A new phase of securitization in Latin American is beginning, slowly. While cross-border future flow transactions are still the bulk of the region?s asset-backed financing, more and more jurisdictions are laying the legal groundwork to allow a greater level of mortgage-backed financing. Brazil and, especially Mexico, are building up primary and secondary mortgage markets. Colombia, and to a lesser extent Chile, are also developing mortgage markets though neither country has yet logged significant transactions. Argentina was Latin America?s pioneer and leader in this area of finance but the economic crisis has stunted securitization activity.