First Mortgage-Backed Securites to debut soon

The Nation reports the Government Saving Bank (GSB) is preparing its first issue of what will be Thailand's first mortgage-backed securites (MBS).This has several implications:

Post-1997, many asian countries had start to use secondary mortgage market, among other measures, to lessen the reliance of the economies on excessive lending, which is one of the key reasons behind the crisis. This was led by Korea and Japan, but many countries had since followed suit.

A good account of MBS can be found in City Research's A Primer on the Secondary Mortgage Market. (There is a downloadable .pdf version)