주택저당채권 유동화를 위한 자산운용방안

A Study on The Plan of Asset Management for Mortgage Backed Security

  On the basis of the year 2000, the rapidly increasing household loans in Korea now amount to about 600 trillion won as of the end of September, 2006. Among these, the balance of home mortgage loan recorded about 207 trillion won, clearly indicating that it neared the dangerous level that could significantly damage to housing finance as well as the overall national economy. In response to this, the government established Korea Housing Finance Cooperation (KHFC) in 2004, following the foundation of Komoco in 1999. It is intended to mitigate negative impact on commercial banks caused by bad mortgage loan, and to build sound macro economy. However, up until now, the performance of securitization of home mortgage loan (incl. Komoco) of KHFC failed to attract investors" attention with its low returns so it takes up little in the whole ABS market. Thus, it has a fundamental problem that it can"t respond to negative equity which may be exploded due to bad home mortgage loan when economic changes occur abruptly. Therefore, the study is intended to identify the problem of increasing negative equity that can be shown as a limit of existing securitization of home mortgage loan and to seek new ways for fund management to facilitate investors" participation in the securitization of home mortgage loan through SPC.