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ARCHIVE | Criteria | Structured Finance | ABS: Securitization In Latin America: Securitizing Vacation Homes In Mexico Sep 04
Standard & Poors, Sep 2004
Abstract
An innovative, new cross-border securitization is in the development stage. U.S. lenders and Mexican developers have shown interest in the securitization of mortgages on vacation homes in Mexico. While no such securitizations have occurred to date, Standard & Poor's initial analysis indicates that securities backed by mortgages on Mexican vacation homes can be rated. Lack of sufficient data has precluded Standard & Poor's from developing definitive criteria. However, Standard & Poor's believes that market participants might find it useful to be aware of certain important issues that may arise in such securitizations and the methodology for evaluating them. This new area of financing, in which U.S. mortgage originators would make U.S. dollar-denominated loans to U.S. or Canadian citizens buying coastal...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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