The U.S. Department of Housing and Urban Development (HUD), a department of the U.S. government, and its equivalent in China, the Ministry of Construction, recently announced an ambitious joint project that will test bthe possibilities of developing a mortgage-backed securities market in China.

The project, which thanks to the difficulties and the potential of China will be one of the most scrutinized programs in the international structured finance market, has excited lots of comment from securitization specialists who have followed the developments of securitization and particularly MBS in China, often with a mixture of hope and despair.

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