By any measure, RMBS issuance slowed dramatically in Mexico in 2008. In a recent report, Moody's Investors Service estimated volumes hit Ps35.4 billion ($2.4 billion) in 2008, from Ps30.0 billion the previous year. While 18% growth is hardly something to sneeze at, it's a sharp drop in velocity from 2006-2007. Issuance in that more ebullient period rose 61%, according to a report from IXE.

IXE and Moody's have somewhat varied overall figures, but show the same trends.

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