Merrill Lynch attracted by Central American mortgages

The Merrill Lynch Investment Bank is interested in buying mortgage portfolios in Central America and has made $200 available for this.

Thursday, October 16, 2008

Salvadoran vice minister of Housing, Mabel de Soundy, reported interest has increased in response to the strengthen of mortgages throughout Latin America because these were granted in the local market on solid bases and have a low level of default.
"There are investors that are starting to offer funds to buy mortgages and diminish their crisis. We have to be careful and be pioneers in this topic," said De Soundy, as she met this week with representatives from the housing sector of the UN, through the international financial organization presented their concern to the Salvadoran authorities.

More on this topic

Regional Mortgages and Real Estate

April 2012

After its ratification in El Salvador, the Regional Mortgage treaty still needs to be approved in one more country to come into force.

Salvadoran entrepreneurs welcomed the legislative ratification of the Treaty on Free Movement of Goods and Services, known as the ‘hipoteca centroamericana’ or Central American mortgage.

Mortgage Brokers

May 2009

These agents are intermediaries in mortgage management, obtaining advantages regarding both interest rates and contractual terms for their clients.

During the real estate boom in Panama, these intermediaries—people with good connections in the banking and real estate market—had foreign investors, generally from the U.S., as their main clients, assisting them in the process of obtaining mortgages for properties valued at over $200,000. Now that this type of investment is scarce, mortgage brokers are looking for Venezuelans who are arriving en masse and local clients who need to buy housing.

Regional Mortgage Guarantees

October 2008

Central America and the Dominican Republic are forging ahead with the implementation of a "Central American Mortgage."

This mechanism will facilitate and expand credit access since it will be backed up by mortgage guarantees in any of the Central American countries or the Dominican Republic.

Costa Rica vacation homes hit by crisis

August 2008

The U.S. mortgage crisis has hit Costa Rica's once booming vacation home market, with sales plummeting as Americans who dream of buying a tropical getaway struggle to find financing.

U.S. retirees and vacationers often pay for beach homes along Costa Rica's jungle-fringed beaches by taking out mortgages on their homes in the United States, but trouble in the banking sector has made that more difficult, realtors say.

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