For monolines in Mexico, the rules of the game have changed. Last month, FSA, and shortly thereafter MBIA, announced that they had secured licenses to provide wraps locally.

Prior to that, FSA and MBIA - like others in the field - had to receive an exemption from regulators to insure public deals, which required them essentially to prove they were providing a product that was not being supplied by Mexican operators. But now that they have their licenses, FSA and MBIA are those Mexican operators.

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