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SUMMARY:Safe as houses? The uneven integration of  housing\, mortgage and 
 financial markets - Prof. Susan Smith\, Girton College\, Cambridge
DTSTART:20100210T160000Z
DTEND:20100210T170000Z
UID:TALK23275@talks.cam.ac.uk
CONTACT:Dr A. Zabala
DESCRIPTION:The steady integration of housing\, mortgage and financial mar
 kets is a hallmark of the modern economy. The prevailing wisdom\, boosted 
 by the credit crisis of 2007-8\, is that this has already gone too far\; t
 hat processes tying households accounts into global finance could\, and sh
 ould\, be unravelled. This paper considers a different view: that the inte
 gration of housing and financial markets has\, in some important senses\, 
 not gone far enough. Certainly the encounter is lop-sided\, focussing as i
 t does on the credit/debt rather than investment/equity side of the housin
 g equation. That is\, the main link between housing and financial markets 
 to date has been via the securitisation of lending and incorporation of mo
 rtgage backed securities into complex credit derivatives. But there is alr
 eady a concerted attempt to redress the imbalance\, by creating a market f
 or housing (asset) derivatives. This paper asks what could be achieved for
  housing policy and provision if this ‘synthetic’ housing market succe
 eds\; it also considers what might be lost if it fails.
LOCATION:Mill Lane Lecture Rooms\, Room 1
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