The notoriously weak mortgage market in Brazil finally looks ready to grow. The first RMBS transaction done by a local bank securitizing its own mortgage portfolio should be the first of many similar transactions.
In August, ABN Amro’s Brazil subsidiary, Sudameris, took the plunge and issued a R$100 million ($51 million) RMBS. This made it the first retail bank to securitize its own portfolio of mortgages. Several RMBS have already been issued in Brazil, although always by real estate developers, not banks.
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