Abstract
Over the past several decades, a general trend in Asia has been towards encouraging homeownership. As a result, mortgage markets have grown rapidly throughout the region, most remarkably in China and Korea. Along with the expansion of market-based private housing, commercial banks have played an increasingly important role in primary mortgage markets. Moreover, in many Asian economies, government housing finance agencies have played a pivotal role in catering to mortgage finance needs of households and in fostering securitisation. However, the level of housing market developments, the infrastructure of housing finance systems, the range of mortgage products, and the development of securitisation markets differ significantly across countries.
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