Dispossession by regulation: the political economy of non-performing loans and housing foreclosure in Spain

Authors: Ismael Yrigoy*,
Topics: Economic Geography, Urban Geography, Europe
Keywords: Financial regulations, non-performing loans, housing foreclosure, Spain
Session Type: Paper
Day: 4/5/2019
Start / End Time: 1:10 PM / 2:50 PM
Room: Roosevelt 0, Marriott, Exhibition Level
Presentation File: No File Uploaded

This paper explores the role of supranational banking regulations in boosting housing foreclosures in Spain. It argues that the perpetuation of the foreclosure crisis over the last decade is due to the impact of regulations on the two largest typologies of estate owners in Spain: Spanish banks and global financial investors. Illustrated by the case of two families facing foreclosure, the articles analyzes the different strategies carried out by banks and financial corporations to enforce foreclosure and how this different strategies have led to an increase flow of liquidity from housing assets, and thus to an enhancement of regulations. It also explores the contradictory motivations that led to the roll out of different financial regulations and the variegated impacts that these regulations have had on Spanish banks and global financial investors.

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