For the last several years, Brazil's main real estate ABS security, the CRI, has often looked like the poor cousin to the FIDC, a popular vehicle that has proved a good fit for a wide range of assets, even real estate.

Lying behind the also-ran status of the CRI, which stands for certificate of real estate receivables, is the fact that local rules and regulations have for a long time either discouraged or remained indifferent to securitization of real estate receivables. In addition, mortgages remain a paltry percentage of the overall economy in comparison with other countries - about 3.5% at last count - and major originators are still not convinced of the benefits of securitization.

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