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Saudi Arabia's first mortgage-refinancing firm has started approaching banks to buy their mortgage portfolios as the state tries to boost lending for homes.The state-run company, created to develop a secondary market for home loans, will have 5 billion riyals ($1.3 billion) of its own capital and will work with the government's Real Estate Development Fund to invest another 5 billion riyals buying mortgage portfolios, Housing Minister Majed al-Hogail told reporters in Riyadh Wednesday.
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