Resumo

SALINAS ARREORTUA, Luis Alberto. Subordinate financialization. The mortgage market for social housing in Mexico. Invest. Geog [online]. 2022, n.107, e60458.  Epub 20-Jun-2022. ISSN 2448-7279.  https://doi.org/10.14350/rig.60458.

Emergent economies have entered the global financialization process in a context of dependency; the differences that characterize this process are discussed below under the concept of subordinate financialization. In this scenario, we analyze the securitization process based on mortgage-backed bonds issued by public housing funds in Mexico, which has boosted the social housing real-estate market. From the review of financial reports on stock certificates (CEDEVIS and TFOVIS), it is established that the sale of mortgage debt has allowed granting more mortgage loans to the beneficiaries, which is part of the state subsidiarity that supports the private real-estate sector, a situation that has characterized the massive-construction policy of the past two decades.

Palavras-chave : housing policy; financial services; urban planning.

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