立地效率抵當貸出에 관한 硏究

Abstract

There were a few ways buying house making better places to live and stay where the inside of a cities, to low-middle classes salary mans. Therefore, the government of USA and facilities tried many ways to improve making better housing environment. The LEM is one of methods, not the best but good enough, to make better inside of cities. This study's purpose is looking for implications and applications to Korea's housing environment improvement through a new way of mortgage at the USA which is Location Efficiency Mortgage-LEM. Comparing LEM with SHIFT, I could see the positive side which is helping to give to low-mid class's extra affordability for buying house and negative side, no big difference of buying power via-LEM There are three characters of SHIFT which are estimated by doing Hedonic Pricing Model; the demanding of potential house buyers and some problems of supplying houses and locations of house supplying where is the National Capital region. I searched both possibility of LEM and inappropriateness applying to Korean market. The positive points of LEM are following two points of view. Frist, macro side, LEM is a part of New Urbanism which is anti sprawl of big cities and attracting people into city not suburbs. Second, micro side, LEM is helping people who are low-mid income classes to be a member of community, making housing market more active by giving extra power to buy house, strengthening the function of housing market and finally lowering the risk of mortgage to the lenders. The opponents of LEM insist that there are not good enough factors to giving extra power to buying house to the low-middle class. However, the history of LEM itself at the USA is too short to decide that the LEM is good or bad method. Therefore, when we apply LEM to Korean housing market, it is needed to ameliorate by do searching independent income increasing assumption model of koreans and korean potential buyer's preference presumption, and to watch out the default risk very carefully.