BUILDING MORTGAGE SECURITISATION

摘要

As the volume of Mongolia's 8% rate mortgages swelled, the government and local banks set up the Mongolian Mortgage Corporation (MIK) in 2013 to create a local secondary mortgage market. This has helped banks build liquidity and offload the mortgages' asset risk on to MIK. MIK's role is to buy 8% mortgages from commercial banks and sell them on as residential mortgage-backed securities (RMBS) mainly to the government, since these notes carry a coupon that is below market rate, according to Gantugs Damdin, CEO at MIK.