Closing Africa’s Mortgage Gap: Rebuilding Housing Finance Systems for an Urban Future (en Inglés) - Frederick Cole

This book provides a clear, systems-level blueprint for fixing Africa’s housing crisis by rebuilding the mortgage and housing finance infrastructure that makes large-scale homeownership possible. Rather than treating housing as a construction or subsidy problem, it reframes the crisis as a failure of financial architecture, and shows how that architecture can be redesigned to work at continental scale. Across Africa, millions of homes are needed, demand is real, and capital exists, yet housing delivery remains slow, expensive, and exclusionary. The missing link is not aspiration or affordability, but the absence of integrated mortgage origination systems that can translate households, land, and projects into financeable assets. Without long-term mortgages, developers build only for cash buyers, banks lend defensively, and cities expand informally. This book explains why those failures persist, and why incremental fixes have not worked. Drawing on firsthand experience in the U.S. mortgage industry and deep engagement with African housing markets, the book examines the structural barriers that prevent housing finance from scaling: short loan tenors, high interest rates, fragmented land systems, weak credit recognition, expensive capital, and disconnected institutions. It shows how these constraints interact to lock out the “missing middle”—teachers, nurses, civil servants, and small business owners who can afford monthly payments but cannot access long-term finance. It will be of interest to researchers and practitioners of housing finance.