Mexico's bank financing fund FOVI is planning its first $50 million mortgage-backed deal for late this year, despite the considerable hurdles to securitization. And if the plan succeeds, the deal is likely to be Mexico's first mortgage-backed security.

The agency is currently talking to investment banks and the big U.S. mortgage conduits about bringing the first transaction to the local Mexican market. It is also working to get the plan approved by all levels of government.

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