Publication details for Professor Paul LangleyLangley, P. Securitising suburbia: The transformation of Anglo-American mortgage finance. Competition & Change. 2006;10:283-299.
- Publication type: Journal Article
- ISSN/ISBN: 1024-5294 (print), 1477-2221 (online)
- DOI: 10.1179/102452906X114384
- Keywords: Calculative tools, Disintermediation, Mortgage finance, Mortgage-backed securitisation, Suburban subjects.
- Further publication details on publisher web site
- Durham Research Online (DRO) - may include full text
Author(s) from Durham
Informed by and contributing to approaches to finance that draw on Foucault and actor-network theory, the paper focuses on the contemporary transformation of Anglo-American mortgage finance. This transformation is understood to entail the lengthening of mortgage networks and their increased interconnection with the multiple networks of the capital markets; the making of suburban subjects as property investors in order to produce and extend mortgage borrowing in a booming housing market; and, in particular, the constitution of mortgage-backed securitisation (MBS) techniques through the calculative tools of off-balance sheet accounting, asset management, and credit rating. MBS is the practice of 'bundling' together a stream of future obligations arising from mortgagors repayments to provide the basis for the issue of, and the payment of principal and interest on, securities.