way for future research in the area. Where housing used to be something "local" or "national", the two-way coupling of housing to finance has been one crucial element in the recent crisis. It is time to reconsider the financialization of both homeownership and social housing. This book will be of interest to those who study international economics, economic geography and financialization.

The author applies the methodology to the system prevailing in Morocco in 1995 and 2004. The analysis shows that the most visible subsidies might not have been the most inefficient, nor the most resource consuming for the state. Examination of policy changes since 1995 shows that while the most visible subsidies received nearly all the government's attention, large invisible subsidies remain at the heart of Morocco's housing policy. The framework used here is very general and can be used to compare the Moroccan system with those of similar countries"--Abstract.

Some vols. include supplemental journals of "such proceedings of the sessions, as, during the time they were depending, were ordered to be kept secret, and respecting which the injunction of secrecy was afterwards taken off by the order of the House."

Fannie Mae and Freddie Mac, government-sponsored enterprises that played a prominent role in the financial crisis of 2008, and the federal government have come to a crossroads. The government must make key decisions about their structure, and indeed, their very existence. The government has played an important role in the American housing market since the early 1930s, when the Great Depression ushered in housing programs to promote a stable society. The government's role expanded further during the recent housing and financial crisis—Fannie Mae and Freddie Mac now dominate the American housing market, backing more than 62 percent of new mortgages and holding more than $5 trillion in accumulated mortgage risk. In The Future of Housing Finance Martin Baily and his associates discuss the issues and options that policymakers face as they reassess the government's role in the U.S. residential mortgage market. While presenting diverse analytical perspectives, including a contribution from former chairman of the Federal Reserve Alan Greenspan, all contributors agree that the government's support for mortgage financing in the recent past was too broad and deep but some role is necessary to maintain the stability of the housing finance market. The Obama administration has recommended reducing the role of Fannie and Freddie while replacing them with a private market approach, but continuing federal support for worthy borrowers. But what will Congress agree to? And how fast will it move on any initiative? Specific topics include: • Introduction of a new system to reduce incentives that encourage excessive risk taking. • Gradual withdrawal of Fannie and Freddie from the housing finance system. • New approaches to regulating mortgage securitization, with financial stability as a primary goal. • Use of government-backed guarantees through institutional structures designed to limit moral hazard.

This handbook takes on one of the most pressing issues of today’s society – the question of housing. It is a cutting-edge edited volume about the disputed interrelationship between housing and the wider welfare state. Although housing scholars generally agree that housing should be regarded as part of such a wider welfare system, it has proven hard to pinpoint and operationalize its position within it. Moreover, the relationship became considerably more complex as a result of the period of intense globalization and the integration of national housing finance systems into world finance markets. Furthermore, welfare systems reflect economic as well as social models and these, too, have changed as countries have responded to globalization, and traditional ideological frameworks have become less distinct. Thus, there is a need to redefine the connection between housing and welfare in light of changes in both welfare and housing systems. By investigating the current situation and historical development of housing provision and welfare distribution in different contexts worldwide, this book aims to contribute to an expanded understanding of housing and welfare. The book brings together 25 international housing researchers covering 15 countries worldwide. With such a global approach, the book aims to provide an updated empirical picture and analysis of different housing systems and their connection to the welfare regime in different national contexts. The book moves beyond the usual focus on affordable housing provision in the context of well-developed welfare regimes and includes countries from the global south, incorporating regions where it is debatable whether there are welfare systems present at all. Thus, the book aims to provide the reader with an insight into the large differences in housing provision in international contexts with large differences regarding how the welfare state is comprised. From these insights, we reflect on whether regime approaches continue to provide a suitable theoretical framework for understanding the relationship between housing and the wider welfare state. This handbook is essential reading for researchers, students, policymakers, and other professionals in the fields of housing studies, welfare studies, economics, urban studies, social work, social and public policy, and sociology.