Securitizing residential mortgages have been used effectively to manage mortgage-related risks like interest rate risks, credit risks, funding risks, and sector concentration risks by financial institutions in many Asian countries. However, in Singapore, the development of the residential mortgage-backed securitization (RMBS) market has been slow, despite strong support from the government of Singapore via revising securitization guidelines and making changes to policies that are favorable for RMBS development. Currently, an excess supply of liquidity and a perceived loss in the long-term relationship with the existing mortgagors/clients are the two main barriers to banks securitizing their residential mortgages. Real estate bubbles and excessive lending have been suggested as the contributing causes to the 1997 Asian Financial Crisis by both the International Monetary Fund (IMF) (Collyns and Senhadji, 2000) and academic authors (Quigley, 2001; Krugman, 1988). The high exposure of commercial banks and finance companies to real estate-related loans appears to be connected to the financial and currency market crises in these Asian countries in 1997.