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Financialization and the subprime subject: the experiences of homeowners during California’s housing boom

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  • Carolina K. Reid

Abstract

This paper extends scholarship on the ‘everyday practices’ of global finance by specifically examining the decisions, motivations, and financial practices of homeowners caught up in the subprime lending boom in California. Drawing on evidence from 80 in-depth interviews in Oakland and Stockton, the paper explores how homeowners enacted their own subject positions within the financial ecologies of subprime markets. The research enriches and complicates our understanding of the interplay between financialization and the formation of financial subjects, and highlights how race and class, affective ties, and distinct socio-spatial relations shape and inform borrowers’ financial decisions and practices, even during a period of excessive credit access and house price speculation.

Suggested Citation

  • Carolina K. Reid, 2017. "Financialization and the subprime subject: the experiences of homeowners during California’s housing boom," Housing Studies, Taylor & Francis Journals, vol. 32(6), pages 793-815, August.
    • Handle: RePEc:taf:chosxx:v:32:y:2017:i:6:p:793-815
    DOI: 10.1080/02673037.2016.1240760
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    References listed on IDEAS

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    1. Langley, Paul, 2009. "The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America," OUP Catalogue, Oxford University Press, number 9780199573967.
    2. Elizabeth Laderman & Carolina Reid, 2009. "The untold costs of subprime lending: examining the links among higher-priced lending, foreclosures and race in California," Community Development Working Paper 2009-09, Federal Reserve Bank of San Francisco.
    3. Carolina Reid, 2010. "Sought or sold? Social embeddedness and consumer decisions in the mortgage market," Community Development Working Paper 2010-09, Federal Reserve Bank of San Francisco.
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