Since its creation in 1997, Brazil's first and only securitization company, Companhia Brasileria de Securitizacao (Cibrasec), was designed to be the catalyst for the country's mortgage market.

Fashioned after such successful models as Fannie Mae, and with major players such as ABN Amro, Citibank and the International Finance Corp. (IFC) among its controlling partners, Cibrasec seemed destined for success.

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