When America's proverbial nipple is dried up from too much milking, what do you do? If you're Citigroup, you head to Korea.



Asset Backed Alert is reporting that Citigroup is currently assembling a $500 million mortgage securitization with the underlier being Korean mortgages. Mortgage activity in Korea is apparently on the rise, making the deal lucrative to investors.



Asset Backed Alert claims the pools of mortgages will be provided by the state run Korean Housing Finance Corp., Kookmin Bank and Shinhan Bank.