The social fabric of a debt economy: Mexican immigrants in the 2008 mortgage crisis
Magdalena Villarreal
economic sociology. perspectives and conversations, 2018, vol. 20, issue 1, 11-17
Abstract:
In July 2007 massive losses began to afflict world stock markets. The disaster was sparked by the revelation of what many already knew but preferred to ignore, namely that vast swathes of mortgage- backed financial instruments that had hitherto been a runaway success were based on loans that would never be repaid. Such instruments, designed by Wall Street financial engineers to satisfy the appetite for risk of millions of investors, had produced juicy profits for many, but were now discovered to be largely backed by thin air. In California, one of the most critical US states involved in the mortgage crisis, a substantial proportion of the unpayable loans had been issued to African-Americans and immigrant Mexicans...
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations:
Downloads: (external link)
https://www.econstor.eu/bitstream/10419/193156/1/0 ... onsoc-Newsl-20-1.pdf (application/pdf)
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:zbw:econso:193156
Access Statistics for this article
economic sociology. perspectives and conversations is currently edited by Sascha Münnich
More articles in economic sociology. perspectives and conversations from Max Planck Institute for the Study of Societies Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().