Emerging market pros are familiar with the fear of contagion. In the case of Mexico, it might seem only natural that U.S. subprime anxiety would cross the Rio Grande. But so far, the spillover effect has been nil.

Most RMBS deals from Mexico are originated by nonbank housing finance companies known as Sofols. Examining them with the lens of income, Sofols' customers look by and large subprime, sources said. But putting them side by side with subprime borrowers in the U.S. is basically an apples-to-oranges comparison.

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