ABSTRACT This article investigates the geographies of subprime urbanization, and by extension, the displacement of 2007–08 financial crisis to the Global South. Previous research examined the formative ways that technological innovations enabled mortgages to deterritorialize and circulate on secondary markets. Less is known about how cities with underdeveloped financial systems and housing markets have been impacted. The case of Tangier, Morocco, is used to argue that the geography of the crisis must be understood as a particular mode of urbanization, subprime urbanization, predicated upon the creation and exploitation of housing submarkets into new geographical frontiers. Subprime urbanization emerged in Tangier in response to the historic contradictions of regional disinvestment in northern Morocco. Weak financial inclusion for local low-income homebuyers led State bureaucrats to increasingly use housing policy to encourage European investment into Moroccan property markets, thereby transforming policy away from improving homeownership access and inclusion toward an urban model centered on the logics of international property speculation.