Mortgage securitization and uneven geographic development due to housing construction in the metropolitan area of ​​Bogotá (2001-2020)

Abstract

The objective of this article is to explain the transformations in the housing financing scheme in Colombia after the 1999 crisis, establishing the relationship between the consolidation of mortgage securitization since 2001, which operates within the mortgage credit association scheme and subsidies to housing, with the forms of residential structuring of the metropolitan area of Bogotá. For this, the first part of the document presents a theoretical perspective on the centrality of mortgage securitization in the contemporary financialization of housing. In the second part, he argues that, after the crisis, financial-real estate capital has undergone an accelerated process of concentration in Colombia, deepening the monopolistic nature of the means of financing and housing production in the country. Certainly, the relaunch of the construction process in the metropolitan area of Bogotá is part of this new phase of the accumulation process for financial-real estate capital. The particularities of this process will be addressed in the third section.