At the end of December, the International Finance Corporation, the private sector arm of the World Bank, signed an agreement with Titulizadora Colombiana, Colombia’s secondary mortgage market company, and Banco de Crédito, Peru’s main mortgage lender, to establish the new entity, called Titularizadora Peruana.
It will be an independent company focused on acquiring residential mortgage loans and structuring mortgage-backed securities. It has an initial working capital of $3.6 million and the IFC will provide it with a credit line of $50 million to purchase mortgage portfolios.
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