금융의 공공성과 감정평가의 역할

After the financial crisis from the US, the over-heated housing market and the over-expansion of housing loans by the financial institutions have begun to be perceived as the crisis of the financial system as well as the risk threatening the Koreans’ economic sovereignty. Finance implies not only private interests but also strong publicness, in that it forms the public infrastructure of the national economy for the nation’s citizens. In this sense, finance falls into the category of the ‘regulated industry’. That is, the economic democratization as stipulated by the Constitution, Article 119, Paragraph 2 is the most significant constitutional ground for financial supervision and regulation. The financial industry, therefore, needs to focus on protecting the consumers more than any other industries, while realizing the interests of the community by recovering the growth potential of the market economy through forming a sound financial market. The financial crisis caused by the subprime mortgage led the US government to take reformative actions on the over-growth of the financial capitalism. One of the major issues of this financial reform was reinforcement of financial regulation and supervision system, and responsible lending and protection of the financial consumers was another issue. And the recovery of financial publicness through the foregoing means was the major issue. In particular, as the effect of mortgage on the stability of the financial system became the subject of active discussions, one of the most emphasized points in terms of consumer protection was restoring the independent relationship between financial institutions and appraisal in order to suppress bad loans. These agendas came to be included in the Dodd-Frank Act of 2010. As apparent in the US case above, mortgage appraisal implies the potential coincidence of interests between the two stake holders, that is, the financial institutions and debtors. This may pose the problems of undermined neutrality of the appraisal and bad loans in case the financial institutions arbitrarily selects the appraisers or performs appraisals on its own. Nevertheless, the Financial Services Commission is trying to amend the relevant regulations so as to allow the financial institutions to perform its own mortgage appraisals. This policy must not be permitted, as it goes against the historic currents of our time that the financial institutions and appraisal functions must be separated, as proven by the US case above. In addition, in keeping with the role of appraisal stated above, the management/ supervision system must be improved so as to enhance the assessment capability and public ethics of appraisals. To achieve this goal, a grading system needs to be implemented which grades the appraisers in terms of their specialty types, and the appraiser selection system should be improved and legislated. Also, the perfunctory review system for appraisal values must be improved to become an effective apparatus for control. Lastly, it is imperative to enact the “Appraiser Affairs and Real Estate Price Appraisal․Announcemen Act”, which stipulates the professionalism of appraisers and their objective and independent status.