Talk is circulating that Turkey's Finansbank has awarded Merrill Lynch a mandate for an RMBS which could turn out to be the country's first. The bank issued a $500 million, seven-year deal backed by diversified payment rights in March of last year via Merrill.

A draft mortgage law submitted to the Turkish parliament in Nov. 2005 has stirred discussion about the outlook for the mortgage market in Turkey, which is deeply underdeveloped, according to a recent report by Standard & Poor's.

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