With a $75 million offer of collateralized mortgage obligations (CMOs) ready to hit the local market, The Home Mortgage Bank Trinidad and Tobago's secondary mortgage market institution is cementing its success in creating a profitable secondary mortgage system with a Caribbean flavor.

"People might be inclined to think that in small markets such as ours a vanilla type product would work," said Calder Hart, chief executive officer of the Home Mortgage Bank (HMB) in Port of Spain, Trinidad. "But we got to where we are in terms of size by issuing mortgage-backed bonds. We see a lot more potential with structured mortgage finance, particularly with CMOs, because they allow us to customize and personalize our products to cater to the needs of our investors."

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