Asia had not developed formal systems of mortgage securitization as there have been developed in the US and Europe. Hong Kong had been pressured by individual companies to adopt these systems, but it had not been successful. The government developed a mortgage corporation (HKMC) to develop the market for the mortgage securities. The banks in the market were not so sure if the market in Asia was ready for mortgage securities. The banks and the mortgage bank in Hong Kong faced several risks in the development of the mortgage-backed securities.
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