As the subprime debacle keeps picking off victims in the U.S. and, more recently, the U.K., the question of Latin America's vulnerability won't go away. But for the region's domestic RMBS, the prevailing view hasn't changed much in a few months.

In countries such as Mexico, Argentina and Chile, players insist that RMBS is an entirely different animal from subprime-backed deals and that the main real estate markets have little in common with the bubbles that dotted the U.S. and parts of Europe.

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