It's news to no one who follows Mexican ABS that while credit markets have soured across the board, they've grown especially leery of deals collateralizing assets originated by non-bank housing finance companies called Sofols.

With steep short-term maturities due, and slower amortizations on the construction loan side, a number of Sofols are struggling. And they're finding they have to pay heavy spreads to place deals backed by mortgages and construction loans.

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