CAPITALISM ON ITS OWN. DEVELOPMENT OF MORTGAGE MARKET IN POLAND AS A PROCESS OF FINANCIALIZATION OF HOUSEHOLDS

„Family on its own” – a label of the government’s program supporting young mortgagors defines neatly the social, political and economic transformation, associated with the housing question in Poland. Tighter and more complex intermingling of financial and housing markets indicates processes of the households financialization: universal banks’ capitalization through the mortgage debt of households seems to delineate future tendencies that push the banks towards households’ offers rather than towards provision of capital for commercial investment. The state, deregulating the market and pulling back from an active role on the housing market throughout 1990-ties and at the threshold of the new millennium, has become much more active in promotion of the stronger dependencies between financial and housing markets, mainly through the governmental programs supporting individual (households’) inverstment in the purchase of an apartment but also – taking a specific role of the “FIRE – extinguisher” on the financial market securing its liquidity in times of crisis. As a consequence, as my hypothesis claims, households in Poland will be submitted to the processes of their “liquidation”.