Arias, Fábrega & Fábrega acted as counsel to La Hipotecaria, the largest mortgage originating company in Panama, in connection with the first securitization of residential mortgages in the U.S. market. 

As counsel to the issuer, we created the structure for the securitization of the mortgages. This securitization structure had been created by the firm for the local market and later on adapted for use by La Hipotecaria in El Salvador. 

This transaction was important because this was the first time that a Panamanian mortgage originator placed this type of paper in the US and international markets.