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Article

Safety in Separation: How Unbundling Emerging Mortgage Markets Benefits Borrowers, Lenders, and MBS Investors

Brigitte Posch
The Journal of Structured Finance Spring 2010, 16 (1) 60-64; DOI: https://doi.org/10.3905/jsf.2010.16.1.060
Brigitte Posch
is an executive vice president and portfolio manager at PIMCO in Newport Beach, CA.
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Abstract

Residential mortgage markets in certain developing nations have grown in sophistication and complexity to the point where they now resemble the U.S. model: Instead of a single financial institution originating, servicing and holding all the risk of a mortgage loan, loan markets in Argentina, Brazil, and Mexico, for example, have begun to “unbundle” these functions. This is yielding benefits for lenders and home borrowers as well as mortgage security investors, as risks are appropriately passed on to end borrowers and new loan products are generated, among other benefits. Yet this evolution is in some cases also creating challenges for these national mortgage markets, including interest-rate, inflation, and foreign-currency risks, as well as legal hurdles for investors. This article surveys the unbundling of emerging-market mortgage markets and establishes a legal and investment framework for creating sound, home-loan and secondary mortgage-security markets.

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The Journal of Structured Finance: 16 (1)
The Journal of Structured Finance
Vol. 16, Issue 1
Spring 2010
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Safety in Separation: How Unbundling Emerging Mortgage Markets Benefits Borrowers, Lenders, and MBS Investors
Brigitte Posch
The Journal of Structured Finance Apr 2010, 16 (1) 60-64; DOI: 10.3905/jsf.2010.16.1.060

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Safety in Separation: How Unbundling Emerging Mortgage Markets Benefits Borrowers, Lenders, and MBS Investors
Brigitte Posch
The Journal of Structured Finance Apr 2010, 16 (1) 60-64; DOI: 10.3905/jsf.2010.16.1.060
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