During the global housing boom that preceded the 2007–9 financial crisis, household debt
increased substantially in many European countries, posing a challenge for literature on
financialization and the institutional heterogeneity of mortgage markets. This paper
examines recent institutional shifts in European mortgage markets and specifies three
analytically distinct models of debt accumulation: inclusion, extension and intensity. While
existing research has emphasized inclusion (access to homeownership), we show that …