Mexican players say the first-ever MBS issued jointly in early December by housing finance companies GMAC Hipotecaria and Su Casita opens the door for smaller originators to similarly pair up. "I think we're going to see some couplings next year," said one Mexico City-based banker. "It makes the most sense for the smaller [lenders]."

In the Su Casita/GMAC deal, the former contributed 71% to the pool, the latter, 29%. GMAC is at the scrawnier end of the group of housing finance companies known as Sofoles. Prior to that transaction, heavyweights such as Credito y Casa, Hipotecaria Nacional and Su Casita had dominated issuance of structured transactions, with the asset class being bridge loans for construction.

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