Bangkok--18 Feb--Secondary Mortgage Corporation
As part of an aggressive strategy, Secondary Mortgage Corporation (SMC) has further strengthened its relationship with Japan Housing Finance Agency (JHF) by singing a Memorandum of Cooperation (MOC) to develop the secondary mortgage markets in Thailand to be at par with the international standards at the JHF Office in Tokyo, Japan on February 18, 2014.
Mrs. Pornnipa Hachaiyaphum, SMC President said signing of the MOC on secondary mortgage markets development between JHF and SMC reflected a further step of collaboration with the JHF following the Secondary Mortgage Markets : Asia Forum 2013, held in Bangkok July 2013, in which JHF President Mr. Shinya Shishido delivered a speech and shared his MBS experience, successful in Japan with forum attendees, who were local and foreign financial institutions, property developers, investors, educational institutions and mass media. They were all interested in the mechanisms of secondary mortgage markets, which was very successful in Japan.
The MOC signing today would bring great benefits to both parties – experience sharing, joint studies, research and development of MBS and other instruments. JHF has a business model of secondary mortgage markets similar to Thailand in addition to advanced technology and products that really meet public demand, for example, a mortgage loan with fixed interest for 35 years or “F35”. That will reduce risks for housing payment when the interest rates fluctuate. F35 is originated by mortgage banks as well as depository institutions, approved by JHF. Another product, Mortgage Insurance, that complements the credit system, upgrades the quality of life of the people and strengthens bilateral relationship.