[단독]’It is difficult to assemble thousands of unions nationwide’… A government without even statistics

[‘땅투기 사각지대’ 상호금융]

Loan up to 70% of appraised value is possible

Loose regulations such as DSR 160% applied

There is also no device to prevent purchases for speculation purposes.

Financial Supervisory Service, belatedly investigated

It seems difficult to find out the wrongdoing

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The reason why employees of the Korea Land and Housing Corporation (LH) were able to obtain billions of won loans from North Siheung Nonghyup and others while buying land was because they used mutual finance rather than a highly regulated bank, and the collateral was land, not apartments in the metropolitan area. As such, although land-secured loans through mutual finance are subject to loose regulations, the government is not even aware of the actual situation. There was a hole in the’war against speculation’ while the government’s lending regulations were concentrated in the metropolitan apartments in the banking sector.

◇ Mutual financing in the blind spot of land speculation = Currently, apartments with a KB market price of over 1.5 billion won at commercial banks cannot receive a mortgage loan at all. For houses between 900 million and 1.5 billion won in speculative overheated districts and adjusted areas, 40% of the LTV is applied up to 900 million won, and 20% of LTV is applied to more than 900 million won. When a commercial bank secures a loan of more than 900 million won in a speculative or overheated area, the borrower must not have a total debt repayment ratio (DSR) of more than 40%.

However, land mortgage loans through mutual finance such as the Nonghyup are loans up to 70% of the appraised value. The DSR should not exceed 160% of the total loan average, not by borrower. In the case of farmers, their income is low, so if they take LTV and DSR tightly, the amount of loans they can receive will be drastically reduced, which can increase life’s difficulties. For this reason, loose regulations have been applied to land mortgage loans, which LH employees have abused. Of course, there was no device to filter the land for speculation by the public.

◇The government does not have accurate statistics on land mortgage loans = Despite this situation, the government does not even have specific statistics on land mortgage loans. An official from the financial supervisory authority said, “In the case of mutual financial non-housing real estate mortgage loans, all real estate mortgage loans except for land, commercial buildings, machinery, etc. are included, but the proportion of land is not counted by statistics.” said.

“In the meantime, the need for statistics was low because land prices were unlikely to spread to financial system risk due to a sharp drop in land prices. There are many places, so it is difficult to understand the detailed land mortgage loan amount realistically.” As there are no related statistics, there is no way to immediately detect and look into the signs of abnormalities even if land mortgage loans surge at a specific unit of agricultural cooperatives.

However, as the total amount of non-housing real estate mortgage loans exceeds 250 trillion won, the possibility of spreading to system risk cannot be completely ruled out. Rep. Yoon Chang-hyun said, “Real estate loan regulations are concentrated only on residential real estate such as apartments, and land, buildings, and shopping centers are not properly managed.” .

◇ Financial Supervisory Service “Is it a loan that matches the mutual financial identity?” = The government is planning to investigate whether there was any problem with the loan process. It is a reciprocal financing that induces smooth financing between members by receiving small funds from members and lending them to other members, and the approach is whether it is appropriate to lend billions of won to foreigners.

However, it is a general expectation of the industry that it will be difficult to find out the illegal acts on the specific lending process. An official in the mutual financial sector said, “If there is a problem, the appraisal amount of the land itself is inflated or the income of the borrower is manipulated.” All income is also computerized, so it is unlikely that it was manipulated.” The National Agricultural Cooperative Federation also said, “As a result of self-investigation, it was confirmed that there were no problems in the lending process.”

An official from the financial sector also said, “A financial company can lend it if there is no problem with the collateral and the borrower has the ability to pay the principal and interest. However, there are no penal provisions under the relevant laws,” he said. It is unclear whether the results of the joint investigation will come out soon. In the case of the Nonghyup, the ministries in charge are the Ministry of Agriculture, Forestry and Livestock, the Suhyup is the Ministry of Oceans and Fisheries, the Credit Union is the Financial Services Commission, and the Saemaul Geumgo is the Ministry of Public Administration and Security, so it is necessary to coordinate each ministry.

Financial authorities are planning to include a plan to regulate mutual financial land loans in the household debt management plan later this month, but it is difficult to come up with intensive regulatory measures. An official from the Financial Services Commission said, “If the DSR is unconditionally lowered, the loan limit for ordinary farmers and fishermen will be reduced and damage may occur.” For this reason, it is observed that tweezers countermeasures, such as strengthening the conditions of proof for farmers and fishermen, can be included when obtaining a loan rather than an overall’cutting’.

/ Reporter Lee Tae-gyu [email protected], Reporter Kim Ji-young [email protected]

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