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This thesis analyzes the prospects for securitization of real estate assets in Brazil. Brazilian real estate securitization is in its infancy. The economical importance of the country, its relatively well-developed financial markets, the globalization of capital markets, and the increasing demand for real estate securities, however, argues for the advancement of real estate securitization in Brazil. Real estate operations have been financed with debt and equity securities over the last years. On the debt side, the S.F.I.(Sistema Financeiro Imobiliario), an initiative designed to parallel the mortgage backed securities model in the U.S., is intended to broaden the supply of real estate financing in Brazil and to create a secondary mortgage market. Residential, industrial, commercial and other kinds of real estate loans will serve as collateral. One or more public issuers will buy and package mortgages to issue securities, as Fannie Mae and Freddie Mac do in the U.S.. The Brazilian government is not expected to provide subsidies or guarantees. Standardization and enhancement of legal guarantees on collateral are crucial concerns present in the S.F.I., under approval at the Federa