| Costa Rica: beaches, volcanoes and securitized mortgages | ||||||
Pity the securitization banker, spending endless days in gloomy Detroit or tedious Wilmington, Delaware, arranging auto loan or credit-card deals. Wouldn’t it be better if asset-backed securities were issued from tropical locations with gorgeous beaches and spectacular volcanoes?
Well now they are. The Central American paradise of Costa Rica has become the latest country to embrace securiti-zation. Two Costa Rican banks have launched the country’s first mortgage-backed bonds.
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