Grinding toward a milestone in Mexico's mortgage sector, Su Casita appears to have hit a small detour.
The originator was understood to be ready to float the private sector's first straight peso RMBS last week when state agency Sociedad Hipotecaria Federal stepped in and requested changes to the structure, according to a market source. This forced Su Casita to delay the issue. The changes, said to be minor, represent SHF's push to standardize the mortgage market - an effort featuring methods that have not endeared the agency to some mortgage players, according to sources. An official at the Sociedad had not returned a call for comment as of press time.