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Korea Mortgage Corporation “KoMoCo”

Korea Mortgage Corporation “KoMoCo”. Washington D.C. March 15, 2001. Objectives. Meeting among : Merrill Lynch, Fannie Mae, MorBanc (M. BeVier), and IFC (J-M Masse / S. Ee / P. Lamoreaux Open exchange of views on lessons learnt so far with KoMoCo - positive and negative

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Korea Mortgage Corporation “KoMoCo”

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  1. Korea Mortgage Corporation“KoMoCo” Washington D.C. March 15, 2001

  2. Objectives • Meeting among : • Merrill Lynch, Fannie Mae, • MorBanc (M. BeVier), and • IFC (J-M Masse / S. Ee / P. Lamoreaux • Open exchange of views on lessons learnt so far with KoMoCo - positive and negative • Experiences so far with Senior Resident Advisors

  3. Specifics • Share MorBanc report on KoMoCo performance • Understand status on ITTA provided by Fannie Mae and planned posting of an expatriate • KoMoCo issued KRW1.2 trillion MBS in 2000 and plans KRW1.8 trillion MBS in 2001 (based on business plan)

  4. Next Steps for IFC • Utilise the US$85 million credit enhancement line - and enhance practices at KoMoCo in doing so • domestic MBS structuring, information memorandum, credit rating, pre-payment risk, timetable, secondary market liquidity in few years, etc. • Provide inputs at Board level • through Michael BeVier

  5. KoMoCo • Securitization of NHF loan portfolio • Good Pdt Lee • Good FTP Future • IPO/KOSDAQ • On its way to become a large company KoMoCo #2 ? • Home mortgage servicing complementing H&CB services/KoMoCo MBS • Training of home mortgage originator staff + implement underwriting criteria • Warehousing of home mortgages prior to sell to KoMoCo for securitization • Shareholders ? NBFI ?

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