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Responding to the Housing and Financial Crises: Mortgage Lending, Mortgage Products and Government Policies

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  • Kathleen Scanlon
  • Jens Lunde
  • Christine Whitehead

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.

Suggested Citation

  • Kathleen Scanlon & Jens Lunde & Christine Whitehead, 2011. "Responding to the Housing and Financial Crises: Mortgage Lending, Mortgage Products and Government Policies," International Journal of Housing Policy, Taylor & Francis Journals, vol. 11(1), pages 23-49.
  • Handle: RePEc:taf:intjhp:v:11:y:2011:i:1:p:23-49
    DOI: 10.1080/14616718.2011.548585
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    Citations

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    Cited by:

    1. Aitziber Etxezarreta Etxarri & Gala Cano Fuentes & Joris Hoekstra & Kees Dol, 2013. "Análisis multiescalar de la burbuja inmobiliaria y los desahucios: La Comunidad Autónoma de Euskadi en el contexto Estatal y Europeo," Revista de Estudios Regionales, Universidades Públicas de Andalucía, vol. 3, pages 51-76.
    2. Christine Whitehead, 2012. "Discussion of Property Market Cycles as Paths to Financial Distress," RBA Annual Conference Volume,in: Alexandra Heath & Frank Packer & Callan Windsor (ed.), Property Markets and Financial Stability Reserve Bank of Australia.

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