Since the mid-1970s, at least six banking crises correlated with housing bubbles. When housing prices reach the peak or fall sharply, financial crises occur. In some places, housing is an economic growth driver and corner stone of social stability. Whilst mortgage finance plays indispensable role financial system stability, regulations provide useful framework in governing the rules of games for many homeowners. Well or poor design of mortgage regulations often affects economy from this perspective. History tells many of the changes in regulations are due to the major economic incidents. In this paper, we aim to study the evolution of mortgage finance regulation in Japan, Hong Kong, China, Korea, Singapore and Thailand.