Space and Environment
- P-ISSN1225-6706
- E-ISSN2733-4295
- KCI
ISSN : 1225-6706
Land and Housing Bank to Cope with New Normal of Global Financial Crisis: Focusing on US Cases
Abstract
There is a lot of controversy among Marxist researchers about the nature of modern capitalism, but many researchers note that financialization of economy is deepening. Along with the financialization of economy, securitization of financing and globalization are making the financial crisis a global phenomenon. The housing crisis not only destroys the base of living of individual households but also accelerates the deterioration of the communities. It is necessary to actively respond to these crises and to increase public control and sharing of urban basic resources of living including housing. This paper shows that the U.S. land bank, which contribute to overcoming of the subprime mortgage crisis, can be an important tool toward sharing economy. Theoretical review consider the changing nature of contemporary capitalism and examine the impact on the housing crisis. And this paper analyzes the characteristics and functions of the U.S. land bank system such as the acquisition of property, tax foreclosure proceedings, expedited quiet title action, tax recapture agreement as a key financial instrument, evolution of legal institutions. Finally, it suggests that the land bank to cope with the financial crisis can contribute to the development of a sharing economy model.
- keywords
- 부채자본주의, 부실채권, 금융화, 금융자본주의, 토지은행, 공유경제, debt capitalism, non performing loan, financialization, financial capitalism, land bank, sharing economy
Reference
김영민. 2010. ｢주택압류를 줄이기 위한 미국의 주택비용부담 완화 대책｣. ≪국제노동브리프≫, 8(10), 59∼64쪽.
김용창. 2017. ｢신자유주의 도시 인클로저와 실존의 위기, 거주자원의 공유화｣. 「희망의 도시」. 서울연구원 엮음. 한울, 176∼215쪽.
김용창 외. 2014. 「토지은행의 역할 재조명과 기능개선방안 연구용역」. 한국토지주택공사.
김창현. 2014. ｢공간생산의 금융화: 금융지리학의 관점에서｣. ≪공간과 사회≫, 24(3), 110∼143쪽.
박원석. 2013. ｢주거복지 확충을 위한 리츠의 활용 방안｣. ≪한국경제지리학회지≫, 16(2), 275∼292쪽.
서순탁 외. 2010. 「토지은행제도 발전방안 연구」. 한국토지주택공사.
이재민·유경원. 2014. 「가계부채가 내수에 미치는 영향」. 국회예산정책처.
이정구. 2007. ｢금융 주도의 축적체제론 비판｣. ≪진보평론≫, 33, 214∼238쪽.
지주형. 2011. ｢신자유주의의 복합질서: 금융화. 계급권력. 사사화｣. ≪사회과학연구≫, 19(1), 194∼246쪽.
최승재. 2009. ｢미국 서브프라임 모기지 관련 소송의 현황과 전망｣. ≪증권법연구≫, 10(2), 403∼443쪽.
伊藤誠. 2009. ｢サブプライム金融恐慌の構造と意義｣. ≪現代思想≫(다중네트워크 역. 써브프라임 금융공황의 구조와 의의. http://blog.daum.net/chobits1985/40).
Aalbers, M. B. 2008. “The Financialization of Home and the Mortgage Market Crisis.”Competition & Change, 12(2), pp. 148∼162.
Alexander, F. S. and Toering, S. J. 2013. Georgia Land Bank Resource Manual. Center for Community Progress.
Alexander, F. S. 2011. Land Banks and Land Banking. Center for Community Progress.
Alexander, F. S. 2015. Land Banks and Land Banking. 2nd. Center for Community Progress.
Anacker, K. B. 2015. “Analyzing census tract foreclosure risk rates in mature and developing suburbs in the United States.” Urban Geography, 36(8), pp. 1221∼1240.
Ashton, P. 2011. “The financial exception and the reconfiguration of credit risk in US mortgage markets.” Environment and Planning A., 43(8), pp. 1796∼1812.
Brown, E. 2012. “Occupy the Neighborhood: How Counties Can Use Land Banks and Eminent Domain.” http://www.webofdebt.com/articles/occupy.php
Center for Community Progress. 2017. “Frequently Asked Questions on Land Banking. ”http://www.communityprogress.net/land-banking-faq-pages-449.php.
Center for Community Progress. 2017. “National Map of Land Banks & Land Banking Programs.”http://www.communityprogress.net/land-bank-map-pages-447.php
Deutschmann, C. 2011. “Limits to Financialization: Sociological Analyses of the Financial Crisis.” European Journal of Sociology, 52(3), pp. 347∼389.
Dong, H. and Hansz, J. 2016. “The Geography of the Recent Housing Crisis: The Role of Urban Form.” Housing Policy Debate, 26(1), pp. 151∼171.
Dymski, G. 2009. “Racial exclusion and the political economy of the sub-prime crisis.”Historical Materialism, 17(2), pp. 149∼179.
Evans, A. W. 2004. “Land Availability and Land Banking.” in Evans. Alan W. 2004. Economics, Real Estate and the Supply of Land, Chapter 13, Wiley-Blackwell.
Federal Reserve Board. 2012. “The U.S. Housing Market: Current Conditions and Policy Considerations.” http://federalreserve.gov/publications/other-reports/files/housingwhite-paper-20120104.pdf
Feldman, D. W. and Agness, B. 2013. Land Banks in Pennsylvania: A Handbook for Counties and Municipalities. Right-Sized Homes. LLC.
Fields, D. 2014. The Rise of The Corporate Landlord: The Institutionalization of the Single-family Rental Market and Potential Impacts on Renters. Right To The City Alliance.
Fishman, R. P. and Gross, R. D. 1972. “Public Land Banking: a New Praxis for Urban Growth.” Case Western Reserve Law Review, 23, pp. 897∼975.
GAO(Government Accountability Office). 2010. Mortgage Foreclosures: Additional Mortgage Servicer Actions Could Help Reduce the Frequency and Impact of Abandoned Foreclosures. GAO-11-93. http://www.gao.gov/new.items/d1193.pdf
GAO(Government Accountability Office). 2011. Vacant Properties: Growing Number Increases Communities’ Costs and Challenges. GAO-12-34. http://www.gao.gov/new.items/d1234.pdf
GCLBA(Genesee County Land Bank Authority). 2010. “NSP Land Banking Toolkit:Overview of Land Bank Decisions and Tools.” U.S. Department of Housing and Urban Development Neighborhood Stabilization Program, pp. 1∼17.
GCLBA(Genesee County Land Bank Authority). 2014. Celebrating the First Ten Years 2004-2014 Genesee County Land Bank Authority.
Goldstein, J., Jensen, M. and Reiskin, E. 2001. “Urban Vacant Land Redevelopment:Challenges and Progress.” Lincoln Institute of Land Policy Working Paper, pp. 1∼32.
Goodman, L. S. 2015. The Rebirth of Securitization: Where is the Private Label Mortgage Market?. Urban Institute.
Gotham, K. F. 2009. “Creating Liquidity out of Spatial Fixity: The Secondary Circuit of Capital and the Subprime Mortgage Crisis.” International Journal of Urban and Regional Research, 33(2), pp. 355∼371.
Hockett, R. 2012. “It takes a village: Municipal condemnation proceedings and public/private partnerships for mortgage loan modification. value preservation. and local economic recovery.” Stanford Journal of Law, Business and Finance, 18, pp. 121∼176.
Hockett, R. 2013. “Paying Paul and Robbing No One: An Eminent Domain Solution for Underwater Mortgage Debt.” Current Issues in Economics and Finance, 19(5), pp. 1∼9.
Houston, C. C. 2013. “Overview of Act 153 of 2012. Land Bank Legislation.” University of Pittsburgh Institute of Politics. http://www.iop.pitt.edu/
HUD(Department of Housing and Urban Development). 2008. “Notice of Allocations. Application Procedures. Regulatory Waivers Granted to and Alternative Requirements for Emergency Assistance for Redevelopment of Abandoned and Foreclosed Homes Grantees Under the Housing and Economic Recovery Act. 2008.” Federal Register, 73(194), pp. 58329∼58349.
HUD(Department of Housing and Urban Development). 2010. “HUD Secretary Announces National First Look Program To Help Communities Stabilize Neighborhoods Hard-Hit By Foreclosure.”https://portal.hud.gov/
Jones, M. 2015. “Hedge funds buy swathes of foreclosed subprimes. force up rents. float rent-bonds.” http://boingboing.net/2015/05/23/
Kaplan, D. H. 2008. “Foreclosures. Predatory Lending. and Reverse Redlining.” Urban Geography, 29(8), pp. 762∼766.
Klein, A. 2017. “Understanding the True Costs of Abandoned Properties: How Maintenance Can Make a Difference.” Community Blight Solutions.
Krippner, G. 2005. “The financialization of the American economy.” Socio-Economic Review, 3(2), pp. 173∼208.
Lapavitsas, C. and Powell, J. 2013. “Financialisation varied: a comparative analysis of advanced economies.” Cambridge Journal of Regions, Economy and Society, 6(3), pp. 359∼379.
Lapavitsas, C. 2011. “Theorizing financialization.” Work. Employment and Society, 25(4), pp. 611∼626.
Li, Yanmei. 2011. “Geography of Opportunity and Residential Mortgage Foreclosure: A Spatial Analysis of a U.S. Housing Market.” Journal of Urban and Regional Analysis, 3(2), pp. 195∼214.
Mian, A. and Sufi, A. 2014. House of Debt. University of Chicago Press(박기영 옮김. 2014. 「빚으로 지은 집」. 열린책들).
MLBFTA(Michigan Land Bank Fast Track Authority). 2004. “Frequently Asked Questions for Taxes Collected on Property Owned or Sold by a Land Bank Fast Track Authority.” http://www.michigan.gov/landbank/
MLBFTA(Michigan Land Bank Fast Track Authority). 2009. “Biennial Report: Fiscal Years 2009 and 2010.”http://www.michigan.gov/documents/treasury/
NCST(National Community Stabilization Trust). 2017. “First Look Program.” http://www.stabilizationtrust.org/programs-services/property-acquisition/
NVPC(National Vacant Properties Campaign). 2005. Vacant Properties: The True Costs to Communities. http://www.vacantproperties.org.
Pais, R. 2010. “Addressing Foreclosed and Abandoned Properties.” Bureau of Justice Assistance. https://www.bja.gov/publications/
Paull, E. and Otto, S. 2013. “Investing in the Brownfields Land Bank.” Brownfield Renewal, 17(2), pp. 8∼13.
Pfeiffer, D. and Lucio, J. 2015. “An unexpected geography of opportunity in the wake of the foreclosure crisis: low-income renters in investor-purchased foreclosures in Phoenix. Arizona.” Urban Geography, 36(8), pp. 1197∼1220.
Poupore, J. B. 2013. “Mortgage Takings and Municipal Finance: Solution for Preserving Home Ownership.” Brooklyn Journal of Corporate. Financial & Commercial Law, 8(1), pp. 187∼221.
Razza, C. M. 2014. “Vulture Capital Hits Home: How HUD is Helping Wall Street and Hurting Our Communities.” The Right To The City Alliance & The Center for Popular Democracy, 1∼11.
Sage Computing. Inc. 2009. Revitalizing Foreclosed Properties with Land Banks. U.S. Department of Housing and Urban Development. Office of Policy Development and Research.
Samsa, M. J. 2008. “Reclaiming Abandoned Properties: Using Public Nuisance Suits and Land Banks to Pursue Economic Redevelopment.” Cleveland State Law Review, 56(1), pp. 189∼232.
Savini, F. and Aalbers, M. B. 2016. “The de-contextualisation of land use planning through financialisation: Urban redevelopment in Milan.” European Urban and Regional Studies, 23(4), pp. 878∼894.
Schwarz, L. 2009. “The Neighborhood Stabilization Program: Land Banking and Rental Housing as Opportunities for Innovation.” Journal of Affordable Housing & Community Development Law, 19(1), pp. 51∼79.
Shelton, J. R. 2015. “Constitutional Constraints on Using Eminent Domain to Write-Down Underwater Mortgages.” Cornell Real Estate Review, 13(1), pp. 46∼60.
Silva, D. A. 2011. “Land banking as a Tool for the Economic Redevelopment of Older Industrial Cities.” Drexel Law Review, 3(2), pp. 607∼641.
Smith, M. L. 2014. No Property Left Behind: An Exploration of Abandoned Property Policies. University of Pennsylvania. Masters Thesis.
Teather, D. 2008. “The woman who built financial weapon of mass destruction.” The Guardian. https://www.theguardian.com/business/2008/sep/20/wallstreet.banking
Thompson, S. 2013. “Comment: Eminent Domain for the Seizure of Underwater Mortgages.” University of Michigan Journal of Law Reform Caveat, 47(1), pp. 22∼33.
Thorne, B. 2014. “Ten years of fighting blight: Genesee County Land Bank was the model for the nation.” http://www.mlive.com/news/
Urban Institute. 2017. Housing Finance at a Glance: A Monthly Chartbook.
van der Zwan, N. 2014. “Making sense of financialization.” Socio-Economic Review, 12(1), pp. 99∼129.
Vey, J. S. 2011. Restoring Prosperity: The State Role in Revitalizing America’s Older Industrial Cities. Brookings Institution.
Wade, J. and Rees, A. 2012. “Converting Vacant Lots into Assets: Comparing National Community Garden Programs to Community Garden Projects in Columbus GA.”Community Geography Center.
Wilkinson, L. 2011. Vacant Property: Strategies for Redevelopment in the Contemporary City. Georgia Institute of Technology.
Wyly, E. et al. 2009. “Cartographies of race and class: Mapping the class monopoly rents of American subprime mortgage capital.” International Journal of Urban and Regional Research, 33(2), pp. 332∼354.
≪프레시안≫. 2014.12.26. “대침체 무덤 판 미국… 박근혜호 한국도?: [프레시안books] 아티프 미안·아미르 수피 <빚으로 지은 집>.”
- Downloaded
- Viewed
- 0KCI Citations
- 0WOS Citations