Korea Asset Management Corp. has planned to purchase defaulted mortgages in US. KAMCO which is a state-run asset management company was created to settle bad debts of companies which were rescued by government at the time of Asian Financial crisis in 1997-98.
KAMCO has plans of establishing 1 trillion funds in cooperation with financial institutions & local pension funds for investing in US bad debts. It recently sent a group of official with the aim of examining country's debt market & also meet officials of banks run by ethnic Koreans, mortgage lenders & investment banks in LA, NY & FL.
Saturday, March 22, 2008
KAMCO to purchase defaulted mortgages in US
