*** The creation of mortgage-backed securities for public markets is the appropriate and effective domain of the GSEs. Deep and liquid markets for mortgages are made using mortgage-backed securities that are held solely by investors rather than the GSEs.
Seong-Tae Lee: Monetary policy in an environment of low inflation Opening address by Mr Seong-Tae Lee, Governor and Chairman of The Bank of Korea, at The Bank of Korea International Conference 2006, Seoul, 16 June 2006.