Australia considers government-backed mortgage agency

06/18/2008 | CNNMoney

Lawmakers in Australia's Senate have recommended that the government consider creating a mortgage agency backed by the state. The Australian Securitization Forum and Rismark, an investment group specializing in real estate, had separately considered similar proposals earlier this year. The proposed agency, dubbed AussieMac, fell out of favor when a glimmer of optimism returned to the market for residential mortgage-backed securities. The Senate's Select Committee on Housing Affordability, however, revived the idea to weigh whether it "would be beneficial in the Australian market."

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