住宅抵當債權 流動化에 관한 硏究

Abstract

There has been no steady housing finance in Korea during past 30 years despite of a sudden increase of housing demand resulted from rapid economic growth and urbanization. The housing investment priority was low and housing finance volume in comparison with GDP does not hit the half of it in advanced countries. The housing finance rate contrasted with its price is only 30%. But recently housing financial market changes rapidly. For example, the mortgage backed securities system introduced in 1998 will alter many things. Until now, domestic housing finance's problems are the low rate of loan contrasted with housing price, weak loan system of commercial banks, semi compulsory fund making, vague differences between public and commercial finance and big portion of informal finances like deposit money for the lease of houses and pre-selling system. The domestic housing financial sources depend on short-term money mainly and has no relation with capital market. It is difficult for banks to deal with 1-3 year moneys as long-term, morn than 10 years, housing funds because of floating danger. To solve these problems, fixed mortgage loan should be floatable and activated and housing finance must be larger. So, this thesis understanded the importance of MBS, recently inducted, and compared with other countries' system. Namely it aims to suggest a activating solution suitable for Korea by clarifying the problems from the MBS in terms of law and system. Government made' company law floating mortgage backed securities'(1999. 1. 29). Which is to float MBS using professional mediation agencies. The introduction of floating system since IMF's relief fund supply is said to treat junk bond of banks and induct foreign capitals for overseas currencies. So, whole system was inducted instead of MBS related laws. It seems difficult to expect good results unless law problems and systematic defects are solved. This thesis attempted to the solution for these problems in terms of law. Because of the actual difficulties of this system's activation, the practice of this good system must not be delayed. Fortunately the practice of this system is just around coner owing to bond rate's low stabilization, government's establishment of broker facilities and activating housing part. MBS system is basically for financial institutions management efficiency of assets and danger and expanding money sources. For the real housing finance of customers, every participants should escape from the excessive optimism. Banks have to manage and absorb the danger from housing finance managing assets and debts efficiently because they treat it as long term financing. It is urgent to develop standard housing loan merchandises for the floating mortgage backed securities. Housing finance system can't be advanced in a day. Every participants in the market should get accustomed to the new paradigm with patience.