Managing housing loan risk

Mortgage-backed securities

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Recently, the Japanese government has discovered the benefits of securitisation as a risk management and funding tool. Coupled with the political movement to restructure the government agencies and its investment and loan (Zaito) programme, the government is encouraging the use of securitisation. At the forefront of this trend is the Government Housing Loan Corporation (GHLC), a 100% government-owned entity established in 1950 to support the housing market in Japan.

Historically, GH

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