MADRID -- Changes in Japan's mortgage industry are likely to cause a spurt in mortgage lending and a great deal of price competition, ultimately leading to a shakeup in the the country's mortgage industry, according to Michael Lea, president of Countrywide International Consulting Services.
Lea was speaking on the eve of the EuroCatalyst 2002 conference in Madrid, an effort to find solutions in light of globalization and ensuing difficulties the industry currently faces -- including dilution within the financial services industry.
Asian countries such as South Korea, where the market has been historically repressed, and China, which did not even have a mortgage sector until five years ago, are experiencing rapid growth in this area, but Japan finds itself in a unique situation, Lea said.