This paper analyses the expansion and crisis of the foreign-currency (FX) loan market and responding mortgage rescue programs in Hungary, assessing changes in the housing regime. We argue that the existing, malformed housing regime has not changed significantly and remains vulnerable to similar events. During the economic growth of the 2000s, mortgage based growth seemed feasible for both institutional actors and individuals; a shared narrative emerged. As FX loans became unaffordable after 2008, conflicting interests in placing blame and paying for losses lead to the fragmentation of this narrative. We argue that the coping strategies and broader behaviour of the participants reinforced the disproportionate elements of the housing regime. After 2015, housing policies again rely on economic stabilisation, now subsidised by the EU, incentivizing market solutions for private home ownership and disregarding the experiences of the past decades.

中文翻译：

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住房制度不变：匈牙利外币贷款的兴衰

本文分析了匈牙利的外币 (FX) 贷款市场的扩张和危机以及相应的抵押贷款救助计划，评估了住房制度的变化。我们认为，现有的畸形住房制度并没有发生重大变化，仍然容易受到类似事件的影响。在 2000 年代的经济增长期间，基于抵押的增长对于机构参与者和个人来说似乎都是可行的；一个共同的叙述出现了。由于 2008 年之后外汇贷款变得难以承受，责备和赔偿损失的利益冲突导致这种说法支离破碎。我们认为，参与者的应对策略和更广泛的行为强化了住房制度的不成比例因素。2015年后，住房政策再次依赖经济稳定，现在由欧盟补贴，