The regulatory frameworks on the granting of subsidies to housing demand and on the operation of mortgage markets in Colombia have generated an institutional environment conducive to the configuration of housing financialization dynamics. In this sense, this article develops an analysis of the main normative and legal transformations linked both to the expansion and adjustment of the demand subsidy model to the policy guidelines emanating from international organizations, and to the opening of the housing sector to the logics of capital markets through portfolio securitization and the configuration of real estate capital funds. It is argued that this framework of action is aimed at expanding the frontiers of the economy of indebtedness, thus allowing large national and international corporations to increase their profit margins. It is concluded that with the consent of the State, the investment funds that participate in the country's capital market, among which the Pension and Severance Fund Administrators (AFP) stand out, have found in the housing market, particularly in the social interest housing market, a space of opportunities to valorize their investments.