After 2007, many US households suffered significant financial losses when their mortgages were foreclosed upon and homes repossessed. Much of this lost value ended up in the hands of institutional investors who bought repossessed homes at the bottom of the market. Using the case of the biggest such investor, Blackstone, as an exemplar, this article argues that the state was implicated in this value transfer in several crucial ways: its failure to better assist distressed borrowers ensured the availability of large numbers of homes for investors to buy; it privileged such investors over other categories of potential buyer; and its taking of action to support recovery of the housing market coincided with such investors beginning to buy at scale. The article draws on the critical macro-finance literature to conceptualise the state’s role in terms of the “de-risking” of financial markets that are increasingly integral to contemporary social and economic governance.

中文翻译：

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国家在从大街到华尔街的价值转移中的作用：金融危机后的美国单户住宅

2007 年之后，许多美国家庭在抵押贷款被取消赎回权和房屋被收回时遭受了巨大的经济损失。大部分损失的价值最终落入了机构投资者手中，他们在市场底部购买了被收回的房屋。本文以最大的此类投资者黑石为例，认为国家在几个关键方面参与了这种价值转移：它未能更好地帮助陷入困境的借款人，从而确保为投资者提供大量房屋以买; 它使此类投资者优先于其他类别的潜在买家；其支持房地产市场复苏的行动恰逢这些投资者开始大规模购买。