The Hong Kong Mortgage Corp. (HKMC) launched its very first mortgage-backed securitization recently - a HK$1 billion ($129 million) issue backed by housing loans originated by Dao Heng Bank.

Under the program, the HKMC will buy about HK$1 billion of residential mortgage loans from Dao Heng and sell the pool to HKMC Funding Corp. (1) Ltd., a bankruptcy-remote special purpose vehicle, which will then issue MBS back to the bank.

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