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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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    Cited by:

    1. Trond-Arne Borgersen & Anne Wenche Emblem, 2022. "Mortgage Market Induced Booms and Busts in the Housing Market in a Modified DiPasquale-Wheaton Model," International Real Estate Review, Global Social Science Institute, vol. 25(3), pages 281-306.
    2. Fellner, Zita & Marosi, Anna & Szabó, Beáta, 2022. "A Nemzeti Eszközkezelő szerepe a nem fizető adósok lakhatásának megőrzésében [The role of the Hungarian National Asset Management Agency Ltd. in the preservation of non-performing debtors housing]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 199-229.
    3. Christine Whitehead, 2012. "Discussion of Property Market Cycles as Paths to Financial Distress," RBA Annual Conference Volume (Discontinued), in: Alexandra Heath & Frank Packer & Callan Windsor (ed.),Property Markets and Financial Stability, Reserve Bank of Australia.
    4. 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.
    5. Scott Fulford & Joanna Stavins, 2022. "Does getting a mortgage affect consumer credit use?," Review of Economics of the Household, Springer, vol. 20(3), pages 955-991, September.
    6. Rosen Azad Chowdhury & Dilshad Jahan & Tapas Mishra & Mamata Parhi, 2024. "Monetary policy shock and impact asymmetry in bank lending channel: Evidence from the UK housing sector," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 511-530, January.
    7. Karpestam, Peter & Johansson, Sebastian, 2019. "Interest-only-mortgages and housing market fluctuations in Denmark," Journal of Housing Economics, Elsevier, vol. 46(C).
    8. Lenarčič, Črt, 2022. "Drivers of household arrears: an euro area country panel data analysis," MPRA Paper 114558, University Library of Munich, Germany.

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