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China and the Mortgaging of America

Part of the International Political Economy Series Book Series

DOI: 10.1057/9780230283305

ISBN: 978-1-349-31851-3

Publisher: Palgrave Macmillan UK - Springer Journals

Oct 7, 2015

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Chapter 1Introduction

Thompson, Helen

Pages: 1 –29

[In late August 2008, two congressionally-chartered American mortgage corporations, Fannie Mae and Freddie Mac, were facing imminent debt repayments that they could not meet. Between them they owned or guaranteed around 50 per cent of all American mortgages and they had $5.4 trillion of...
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Chapter 2Asian Savings and American Borrowing

Thompson, Helen

Pages: 31 –50

[Economic theory suggests that the capital dynamics of the international economy of the early 21st century should never have happened. That theory says that capital should flow from rich countries to poor ones in search of higher returns. Yet, strikingly, from the late 1990s collectively rich...
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Chapter 3The Domestic Politics of American Home Ownership

Thompson, Helen

Pages: 51 –72

[Home ownership has more political significance in the United States than perhaps any other state in the world. This is both because of the sheer scale of the state’s involvement in sustaining and expanding home ownership and because the ways in which the federal government has structured that...
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Chapter 4Fannie Mae and Freddie Mac and the Mortgage Boom

Thompson, Helen

Pages: 73 –98

[The American mortgage boom produced a rise in real house prices of 85 per cent between 1997 and the first half of 2006.1 This constituted a boom around three times the size of any that had hitherto occurred in the housing market in the United States and perhaps the largest bubble of any asset in...
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Chapter 5The Crisis of 2007–8

Thompson, Helen

Pages: 99 –125

[The American sub-prime mortgage bust of 2006 was inevitable because the whole structure of sub-prime lending and the securitisation of mortgages on which it depended had denied the central risk that defined it. Historically, all financial markets driven to peaks by blind optimism, or, as Alan...
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Chapter 6Conclusions

Thompson, Helen

Pages: 127 –150

[By early 2009, the economic relationship between the United States and east Asia was first and foremost defined by the financial relationship between the United States and China. Putting together the holdings of the Chinese central bank, the state-owned banks, and China’s sovereign wealth fund,...

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