Saudi Real Estate Refinance Company (SRC) has announced that it has entered into an agreement with Ginnie Mae, a US government-owned corporation operating within the Department of Housing and Urban Development, for sharing of policies and regulations in the housing finance sector.
A wholly-owned unit of kingdom’s Public Investment Fund, the SRC said the collaboration was aimed at supporting affordable housing and the mortgage market for citizens in both the US and the Kingdom of Saudi Arabia.
According to SRC, the agreement is a non-legal binding collaboration that will cover three areas. This includes bilateral dialogues with housing finance regulatory and policy agencies, roundtable discussions among experts on policies and financial and counter-party risk management; and professional training/exchange on technical issues related to policy objectives, mortgage securitisation, capital market risk management, real estate finance, and taxation.
In addition to SRC, other institutions in Saudi Arabia will have the opportunity to participate in technical and policy discussions as the agenda takes shape.