住宅抵當債權 流動化制度의 導入效果

Abstract

The MBS is a security that is backed by housing mortgage related cashflow streams. MBS serves the following purposes. 1) Fund-raising by assets sales. 2) Fund-raising by capital market 3) Liquidity risk mitigation 4) Cash flow risk mitigation 5) BIS improvement 6) Capital supply & demand imbalance mitigation 7) Financial cost reduction The MBS instrument may be of the following types. 1) MPTS (Mortgage Pass-Through Security) 2) MBB ( Mortgage Backed Bond) 3) MPTB (Mortgage Pay-through Bond) 4) CMO A recent and important issue is that of mortgage backed securities (MBS), a market which has been allowed by law only in the second half of 1999 (the asset backed market for other assets such as ships has been allowed for some time). The MBS system was derived from the liquidized system and its on reform. MBS Corporation Law was establish on Jan.29th 999, revised on May 24th and allowed the enforcement ordinance on June 30th, 1999 The MBS effect is classified into three large groups. 1) Retail customers and the market. -- It provides them a hedge, LTV improvement, rental house decrease, long term housing market activation. 2) Housing financial institute as liquidity increase & loan expansion. 3) It provides them mortgage liquidity & allows them to increase their loan book.