The once mighty real estate sector in Mexico isn't looking so unsinkable anymore. Originators are sticking to issuance plans, but spreads are blowing out. Real estate receivables aren't exhibiting the credit problems pervasive in U.S. subprime, but that apparently hasn't been much comfort to local investors.

Sources say the asset class, despite the relentless campaign by players to differentiate it from its counterpart abroad, is being punished more than other debt sectors in the country.

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