Take a look at Mexico's recent securitization history and you'll see a stream of RMBS but nary a CMBS. Sure, you might stumble on a freak deal from three years ago: a bond backed by mall leases and originated by GICSA. But then you'll notice it's no longer with us, bought back with a loan from GE Capital Bank in July 2005. And since then, nothing.

Whereas bankers have flocked to RMBS's expansive embrace they've stayed away from CMBS. If Mexican residential mortgages are The Queen of LatAm asset classes, the commercial side looks like Pan's Labyrinth.

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