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- Title
Subprime Housing Goes South: Constructing Securitized Mortgages for the Poor in Mexico.
- Authors
Soederberg, Susanne
- Abstract
Mexico represents the largest market for residential mortgage-backed securitization (RMBS) in Latin America. Despite its significance to questions of development, there has been no critical analysis on the social implications and power dimensions of RMBS with regard to low-income housing in Mexico. This essay fills this gap by demystifying the technical and thus apolitical nature of RMBS as well as by explaining how and why state-sponsored securitization schemes subsidize financial and construction interests in the name of expanding home ownership for the poor. In so doing, the analysis employs a historical materialist approach that, first, places RMBS within the contradictory nature of capital accumulation processes in Mexico and relations of class-based power therein, and second, views RMBS as an integral feature of housing policy that is inextricably linked to the nerve centre of capital accumulation, namely: the credit system.
- Subjects
MEXICO; MORTGAGE-backed securities; LOW-income housing; CREDIT; HARVEY, David; NEOLIBERALISM -- Social aspects; GLOBAL Financial Crisis, 2008-2009; ASSET backed financing; HOME ownership; FINANCE; GOVERNMENT policy
- Publication
Antipode, 2015, Vol 47, Issue 2, p481
- ISSN
0066-4812
- Publication type
Article
- DOI
10.1111/anti.12110