Korea Mortgage Paper Is Sold

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Korea Mortgage Paper Is Sold

A member of the World Bank Group, International Finance Corporation, bought 54 billion won ($41 million) worth of the 237.7 billion of mortgage-backed securities issued recently by Korea Mortgage Corporation, the Construction Ministry said Thursday.

Korea Mortgage, founded by various financial firms including Kookmin Bank, H&CB, Korea Exchange Bank and Merrill Lynch, issues securities backed by mortgage-backed bonds owned by a state-housing fund. This is the fourth such issuance after 1.28 trillion won worth of the securities was issued in three phases last year.

The proceeds will be used to support construction of small apartment complexes.
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