□ The Korea Housing Finance Corporation (CEO: Chung Hong Shik) initiated the "Mortgage Loan Purchase & Holding System" on January 21 to provide more flexibility in adjusting the schedule and volume of issuance of Mortgage Backed Securities (MBS). ◦ Under the new system, KHFC has the discretion to determine the date and volume of securities to be issued as far as market conditions allow: KHFC may now hold mortgages for a given period of time instead of issuing MBS simultaneously upon the purchase of mortgages. ◦ KHFC will not directly liquidate the 450 billion won in mortgages purchased in January from 12 finance companies including KB, and instead plans to issue the necessary MBS in February. □ KHFC may now engage in 'simultaneous issuance' or 'issuance after a holding period' as it sees fit depending on market conditions. ◦ Regardless of the new system, however, KHFC plans to adhere to its principle of monthly MBS issuance as much as possible.