Brazilian Mortgage/ Securitization Com. II

inactive

Project Description: The Project consists of a Purchase Facility for the acquisition of collateralized real estate loan obligations ("Cedulas de Credito Imobiliario") (the "CCIs") for their subsequent securitization, fully hedged against foreign exchange risk, both for principal and interest, in the combined amount of US$15.0 million. The purpose of the project is to provide Brazilian Mortgages Companhia Imobiliaria ("BM") access to a facility that will allow, BM, the ability to provide home equity loans to individual homeowners or to originate mortgage loans. This will permit BM to further expand the market for rated mortgage-backed securities in the Brazilian capital markets, as a new long-term investment instrument for institutional investors. As with the existing project, BM will target mainly the middle to lower-income residential segment with average housing price of US$30,000.