KAMCO Signs Business Agreement with KakaoBank to Support House Poor Recovery

[Asia Economy Reporter Kwangho Lee] Korea Asset Management Corporation (KAMCO) announced on the 15th that it has signed a business agreement with KakaoBank to support the successful recovery of vulnerable and delinquent borrowers, including the house-poor.

This business agreement was prepared to explore cooperation measures between the two institutions to ensure housing stability and economic recovery support for vulnerable and delinquent debtors.

According to the agreement, KAMCO will acquire the claims in case of delinquency on KakaoBank's mortgage loans and provide debt adjustment programs to delinquent borrowers, thereby helping the housing stability and recovery of mortgage loan debtors.

Additionally, the two institutions will promote cooperative projects to support delinquent borrowers who have difficulty repaying loans due to COVID-19 by utilizing KAMCO's public functions such as the post-sale leaseback (S&LB) program improvement and KakaoBank's IT financial infrastructure.

Cheon Jeong-woo, Head of Household Support Division at KAMCO, said, "This agreement is significant as KAMCO's first case of cooperation with a financial platform, preparing support measures for housing-vulnerable groups in anticipation of delinquencies." He added, "We will continue to expand cooperation and innovation to fulfill KAMCO's role as an economic safety net and to overcome COVID-19 and revitalize household economy."