Recent Developments in Mortgage Banking

In our Winter 2005 edition, we discussed the issues to be addressed for the mortgage banking system to develop into a fully-fledged market comparable to European standards. During the past few months, the Capital Markets Board (“CMB”) revised the draft law, proposing amendments to various pieces of legislation including the Execution and Bankruptcy Law, Capital Markets Law, Consumer Protection Law, Corporate Tax Law, Income Tax Law, Expenditure Taxes Law, Fees Law, Stamp Tax Law, Banks Act, Financial Leasing Law and the Law on Regulation of Public Financing and Debt Management to address concerns raised by the relevant authorities, including the Prime Ministry and the Ministry of Industry and Commerce (“Revised Draft Law”).