Last week IMN held its second Securitization in Mexico conference in the country's capital, the Federal District. About 320 people showed up, the same as last year. While conference fatigue and whirligig markets have chipped away at attendance in ABS powwows elsewhere, this one, while looking stunted, has inarguably held up well.

This reflects the market's fair degree of resilience to the credit scares abroad, but the arch-devil of subprime had to be summoned if only to exorcize him. One early panel that took stock of what's happened since the last conference was laced with subprime talk. Mexican market players repeatedly insisted that they're inoculated against the disease in El Norte-and rightly so. Still, there remains a sense that they have to remind themselves why. Here it is: "Mexican mortgages are low-income, but they're not subprime," said an emphatic Eugenio Lopez, head of Mexican structured finance at Fitch Rating.

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