National Home Mortgage Finance Corp. (NHMFC), a government agency in charge of subsidized and low-income housing in the Philippines, is talking to several foreign investment banks about raising funds, either through a bulk sale of its assets or issuing mortgage-backed securities.

Salomon Smith Barney, Lehman Brothers and Goldman Sachs have all expressed interest in tendering an offer for the NHMFC's outstanding loans, according to trade secretary Jose Pardo. "We are planning to liquidate these receivables in order to raise cash for the government for re-lending to housing," he said recently.

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