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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

Korea Mortgage Corporation“KoMoCo”

Washington D.C.

March 15, 2001

slide2

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
slide3

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)
slide4

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
slide5

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 ?