Thanks to its tradition of political stability, lack of formal military forces, and relatively equitable income distribution Costa Rica has gained a reputation for being an oasis of calm in the midst of turbulent neighbors.

Yet, despite this comparatively positive outlook, securitization efforts remain sketchy. "Ours is a very incipient market," said Marco Quintana, financial director at Banco Banex. "MBS deals are being promoted by the government as a way to activate the housing industry but there are many hurdles in the way."

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