근저당권부채권의 유동화에 관한 법적 문제 -주택저당채권유동화회사법을 중심으로-

Abstract

1. The 1997 financial crisis and the subsequent prescription of the IMF

rescue loans have introduced vast changes in Korean legal environment. One

noticeable change was the introduction of the Asset-backed Securities(ABS)

designed to speed the recovery from the financial crisis.

The regime for asset securitization was provided by the enactment of the

Asset-backed Securitization Act (hereinafter referred to as the ABS Act) on

September 16 1998 and the Mortgage-backed Securitization Company Act on

January 29 1999. Especially, the latter was designed to promote the

securitization of the mortgage-backed long-term housing loans. Later on

January 2000 both Acts were amended in order to address some of the

practical hurdles identified over the course of their implementation.

Activity in the ABS field has picked up substantially since the enactment of

the ABS Act. Some 380 issues were made to date with a combined value of

107.0833 trillion won, of which 32 issues worth 6.7709 trillion won were

recorded in 1999 and 154 issues at 49.3932 trillion won posted in 2000. Total

ABS issuance during 2001 reached 50.9 trillion won. In terms of the

underlying assets, receivables including bank loans, credit card loans and

corporate account receivables represent the share of total ABS issuance at 41.4

trillion won (81.3%), while marketable securities such as corporate bonds

account for 8.7 trillion won (17%) and real estate collateral account for 881.1

＊ Professor of Law, Seoul National University...