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The Reality of Mortgage-Backed Securities and Improvement of MBS Legal System
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주택저당증권(MBS)의 현실과 MBS법제의 개선

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Type
Academic journal
Author
Song, Ho-Shin (한국교통대학교)
Journal
Han Yang Law Association Han Yang Law Review Vol.29 No.1(WN.61) KCI Accredited Journals
Published
2018.2
Pages
27 - 57 (31page)
DOI
10.35227/HYLR.2018.02.29.1.27

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The Reality of Mortgage-Backed Securities and Improvement of MBS Legal System
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Housing and other real estate problems are the most difficult problems for any government. This is because, when the housing market falls, or when overheats, both of them because a great social side effect.
Since 2016, Apartment Prices have risen, especially in the reconstruction market in Gangnam, and this phenomenon has become a crisis that will spread all over Seoul. The new government, which entered the summer of 2017, started with the 6.19 measures and the 8.2 measures poured almost all of the policies related to real estate regulation.
But, It is doubtful whether the current government`s policies will be effective even though the policy reasons are reasonable. Rather, I am afraid that it will only bring back the adverse effect of causing barriers to housing transactions and even cutting off the funding sources of ordinary people who want to buy a house. Through the loans and long-term and low-interest mortgage loans, the purchase of the house to pay for a lifetime is effective. In order to do this, it is essential to form financial capital that will enable long-term housing loans.
MBS is a financing-based housing financing product that enables a long-term and stable supply of housing funds by expanding the financial base. Through the securitization of home mortgage bonds or related rights - that is, the combination of housing assets and securities, or the securitization of rights related to housing - to increase the financing of housing finance.
In recent years, the MBS has been in a slump, rather than a social demand and potential demand for real estate finance capital. And the attention should be paid to the function of the MBS, and at the same time improvement of the MBS related laws in the housing and real estate transaction market should be made.
In order to expand and revitalize MBS supply in Korea, it is necessary to improve the conditions of home mortgage bonds which become MBS basic assets. First, there should be a legal framework to increase the demand for long-term, low-interest fixed-rate installment. If MBS investors increase their investment limits on MBS and MBB, they can increase investment demand of MBS. In addition, deduction of the income tax for the year on the interest repayment of the long-term home mortgage loan can also improve the conditions of the home mortgage bond. In addition, housing that is subject to securitization should be expanded.
Next, the issuer of MBS is Korea Housing Finance Corporation, but the private MBS conditions by private capital should be prepared and the subject of issuance diversified. To this end, it is necessary to re-establish the “Housing Mortgage Securitization Securitization Company Act” abolished in 2015.
Types of MBS include MPTS, MBB, MPTB, and CMO. The structure and system of these MBS types need to be improved. Risk of early forward exchange risk (risk of repayment before maturity) and risk of default and interest rate risk.is occurred. For example, you might consider redesigning the borrower to impose a penalty or a modest redemption fee.
In addition, the price evaluation system should be improved to secure the reliability of the price evaluation of MBS, and monitoring of mortgage loans and risk management should be strengthened.
#주택저당증권 #주택저당채권 #유동화 #자산유동화증권 #기초자산 #주택저당채권지분이체증권 #주택저당채권담보부채권 #주택저당채권원리금이체채권 #다계층주택저당채권담보부채권 #한국주택금융공사 #Mortgage-Backed Securities #Mortgage #Securitization #Asset-Backed Securities #Underlying Assets #Mortgage Pass-THrough Securities #Mortgage-Backed Bond #Mortgage Pay-Through Bond #Collateralized Mortgage Obligation #Korea Housing Finance Corporation

Contents

Ⅰ. 서론
Ⅱ. 「주택저당증권(MBS)」의 현황과 문제
Ⅲ. 「주택저당증권(MBS)」의 의의와 기능
Ⅳ. 「주택저당증권(MBS)」입법의 연혁과 발전과정
Ⅴ. 「주택저당증권(MBS)」발행의 방식과 구조
Ⅵ. 「주택저당증권(MBS)」법제의 개선
Ⅶ. 결어
참고문헌
Abstract

References (34)

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[학술지(정기간행물)] - 고재식 / 2010 / 부동산투자를 위한 자금조달방법의 발전방향에 관한 연구 / 부동산학보 (42) : 127 ~ 148 dbpia [학술지(정기간행물)] - 금융동향센터 / 2016 / 미국 양대 주택금융공사의 합성CDO 발행과 향후과제 / 주간 금융브리프 25 (4) google schola [단행본] - 김병우 / 2010 / 부동산금융론 / 두남 google schola [학술대회논문] - 김성용 / 2008 / MBS, CDO와 투자자의 위험관리 / 국제거래법학회 서울대 금융법센터 공동심포지움 발표 자료 google schola [학술지(정기간행물)] - 김영도 / 2008 / 자산유동화시장의 부진원인과 개선방안 / 주간금융브리프 17 (30) google schola

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