Mortgage in Foreign Currency

I recently bought a house and locked in a 30 year fixed rate at 5%. The rate is good relative to historical rates and I'm not complaining. But I was talking to a friend who lives in Hong Kong and he mentioned rates are incredibly low there (around 2%). So I was wondering if it's possible to refinance and borrow HK dollars. Since the HK dollar is pegged to the U.S. dollar, there shouldn't be any currency risk (i.e., my loan principle should remain the same and not fluctuate as it might if the dollar weakened relative to another currency that I had borrowed).

Long story short: has anyone ever heard of getting a foreign currency loan/mortgage? I can't seem to find much info on the web.

Regards

I am an American moving to Germany and probably going to buy a house. I will get a German mortgage payable in Euros, although my pay is in dollars.

The biggest issue with getting a foreign currency mortgage is that the institution providing the mortgage would have to accept the risk of having to repossess a house, in the event of default, in a foreign country.

The reason why most American Banks won't provide me a mortgage is that they are unwilling to accept that risk.

I noticed that the Bank of Scotland offers foreign currency mortgages. I also noticed that the interest rate charged is the interest rate of the currency used; therefore, you should only consider a foreign currency mortgage if the interest rates of that currency or lower than England's. Furthermore, as exchange rates go, it would benefit you more if you expected the pound to strengthen, but I think the expectation that the pound will weaken.