Small lenders fill niche for Mexican mortgages

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The residential mortgage meltdown in the United States not only has devalued investors' significant assets but it has stymied their ability to create and explore potential future business. New York-based Lehman Brothers Resort Home Lending abruptly ended its four-month entry into the Mexican and Costa Rican mortgage markets even as many destinations in those two countries continue to appreciate and draw second-home, retirement and investment buyers. "While there is a lot of potential there, the international side wasn't even a blip on Lehman's radar," one analyst said. "When you compare it to the overall picture the company had to consider, international mortgages were nothing." According to Bloomberg News, Lehman recently suffered its largest loss in the company's 158-year history. In the third quarter ending Aug. 31, the investment bank reportedly wrote down $5.6 billion in residential and commercial real estate and disclosed a preliminary net loss of $...