근저당권부 채권의 증권화 실태와 문제점

Abstract

In Korea, there was much talk than done on mortgage securitization. The reason was due to the peculiar Keun Mortgage system existing in Korea and Japan. Keun mortgage secures loans with varying amount again and again during a period (which need not be defined) and the borrowers can borrow more if the collateral value goes up. But due to the fact that lender bank is in the stronger position than borrower, a strange situation resulted in; borrowers create subordinated mortgage and lenders enjoy secured status than unsecured even though the value of the collateral was questionable for repayment of the subordinated debt. This was the reason why a Mortgage Backed Securities was not created in Korea. But after the crisis in 1998, Korean government enacted strong measures to createMBS and hence resolve the credit crunch. The Asset Securitization Law stipulated a special process of Keun Mortgage transfer with transfer tax exemption, and the Court ruled that Keun mortgage of bankrupt debtors are easily transferable. By this measures, huge amount of Korean Keun Mortgages were securitized and helped much of the Korean credit crunch. But due to the abuse of Keun mortgage, American style Commercial Mortgage Backed Securities are not suitable in Korea. Even though there is a case of CMBS on Kukje building mortgage, the debtor is under bankruptcy court supervision hence an extraordinary case. As CMBS was not available, cash hungry debtors turned to securitization of owner-ship of buildings, and lenders recovered money from the securitization proceed of the debtors as outstanding mortgage clearance is the pre condition for ownership securitization. This kind of Credit Lease is easily seen in America. Also in Korea, there is a system of Chunse(Key money deposit), where the tenant pays several years rent in advance and in lump sum. On this receivable, the tenants can secure mortgage from the landlord as well. The tenants securitized these receivables based on the mortgage. This kind of asset and securitization does not exist in America.