住宅抵當債權 流動化制度에 관한 硏究

Abstract

A national economic crisis under the IMF situation depending on a foreign exchange crisis a great deal influences over all realms like society and culture, and demands a substantial adjustment of an economic structure. Under such a situation, the housing industry also could not be excluded. In case of the housing industry been excluded in the financial policy so far, a reduction of housing purchasing power and a fast-increased expense of loan according to high-unemployment and reduced-income have shrunk from the housing construction companies, and have enticed a bankruptcy of housing construction companies and a decrease of real estate prices, therefore they get indicated the assets deflation making stagnation accelerated. The low capacity of primary mortgage market necessarily limits the provisions of funds for mortgage loans. It is due to the underdevelopment of the housing finance system, that is, the primary mortgage market is not integrated with the capital market. What one needs now is the development of secondary mortgage market system allowing the expansions of funds by integrating the housing finance market with the capital market. The secondary mortgage market system is operated in many countries. The secondary mortgage market facilities, such as the Fannie Mae, the Freddie Mac and the Ginnie Mae in U.S. and the Cagamas in Malaysia, provide needed funds to the primary mortgage market by issuing the MBS(Mortgage-Backed Security) in the capital market. The existence of the secondary mortgage market facility is necessary for the following reasons ; (i)it may reduce the cost of fund through the economies of sale and proper public trust ; (ii) the issuance of MBS may be facilitated by mitigating the risks of the primary mortgage market institutions and investors, (iii) it may reduce the handling costs of mortgage loans by applying guide-lines and standardization. The bond market in Korea is underdeveloped in the sense that the market is overcrowded with the short-term bonds and the government bonds. The Korean legal system related to the mortgage prevents smooth mortgage transfers. However, the underdevelopment of the bond market can be overcome by issuing the MBS because the M8S is usually long-term security and guarantees the stability and high yield for investors. If we use the trust for mortgages and the registration certificates for liability rights, legal obstacles can be minimal. Considering that the financial system and skills are not developed enough for adopting the U.S. style MBS program operation at the beginning, we can propose the two-stage development plan of the secondary mortgage market operation. At the first stage, secondary market institution buys the mortgages from primary mortgage market institutions and issue the MBB(Mortgage-Backed Bond) as done by the Cagamas in Malaysia. With the development of bond market, financial system and the accumulation of financial skills, we can go into the next stage of issuing the MPTS(Mortgage Pass-Through Security) and the MPTB(Mortgage Pay-Through Bond). At this stage the primary mortgage market institutions may issue the MPTS and MPTB while the secondary market institution provides the guarantee for timely payment of the principal and interest of the MPTS. Through such an enforcement plan, housing financial institutions can achieve the intrinsic purpose of the mortgage bond liquidity system supplying financial sources from assets markets, and investors can get a proper method of investment, consequently they will contribute to the economic safety and development.