Long, Slow March

Long, Slow March

Mexico

Build a home, build an asset class.After more than a decade of preparation, Mexico's mortgage-backed securities market is swelling. Mexican authorities first announced plans to issue the securities in late 1991. Before doing so, a host of civil codes had to be altered. Then, in 1994, the Tequila Crisis hit, sending the peso and the country's financial institutions into a tailspin. "It took us 12 years to get the first issuance out," recalls Manuel Campos, vice president and founding partner of Hipotecaria Su Casita, Mexico's largest special purpose lender. "If you analyze the market since 1991, it has been a very slow process." Laws had to be changed to allow for mortgage trading

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