SECURITIZATION OF HOUSING AND FINANCIALIZATION OF THE CITY IN BRAZIL

Abstract With the promulgation of the Real Estate Finance System (REFS) in 1997, the sociotechnical mechanisms needed to develop real estate securitization in Brazil started to be created, particularly the Certificates of Real Estate Receivables (RERCs). Their use, dissemination, and main agents are analyzed in this text, searching for a deeper understanding of the connections between real estate and finance in Brazil. Thus, the objectives of this work are on the one hand to analyze the trajectory and specificities of the financialization process of housing in particular and cities in Brazil and to understand the RERCs' contribution to the expansion and intensification of housing financialization processes on the other. The analysis focuses, in a critical perspective, on two specific agents presenting their shares on the securitization market: the Caixa Econômica Federal (CEF), the largest supplier of credit for housing in Brazil, and MRV Engenharia S/A, one of the largest Brazilian construction companies and real estate developers. The transformations emerging from their actions have resulted in the creation of a unique financialization and securitization model, which involves the expansion of the process to cities of different sizes and residential properties of different values and the strong presence of the State, sharply underscoring residential real estate financialization trends and the production of urban space in Brazil.

摘要 随着1997年《房地产金融体系（Real Estate Finance System, REFS）》的颁布，巴西发展房地产证券化所需的社会技术机制开始逐步构建，其中尤以房地产应收款凭证（Certificates of Real Estate Receivables, RERCs）的相关机制最为关键。本文对该凭证的应用场景、推广路径与主要参与主体展开分析，旨在深入厘清巴西房地产与金融领域的关联脉络。据此，本研究的核心目标分为两点：其一，系统剖析巴西住房乃至城市领域金融化进程的发展轨迹与专属特征；其二，探究房地产应收款凭证对住房金融化进程的扩张与深化所产生的推动作用。本分析以批判视角聚焦于巴西证券化市场中的两类核心参与主体：作为巴西最大住房信贷供应商的巴西联邦储蓄银行（Caixa Econômica Federal, CEF），以及巴西顶尖建筑与房地产开发企业之一的MRV工程股份有限公司（MRV Engenharia S/A）。二者的业务实践所催生的行业变革，最终形成了一种独具本土特色的金融化与证券化模式：该模式将相关进程拓展至不同规模的城市与不同价位的住宅物业，同时国家力量深度介入其中，这一特征极大凸显了巴西住宅房地产金融化的发展趋势，以及其城市空间生产的内在逻辑。