No matter how you slice it, the Mexican securitization pie swelled to an unprecedented size in 2006. Deals in the domestic market totaled the local currency equivalent of $6.0 billion.

According to Standard & Poor's, excluding a gigantic 2005 collateralization of loans linked to federal bank IPAB, domestic ABS and MBS volumes ballooned about 130% in 2006. What perhaps most stood out last year about this fast-growing market was its resilience in the face of political uncertainty. Contentious elections in early July led the market to pause for only that month; even without a definitive resolution on the vote, pent-up supply spilled back into the market in August. It hasn't let up since.

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