Cagamas inks MoU with Korea Housing Finance Corp to promote homeownership

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KUALA LUMPUR (April 2): Cagamas Bhd has inked a memorandum of understanding (MoU) with Korea Housing Finance Corp (KHFC) to explore housing financing methods to further promote homeownership in Malaysia and Korea.

Cagamas signed the MoU with KHFC at the Constructing and Financing Affordable Housing across Asia conference today, and it was witnessed by Housing and Local Government Minister Zuraida Kamaruddin.

The MoU will look at sharing information and experience in housing finance, mortgage and financial instruments between Malaysia and Korea.

This is expected to enhance the stability of the housing and mortgage markets and mortgage-backed securities (MBS) and other private funding instruments to leverage private capital to the housing market.

Cagamas president and chief executive officer (CEO) Datuk Chung Chee Leong said the MoU marks an important milestone in the collaboration between Cagamas and KHFC, and welcomes the development to further enhance strategic ties between Malaysia and Korea.

"This initiative is in line with both institutions' mandate to develop the secondary finance market," said Chung.

KHFC chairman and CEO Lee Junghwan said by signing the MoU, both institutions pledged to promote bilateral cooperation in a wide range of areas.

"This includes the exchange of know-how on housing policies, holding joint conferences, sharing expertise in housing finance and secondary mortgage market, in addition to exploring joint business opportunities," said Lee.