주택저당증권(MBS)의 현실과 MBS법제의 개선

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.