With Mexican peso ABS in ascendance and cross-border Latin America offering scant innovation, it was only natural that the region's deal of the year would turn out to be domestic. The distinction goes to the country's debut RMBS, which paired originators Su Casita and GMAC-RFC's local mortgage lending branch and closed in December 2003, within the timeframe eligible for the award.

The transaction signaled what appeared to be an auspicious start to a hot market for real-estate Sofols - as special purpose financing companies in Mexico are known. Since then, issuance has lost traction, owing to M&A activity that has effectively plucked the choicest Sofols out of the market by offering cheaper funding via new parent companies. But even that recent damper on activity couldn't undermine the significance of the country's first genuine mortgage-backed security.

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