2,270
Views
27
CrossRef citations to date
0
Altmetric
Original Articles

“We’re just existing, not living!” Mortgage stress and the concealed costs of coping with crisis

&
Pages 584-612 | Received 06 Oct 2015, Accepted 08 Aug 2016, Published online: 24 Aug 2016

References

  • Aalbers, M. B. (2008) The financialization of home and the mortgage market crisis, Competition & Change, 12, pp. 148–166.
  • Aalbers, M. B. (2009) The sociology and geography of mortgage markets: Reflections on the financial crisis, International Journal of Urban and Regional Research, 33, pp. 281–290.10.1111/ijur.2009.33.issue-2
  • Aalbers, M. B. (2013) Neoliberalism is dead. Long live neoliberalism!, IJURR, 37, pp. 1083–1090.10.1111/1468-2427.12065
  • Aalbers, M. B. & Christophers, B. (2014) Centering housing in political economy, Housing, Theory and Society, 31, pp. 373–394.
  • An Taisce (2012) State of the Nation: A Review of Ireland’s Planning System 2000–2011 (Dublin: An Taisce).
  • Andritzky, J. R. (2014) Resolving Residential Mortgage Distress: Time to Modify? (Wahington, DC: International Monetary Fund).
  • Barham, G. (2004) The effects of taxation policy on the cost of capital in housing – A historical profile (1976 to 2003), in: Central Bank of Ireland (Ed) Central Bank of Ireland – Financial Stability Report 2004, pp. 89–101 (Dublin: Central Bank of Ireland).
  • Berry, M. & Dalton, T. (2000) Home ownership into the new millennium: A view from the margin, Urban Policy and Research, 18, pp. 435–454.10.1080/08111140008727850
  • Botein, H. (2013) From redlining to subprime lending: How neighborhood narratives mask financial distress in Bedford-Stuyvesant, Brooklyn, Housing Policy Debate, 23, pp. 714–737.10.1080/10511482.2013.818052
  • Brenner, N., Peck, J. & Theodore, N. I. K. (2010) Variegated neoliberalization: Geographies, modalities, pathways, Global Networks, 10, pp. 182–222.10.1111/glob.2010.10.issue-2
  • Brown, L. A., Webb, M. D. & Chung, S.-Y. (2013) Housing foreclosure as a geographically contingent event: Columbus Ohio 2003–2007, Urban Geography, 34, pp. 764–794.10.1080/02723638.2013.802128
  • Central Bank of Ireland (2015) Information Note: Restrictions on Residential Mortgage Lending (Dublin: Central Bank of Ireland).
  • Central Bank of Ireland (2016) Residential Mortgage Arrears and Repossession Statistics (Dublin: Central Bank of Ireland). Available at http://www.centralbank.ie/polstats/stats/mortgagearrears/Pages/releases.aspx
  • Christophers, B. (2015) The limits to financialization, Dialogues in Human Geography, 5, pp. 183–200.10.1177/2043820615588153
  • Collins, M. & Walsh, M. (2010) Ireland’s Tax Expenditure System: International Comparisons and a Reform Agenda, Studies in Public Policy (Dublin: The Policy Institute, Trinity College Dublin).
  • Connor, G. & Flavin, T. (2015) Strategic, unaffordability and dual-trigger default in the Irish mortgage market, Journal of Housing Economics, 28, pp. 59–75.10.1016/j.jhe.2014.12.003
  • Construction Industry Federation (2015) Central Bank Measures will Slow Down Housing Supply [Online]. Available at http://cif.ie/news-feed/news/519-central-bank-measures-will-slow-down-housing-supply.html (accessed 01 May 2015).
  • Crump, J., Newman, K., Belsky, E. S., Ashton, P., Kaplan, D. H., Hammel, D. J. & Wyly, E. (2008) Cities destroyed (again) for cash: Forum on the U.S. foreclosure crisis, Urban Geography, 29, pp. 745–784.10.2747/0272-3638.29.8.745
  • CSO (2006) Census of Population – Small Area Population Statistics [Online] (Dublin: Central Statistics Office). Available at http://www.cso.ie/en/census/census2011smallareapopulationstatisticssaps/ (accessed 14 September 2015).
  • CSO (2012a) Survey on Incomes and Living Conditions 2012 (Dublin: Central Statistics Office).
  • CSO (2012b) Survey on Incomes and Living Conditions 2012 (Disaggregated Dataset from Irish Social Sciences Data Archive) (Dublin: Irish Social Sciences Data Archive (Geary Institute, UCD)).
  • CSO (2014) Survey on Income and Living Conditions (SILC) 2012 (Dublin: Central Statistics Office).
  • CSO (2015) Statistical Yearbook of Ireland 2015 [Online] (Dublin: Central Statistics Office). Available at http://www.cso.ie/en/releasesandpublications/ep/p-syi/statisticalyearbookofireland2015/people/labourmarket/ (accessed 13 July 2016).
  • CSO (2016) Residential Property Price Index January 2016 [Online] (Dublin: Central Statistics Office). Available at http://www.cso.ie/en/releasesandpublications/er/rppi/residentialpropertypriceindexaugust2015/ (accessed 12 July 2016).
  • Cullen, P. (2011) Testing times ahead as its gets harder to blame FF, The Irish Times, September 06.
  • Davy Research (2013) Ireland’s deteriorating mortgage arrears crisis [Online]. Available at https://www.davy.ie/research/content/pubarticles/mortgage20130729_29072013.pdf (Accessed 17 February 2016).
  • Department of Finance (2014) Response to CP87 – Macro-prudential policy for residential mortgage lending [Online]. Available at http://www.centralbank.ie/regulation/poldocs/consultation-papers/Documents/CP87%20Macro-prudential%20policy%20for%20residential%20mortgage%20lending/Department%20of%20Finance%20Response%20to%20CP87.pdf (Accessed 01 May 2015).
  • Dewilde, C. & De Decker, P. (2016) Changing inequalities in housing outcomes across Western Europe, Housing, Theory and Society, 33, pp. 121–161.10.1080/14036096.2015.1109545
  • DOECLG (2011) Housing Policy Statement (Dublin: Department of Environment, Community and Local Government).
  • DOECLG (2016) Annual Housing Statistics Bulletin [Online] (Dublin: Department of Environment, Community & Local Government). Available at http://www.environ.ie/en/Publications/StatisticsandRegularPublications/HousingStatistics/ (accessed 15 September 2015).
  • Doling, J. & Ronald, R. (2010) Home ownership and asset-based welfare, Journal of Housing and the Built Environment, 25, pp. 165–173.10.1007/s10901-009-9177-6
  • Dominy, N. & Kempson, E. (2003) Can’t Pay or Won’t Pay: A Review of Creditor and Debtor Approaches to the Non Payment of Bills (Bristol: Personal Finance Research Centre, Univerisyt of Bristol & Lord Chancellor’s Department).
  • Downey, D. (2014) The financialisation of Irish homeownership and the impact of the global financial crisis, in: A. Maclaran & S. Kelly (Eds) Neoliberal Urban Policy and the Transformation of the City: Reshaping Dublin, pp. 120–138 (Basingstoke: Palgrave MacMillan).
  • Duffy, D. (2014) Updated Estimates on the Extent of Negative Equity in the Irish Housing Market (Dublin: Economic and Social Research Institute).
  • EMF (2012) Hypostat 2011: A Review of Europe’s Housing and Mortgage Markets (Brussels: European Mortgage Federation).
  • European Commission (2008) Towards a Common Operational European Definition of Over-Indebtedness. (Brussels: European Commission).
  • Experian-Oliver Wyman (2009) Market Intelligence Reports 2009 – Understanding Strategic Default in Mortgages (Experian-Oliver Wyman). Available at https://www.experian.com/assets/decision-analytics/reports/strategic-default-report-1-2009.pdf (accessed 12 February 2016)
  • Fernandez, R. & Aalbers, M. B. (2016) Financialization and housing: Between globalization and Varieties of Capitalism, Competition & Change, 20, pp. 71–88.
  • Field, A. (2009) Discovering Statistics using SPSS, 3rd ed (London: Sage).
  • Fields, D., Libman, K., Saegert, S., Clark, H. & Justa, F. (2007) Understanding Responses to the Threat of Foreclosure Among Low-Income Homeowners (New York: The Graduate Centre – The City University of New York).
  • Fields, D., Libman, K. & Saegert, S. (2010) Turning everywhere, getting nowhere: Experiences of seeking help for mortgage delinquency and their implications for foreclosure prevention, Housing Policy Debate, 20, pp. 647–686.10.1080/10511482.2010.503710
  • Ford, J., Burrows, R. & Nettleton, S. (2001) Home Ownership in a Risk Society (Bristol: The Policy Press).
  • Forrest, R. (2011) Households, homeownership and neoliberalism, in: R. Forrest & N.-M. Yip (Eds) Housing Markets and the Global Financial Crisis, pp. 1–19 (Cheltenham: Edward Elgar).10.4337/9781849805841
  • Forrest, R. & Hirayama, Y. (2014) The financialisation of the social project: Embedded liberalism, neoliberalism and home ownership, Urban Studies, 20, pp. 233–244.
  • Forrest, R. & Kennett, T. (1996) Coping strategies, housing careers and households with negative equity, Journal of Social Policy, 25, pp. 369–394.10.1017/S0047279400023655
  • Fox-Rogers, L. & Murphy, E. (2013) Informal strategies of power in the local planning system, Planning Theory, 13, pp. 244–268.
  • Fox-Rogers, L., Murphy, E. & Grist, B. (2011) Legislative change in Ireland: A Marxist political economy critique of planning law, Town Planning Review, 82, pp. 639–668.10.3828/tpr.2011.37
  • Fraser, A., Murphy, E. & Kelly, S. (2013) Deepening neoliberalism via austerity and ‘reform’: The case of Ireland, Human Geography, 6, pp. 38–53.
  • French, S., Leyshon, A. & Wainwright, T. (2011) Financializing space, spacing financialization, Progress in Human Geography, 35, pp. 798–819.10.1177/0309132510396749
  • Government of Ireland (2013) Resolving the Mortgage Arrears Crisis [Online]. Available at http://www.merrionstreet.ie/en/News-Room/Releases/government-statement-resolving-the-mortgage-arrears-crisis.html (accessed 16 January 2016).
  • Governor of the Central Bank (2013) Adverse Selection and Moral Hazard in Forecasting and Limiting Arrears and Loan Losses on Mortgages [Online]. Available at https://www.centralbank.ie/press-area/speeches/Pages/Adverseselectionandmoralhazardinforecastingandlimitingarrearsandloanlossesonmortgages.aspx (accessed 17 February 2016).
  • Guiso, L., Sapienza, P. & Zingales, L. (2009) Moral and Social Constraints to Strategic Default on Mortgages, Working Paper 15145 (Cambridge, MA: National Bureau of Economic Research).10.3386/w15145
  • Guiso, L., Sapienza, P. & Zingales, L. (2013) The determinants of attitudes toward strategic default on mortgages, The Journal of Finance, 68, pp. 1473–1515.10.1111/jofi.12044
  • Hall, S. (2011) The neo-liberal revolution, Cultural Studies, 25, pp. 705–728.10.1080/09502386.2011.619886
  • Hall, S. (2012) Geographies of money and finance II: Financialization and financial subjects, Progress in Human Geography, 36, pp. 403–411.10.1177/0309132511403889
  • Hall, S. M. (2015) Everyday family experiences of the financial crisis: Getting by in the recent economic recession, Journal of Economic Geography, 16, pp. 305–330.
  • Harvey, D. (2005) A brief history of neoliberalism (Oxford: Oxford University Press).
  • Harvey, D. (2010) The enigma of capital and the crises of capitalism (London: Profile).
  • Hearne, R. (2014) Actually existing neoliberalism: Public-private partnerships in public service and infrastructure provision in Ireland, in: A. Maclaran & S. Kelly (Eds) Neoliberal Urban Policy and the Transformation of the City: Reshaping Dublin, pp. 157–173 (Basingstoke: Palgrave MacMillan).
  • Hendrikse, R. P. (2013) Entangled geographies of “Irish” finance, Eurasian Geography and Economics, 54, pp. 182–201.
  • Hicks, S., Tinkler, L. & Allin, P. (2013) Measuring subjective well-being and its potential role in policy: Perspectives from the UK office for national statistics, Social Indicators Research, 114, pp. 73–86.10.1007/s11205-013-0384-x
  • Hodkinson, S. (2011) Housing regeneration and the private finance initiative in England: Unstitching the neoliberal urban straitjacket, Antipode, 43, pp. 358–383.10.1111/j.1467-8330.2010.00819.x
  • Holland, K. (2015) Banks attempt to repossess 7000-plus homes, The Irish Times, March 09.
  • Immergluck, D. (2008) From the subprime to the exotic: Excessive mortgage market risk and foreclosures, Journal of the American Planning Association, 74, pp. 59–76.10.1080/01944360701702313
  • Immergluck, D. (2011) From risk-limited to risk-loving mortgage markets: origins of the U.S. subprime crisis and prospects for reform, Journal of Housing and the Built Environment, 26, pp. 245–262.10.1007/s10901-011-9224-y
  • Kaplan, D. & Sommers, G. (2009) An analysis of the relationship between housing foreclosures, lending practices, and neighborhood ecology: Evidence from a distressed county, Professional Geographer, 61, pp. 101–120.10.1080/00330120802577723
  • Kelly, S. (2014) Light-touch regulation: The rise and fall of the Irish banking sector, in: A. Maclaran & S. Kelly (Eds) Neoliberal urban policy and the transformation of the city: Reshaping Dublin, pp. 37–52 (Basingstoke: Palgrave Macmillan).
  • Kempson, E., McKay, S. & Willitts, M. (2004) Characteristics of Families in Debt and the Nature of Indebtedness, Department of Work and Pensions Research Report 211 (Leeds: Corporate Document Services).
  • Kim, K. H. & Renaud, B. (2009) The global house price boom and its unwinding: An analysis and a commentary, Housing Studies, 24, pp. 7–24.10.1080/02673030802550128
  • Kitchin, R., O’Callaghan, C., Gleeson, J., Keaveney, K. & Boyle, M. (2012) Placing neoliberalism: The rise and fall of Ireland’s Celtic Tiger, Environment and Planning A, 44, pp. 1302–1326.10.1068/a44349
  • Koppe, S. (2015) Housing wealth and asset-based welfare as risk, Critical Housing Analysis, 2, pp. 42–51.
  • Lang, E. & O’Leary, J. (1999) Solid Foundations: Irish Mortgage Providers and the Housing Market (Dublin: Davy Stockbrokers).
  • Langley, P. (2006) Securitising suburbia: The transformation of Anglo-American mortgage finance, Competition & Change, 10, pp. 283–299.10.1179/102452906X114384
  • Lawrence, G. (2015) Defending financialization, Dialogues Human Geography, 5, pp. 201–205.10.1177/2043820615588155
  • Libman, K., Fields, D. & Saegert, S. (2012) Toward a research agenda at the intersections of housing and health, Housing, Theory and Society, 29, pp. 47–55.10.1080/14036096.2012.624882
  • Lynch, S. (2016) MEPs urge Mario Draghi to investigate high Irish mortgage rates, The Irish Times, April 28.
  • Maclaran, A. & Kelly, S. (2014) Irish neoliberalism and neoliberal urban policy, in: A. Maclaran & S. Kelly (Eds) Neoliberal Urban Policy and the Transformation of the City: Reshaping Dublin, pp. 20–36 (Basingstoke: Palgrave MacMillan).10.1057/9781137377050
  • Martin, R. (2011) The local geographies of the financial crisis: From the housing bubble to economic recession and beyond, Journal of Economic Geography, 11, pp. 587–618.10.1093/jeg/lbq024
  • Meltzer, H., Bebbington, P., Brugha, T., Jenkins, R., McManus, S. & Dennis, M. S. (2011) Personal debt and suicidal ideation, Psychological Medicine, FirstView, 41, pp. 771–778.
  • Mercille, J. & Murphy, E. (2015) Deepening Neoliberalism, Austerity, and Crisis: Europe’s Treasure Ireland (Hampshire: Palgrave MacMilan).10.1057/9781137468765
  • Murphy, E. & Scott, M. (2014a) ‘After the crash’: Life satisfaction, everyday financial practices and rural households in post Celtic Tiger Ireland, Journal of Rural Studies, 34, pp. 37–49.10.1016/j.jrurstud.2013.12.005
  • Murphy, E. & Scott, M. (2014b) Household vulnerability in rural areas: Results of an index applied during a housing crash, economic crisis and under austerity conditions, Geoforum, 51, pp. 75–86.10.1016/j.geoforum.2013.10.001
  • National Economic and Social Council (2014) Homeownership and Rental: What Road is Ireland On? (Dublin: National Economic and Social Council).
  • Niedt, C. & Martin, I. W. (2012) Who are the foreclosed? A statistical portrait of America in crisis, Housing Policy Debate, 23, pp. 159–176.
  • Norris, M. (2016) Varieties of home ownership: Ireland’s transition from a socialised to a marketised policy regime, Housing Studies, 31, pp. 81–101.
  • Nyberg, P. (2011) Misjudging Risk: Causes of the Systemic Banking Crisis in Ireland. Report of the Commission of Investigation into the Banking Sector in Ireland (Dublin: Government of Ireland).
  • O’Connell, C. (2007) The State and Housing in Ireland: Ideology, Policy and Practice (New York: Nova Science).
  • O’Neill, P., Duante-Camacho, O., Casiro, J., Gwyther, G., Phibbs, P., Bryan, D., Rafferty, M. & Allon, F. (2010) The Experience of Mortgage Distress in Western Sydney [Online] (Penrith: University of Western Sydney). Available at http://www.uws.edu.au/__data/assets/pdf_file/0019/140536/mortgage_distress_report-webversion_hires.pdf
  • O’Sullivan, K. P. V. (2010) Financial supervision in Ireland: Where to now?, in: S. Kinsella & A. Leddin (Eds) Understanding Ireland’s economic crisis: Prospects for recovery, pp. 31–56 (Dublin: Blackhall Publishing).
  • OECD (2015) OECD Economic Surveys – Ireland (Paris: Organisation for Economic Co-operation & Development).
  • Peck, J. & Tickell, A. (2002) Neoliberalizing space, Antipode, 34, pp. 380–404.10.1111/anti.2002.34.issue-3
  • Pickvance, C. & Pickvance, K. (1994) Towards a strategic approach to housing behaviour: A study of young people’s housing strategies in South-East England, Sociology, 28, pp. 657–677.10.1177/0038038594028003002
  • Rea, L. M. & Parker, R. A. (1997) Designing and Conductiong Survey Research – A Comprhensive Guide (San Francisco: Jossey-Bass).
  • Regling, K. & Watson, M. (2010) A Preliminary Report on the Sources of Ireland’s Banking Crisis (Dublin: Government of Ireland).
  • Riain, S. Ó. (2013) The crisis of financialisation in Ireland, The Economic and Social Review, 43, pp. 497–533.
  • Rolnik, R. (2013) Late neoliberalism: The financialization of homeownership and housing rights, International Journal of Urban and Regional Research, 37, pp. 1058–1066.10.1111/1468-2427.12062
  • Ronald, R. (2008) The Ideology of Homeownership: Homeowner Societies and the Role of Housing (Basingstoke: Palgrave).10.1057/9780230582286
  • Ronald, R. & Elsinga, M. (2012) Beyond home ownership: An overview, in: R. Ronald & M. Elsinga (Eds) Beyond Home Ownership: Housing, Welfare and Society, pp. 1–28 (Oxon: Routledge).
  • Ronald, R., Kadi, J. & Lennartz, C. (2015) Homeownership-Based Welfare in Transition, Critical Housing Analysis, 2(1), pp. 52–64.
  • Ross, S. (2009) The Bankers: How the Banks Brought Ireland to its Knees (Dublin: Penguin Ireland).
  • Rugh, J. S., Albright, L. & Massey, D. S. (2015) Race, Space, and Cumulative Disadvantage: A Case Study of the Subprime Lending Collapse, Social Problems, 62, pp. 186–218.
  • Schafran, A. (2013) Origins of an urban crisis: The restructuring of the San Francisco bay area and the geography of foreclosure, International Journal of Urban and Regional Research, 37, pp. 663–688.10.1111/ijur.2013.37.issue-2
  • Smith, S. J., Searle, B. A. & Cook, N. (2008) Rethinking the risks of homeownership, Journal of Social Policy, 38, pp. 83–102.
  • Soaita, A. M. & Searle, B. A. (2016) Debt amnesia: Homeowners’ discourses on the financial costs and gains of homebuying, Environment and Planning A, 48, pp. 1087–1106.10.1177/0308518X16638095
  • The Irish Times (2012) Strategic Arrears – Bank made myth or harsh economic reality? The Irish Times, April 10.
  • The Irish Times (2013) Who’s afraid of the strategic defaulter? The Irish Times, August 03.
  • Thomas, H. (2013) The financial crisis hits home: Foreclosures and asset exhaustion in Boston, Housing Policy Debate, 23, pp. 738–764.10.1080/10511482.2013.828766
  • Waldron, R. (2016) The “unrevealed casualties” of the Irish mortgage crisis: Analysing the broader impacts of mortgage market financialisation, Geoforum, 69, pp. 53–66.10.1016/j.geoforum.2015.11.005
  • Waldron, R. & Redmond, D. (2015) Stress in suburbia: Counting the costs of Ireland’s property crash and mortgage arrears crisis, Tijdschrift voor economische en sociale geografie. doi: 10.1111/tesg.12170
  • Waldron, R. & Redmond, D. (2016) (For)Bearing the costs of reckless lending: Examining the response to the Irish mortgage arrears crisis, International Journal of Housing Policy, 16, pp. 267–292.10.1080/14616718.2015.1111500
  • Wallace, A. (2011) ‘Feels like I’m doing it on my own’: Examining the synchronicity between policy responses and the circumstances and experiences of mortgage borrowers in arrears, Social Policy and Society, 11, pp. 117–129.
  • Wallace, A., Jones, A. & Rhodes, D. (2014) Financial resilience and security: Examining the impact of falling housing markets on low income homeowners in Northern Ireland (York: Centre for Housing Policy).
  • Whitfield, G. & Dearden, C. (2012) Low income households: Casualties of the boom, casualties of the bust? Social Policy and Society, 11, pp. 81–91.10.1017/S1474746411000431
  • Williams, B. & Maclaran, A. (2003) Dublin: Property development and planning in an entrepreneurial city, in: A. Maclaran (Ed) Making Space: Property Development and Urban Planning, 148–171 (London: Arnold).
  • Wolfson, M. H. & Epstein, G. A. (Eds) (2013) The Handbook of The Political Economy of Financial Crises (New York: Oxford University Press).
  • Wyly, E., Moos, M., Hammel, D. & Kabahizi, E. (2009) Cartographies of race and class: Mapping the class-monopoly rents of American subprime mortgage capital, International Journal of Urban and Regional Research, 33, pp. 332–354.10.1111/ijur.2009.33.issue-2
  • Van der Zwan, N. (2014) Making sense of financialization, Socio-Economic Review, 12, pp. 99–129.10.1093/ser/mwt020

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.