Japan's Government Housing Loan Corporation (GHLC), the state-run agency that accounts for over 30% of the country's mortgage origination, is to undergo a major overhaul, scheduled to be completed by the end of the 2006 financial year.

The Home Affairs Ministry is finalizing the details on a plan that will leave GHLC an independent entity, assisting private mortgage providers solely through securitization. At present, GHLC also has sizeable loan portfolios that are not securitized. The Ministry is due to present its proposals in a session of DIET (Japan's national legislature) early next year.

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