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korean Mortgage Backed Securities Market : Trend and Issues

  • Korea Real Estate Review
  • 2007, 17(1), pp.71-85
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

You, Seungdong 1

1University of British Columbia

Candidate

ABSTRACT

This article analyzes the current trend of Korean Mortgage Backed Securities (MBS) market and discusses issues and strategies for the development of the Secondary Mortgage Market (SMM). It suggests the strategy that the SMM is developed in harmony with the road map on the development of the long-term bond market. The article emphasizes the importance of infrastructures for the real estate finance market and the development of an unique business securitization model. For the purpose of attracting more investors in the MBS market, providing sound market information is essential and tax incentives for MBS investors can be considered. In order for encouraging diverse investors to participate in the market, critical is the market where junior tranches of securitized products that currently the originator buys out can be sold to the investor. Also the cross boarder transaction is an option. For the improvement of market liquidity of MBS, the introduction of the professional dealer system can be considered and Korea Securities Dealers Association had better be equipped with a MBS returns reporting system

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