The paper expands the conceptual framework within which we examine mortgage debt by reconceptualising mortgages as a biotechnology: a technology of power over life that forges an intimate relationship between global financial markets, everyday life and human labour. Taking seriously the materiality of mortgage contracts as a means of forging new embodied practices of financialisation, we urge for the need to move beyond a policy‐ and macroeconomics‐based analysis of housing financialisation. We argue that more attention needs to be paid to how funnelling land‐related capital flows goes hand in hand with signing off significant parts of future labour, decisionmaking capacity and well‐being to mortgage debt repayments. The paper offers two key insights. First, it exemplifies how macroeconomic and policy changes could not have led to the financialisation of housing markets without a parallel biopolitical process that mobilised mortgage contracts to integrate the social reproduction of the workforce into speculative global real‐estate practices. Second, it expands the framework of analysis of emerging literature on financialisation and subjectification. Focusing on the mortgage defaults and evictions crisis in Spain, we document how during Spain's 1997–2007 real‐estate boom the promise of mortgages as a means to optimise income and wealth enrolled livelihoods into cycles of global financial and real‐estate speculation, as home security and future wealth became directly dependent on the fluctuations of financial products, interest rates and capital accumulation strategies rooted in the built environment. When, after 2008 unemployment escalated and housing prices collapsed, mortgages became a punitive technology that led to at least 500 000 foreclosures and over 250 000 evictions in Spain.

中文翻译：

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“抵押生活”：债务和住房金融化的生命政治

本文通过将抵押贷款重新定义为一种生物技术来扩展我们研究抵押贷款债务的概念框架：一种控制生命的技术，在全球金融市场、日常生活和人类劳动之间建立了密切的关系。认真考虑抵押合同的重要性作为形成新的金融化具体实践的手段，我们敦促需要超越基于政策和宏观经济的住房金融化分析。我们认为，需要更多地关注与土地相关的资本流动如何与未来劳动力、决策能力和福利的重要部分签署抵押债务偿还密切相关。该论文提供了两个关键见解。第一的，它举例说明，如果没有平行的生命政治过程，即动员抵押合同将劳动力的社会再生产纳入投机性全球房地产实践，宏观经济和政策变化就不可能导致住房市场的金融化。其次，它扩展了关于金融化和主体化的新兴文献的分析框架。关注西班牙的抵押贷款违约和驱逐危机，我们记录了在 1997 年至 2007 年西班牙房地产繁荣期间抵押贷款作为优化收入和财富的手段的承诺如何将生计纳入全球金融和房地产投机的周期，作为家安全和未来财富直接依赖于金融产品的波动，利率和资本积累策略植根于建筑环境。在 2008 年失业率上升和房价暴跌之后，抵押贷款成为一种惩罚性技术，导致西班牙至少有 500 000 次丧失抵押品赎回权和超过 250 000 次驱逐。