모기지거래에 대한 미국 금융감독기관의 규제⋅감독상의 제문제
Lesson from the Supervisory Regulation of Mortgage Lenders under the Dual Banking System in U. S.
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Abstract
The financial crisis in the U.S. beginning from subprime mortgage crisis, is giving an exorbitant change to the whole world economy. During the housing boom, the hybrid subprime ARMs, interest-only mortgages, and option payment ARMs captured a growing part of the market. The explosion of nontraditional mortgage lending was timed to maintain securitization deal flows after traditional refinancing weakened in 2003. In the United States, the home mortgage lending industry operates under a fragmented regulatory structures which varies according to entity. Dual regulation and the resulting crazy quilt of laws encouraged lenders to shop for the lightest rules. In turn, this pressured regulators to weaken their standards and to relax enforcement of safety and soundness and consumer protection laws. Casting underwriting standards to the wind in a seemingly obscure corner of the consumer credit market ended up triggering a global recession. This paper attempt to analyze the lax supervisory standards for mortgage lenders, which were a leading cause of today's credit crisis and recession in U. S. In conclusion, this paper propose the transferring consumer protection responsibilities in the area of consumer credit from the korean banking regulators FSS(Financial Supervisory Services) to an entity, dedicated agency whose sole mission is consumer protection. This step is essential, because banking regulators have routinely sacrificed consumer protection for short-term profitability of banks.
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