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Responding to the housing and financial crises: mortgage lending, mortgage products and government policies

Scanlon, Kathleen, Lunde, Jens and Whitehead, Christine M. E. (2011) Responding to the housing and financial crises: mortgage lending, mortgage products and government policies. International Journal of Housing Policy , 11 (1). pp. 23-49. ISSN 1461-6718

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Abstract

The long period of house price growth in markets across the world ended with the US and global financial crisis of 2007/08. The crisis and the consequent recession had profound effects on mortgage market actors – including households, institutions and governments – in most advanced economies, whether or not they participated in this rapid house price growth. Many of the trends observed during the boom, especially the innovations in financial instruments, were reversed. This paper presents evidence on how mortgage markets and stakeholders responded in the initial period after the crash. In particular it reports on a 2009 survey of housing experts from 16 industrialised countries, which concentrated on how each country's mortgage system responded to the crisis and how governments addressed the problems of borrowers.

Item Type: Article
Official URL: http://www.tandf.co.uk/journals/reuj
Additional Information: © 2010 Taylor & Francis
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
Journal of Economic Literature Classification System: R - Urban, Rural, and Regional Economics > R3 - Production Analysis and Firm Location > R31 - Housing Supply and Markets
Sets: Departments > Economics
Research centres and groups > Spatial Economics Research Centre
Research centres and groups > Greater London Group
Research centres and groups > LSE London Centre for Urban and Metropolitan Research
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 11 Nov 2010 09:21
URL: http://eprints.lse.ac.uk/29948/

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