GMAC Financiera recently closed a deal with the International Finance Corp recently that will lend traction to the secondary-mortgage market coming to life in Mexico. Out of a total financing by the IFC of $115 million, a revolving credit line for $65 million can be used to fund GMAC's RMBS warehousing conduit, the first of its kind in the country. "It's important to find players that are willing to foster a secondary market in Mexico," said Jose Landa, managing director of GMAC-RFC in that country. GMAC Financiera has already purchased mortgages from other originators for securitization, backing one deal last year with loans from six fellow originators and another with loans generated entirely by Hipotecaria Nacional.

The IFC, for its part, is keen to strengthen this area. "We see this as a critical time to spur the development of the secondary mortgage market," said James Scriven, head of new business in Latin America at IFC's global financial markets division.

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