As U.S. policymakers continue to wrestle with mortgage lending rules to determine the right dosage of regulation, South Korean officials are now in the process of relaxing a rule on mortgage lending to buoy their national economy, Bloomberg reported.

The news outlet said the basic framework of the regulation will remain, but South Korean officials intend to carve back on some aspects of the nation's debt-to-income ratio limit. The news comes at a time when the nation is dealing with slower export activity.

South Korea's central bank cut its benchmark interest rate for the first time in three years on July 12.

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