Last week, Turkey's president Ahmet Necdet Sezer signed a series of mortgage amendments into law. The package aims to stimulate origination and create a secondary market (ASR, 3/5/07). The idea is that either covered bonds or RMBS or a happy mix of both will eventually spring forth from banks craving Turkish lira funds.

Critics contend that the legislation is hostile to borrowers, while market observers note, rightly, that interest rates are still too steep for the new rules to make a difference.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.