HF transfers its know-how on mortgage financing and MBS issuance to Thailand
- Date 2016-03-25
- Views 585
- HF holds a forum after signing an MOU with Thailand's SMC -
□ Korea Housing Finance Corporation (HF, CEO Kim Jae-Chun) said on March 25, 2016 that it signed an
memorandum of understanding with Thailand's mortgage lender Secondary Mortgage Corporation (SMC) in
Bangkok, Thailand and held a forum on the development of housing finance markets <see the image below>.
□ HF CEO Kim Jae-Chun held talks with Mr. Somchai Sujjapongse, Permanent Secretary of the Ministry of
Finance of Thailand, Ms. Banthornchome Kaewsa-ard, Advisor to the Fiscal Policy Office of Thailand and
Chairperson of SMC, and Ms. Pornnipa Hachaiphumat, President of SMC, at the SMC headquarters in Bangkok
on the 24th (local time) and agreed to transfer HF's expertise in housing finance, particularly regarding its
reverse mortgage loan JooTaekYeonKeum and MBS issuance.
□ In Thailand, retirees with private pension income live on an average of 18% of their pre-retirement income.
With this low replacement rate, the country has a significant need for a government-sponsored reverse
mortgage program.
□ An HF official said, “We will also work with more countries like Indonesia and Kazakhstan to share our home
financing know-how. We expect that this knowledge transfer will make a significant contribution to the
development of housing finance markets in developing countries in Asia.”
□ Last year, HF took the first step in this knowledge transfer by sharing the role of the Korean-style
JooTaekYeonKeum reverse mortgage scheme and the secret of its success with the Philippines' state-run
National Home Mortgage Finance Corporation (NHMFC).
<Image Description>
HF CEO Kim Jae-Chun (left) poses for a photo with Mr. Somchai Sujjapongse, Permanent Secretary of the Ministry of Finance of Thailand, and SMC President Pornnipa Hachaiphumat after signing an MOU at SMC Headquarters in Bangkok on the afternoon of the 24th (local time).
□ Korea Housing Finance Corporation (HF, CEO Kim Jae-Chun) said on March 25, 2016 that it signed an
memorandum of understanding with Thailand's mortgage lender Secondary Mortgage Corporation (SMC) in
Bangkok, Thailand and held a forum on the development of housing finance markets <see the image below>.
□ HF CEO Kim Jae-Chun held talks with Mr. Somchai Sujjapongse, Permanent Secretary of the Ministry of
Finance of Thailand, Ms. Banthornchome Kaewsa-ard, Advisor to the Fiscal Policy Office of Thailand and
Chairperson of SMC, and Ms. Pornnipa Hachaiphumat, President of SMC, at the SMC headquarters in Bangkok
on the 24th (local time) and agreed to transfer HF's expertise in housing finance, particularly regarding its
reverse mortgage loan JooTaekYeonKeum and MBS issuance.
□ In Thailand, retirees with private pension income live on an average of 18% of their pre-retirement income.
With this low replacement rate, the country has a significant need for a government-sponsored reverse
mortgage program.
□ An HF official said, “We will also work with more countries like Indonesia and Kazakhstan to share our home
financing know-how. We expect that this knowledge transfer will make a significant contribution to the
development of housing finance markets in developing countries in Asia.”
□ Last year, HF took the first step in this knowledge transfer by sharing the role of the Korean-style
JooTaekYeonKeum reverse mortgage scheme and the secret of its success with the Philippines' state-run
National Home Mortgage Finance Corporation (NHMFC).
<Image Description>
HF CEO Kim Jae-Chun (left) poses for a photo with Mr. Somchai Sujjapongse, Permanent Secretary of the Ministry of Finance of Thailand, and SMC President Pornnipa Hachaiphumat after signing an MOU at SMC Headquarters in Bangkok on the afternoon of the 24th (local time).