Finance companies are flocking to Mexico to take advantage of the billions of dollars in nonperforming assets left there in the wake of the peso's devaluation.

Most recently, Amresco Mexico, Mexico City, a unit of Amresco Inc., Dallas, outbid Goldman Sachs & Co., Lehman Bros., and others for the servicing rights on a $341 million portfolio of commercial and industrial loans originated by the former Banco del Oriente. Amresco paid $9 million for the rights and will receive a management fee and a portion of the recoveries.

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