우리나라 서민 가구의 주택담보대출 유형 선호에 관한 실증분석

In this paper we explore the determining factors of Korean low- and moderate- income (LMI) households' stated preference of residential mortgage product with respect especially lenders from either private sector or public sector using nationwide survey data from 2004 to 2006 by Kookmin bank. We propose three different econometrics specifications, such as binomial logit, binomial probit, and bivariate binomial probit with sample selection. Distinct from findings for the U.S., Korean LMI households show strong preference for private lenders as a whole against Korea Housing Finance Corporation, where would-be borrowers believe that they can enjoy a wider mortgage product array and a variety of flexible options, and most importantly looser loan underwriting standards with respect to households' income verification requirement. We also test the proposed models's future behavior prediction power using out-of-sample data. Simpler models such as binomial logit and binomial probit shows much better performance compared with more complex specification, that is, bivariate binomial probit with sample selection differing from our common expectation.