This article examines the current state of the Mexican housing finance market, a market characterized by high real interest rates and a severe deficit in the housing stock. It describes the institutional structure of the Mexican housing finance markets. Obstacles to the free flow of capital into the market and the high relative risks encountered within the market are noted, as is the relative lack of competition in the banking system. The article also considers prospects for the expansion of capital via securitization and observes impediments that restrict the development of mortgage securitization in Mexico. There remain in Mexico severe impediments to the securitization of mortgage credits, but these impediments are surmountable. The worst relate to the infrastructure of the credit markets. Other limitations of the market can be, or are being, overcome.