미국 서브프라임 모기지 부실위기의 원인과 파급경로 = The Mortgage Market and Subprime Mortgage Crisis in U.S

국문 초록 (Abstract)

이 글은 서브프라임 모기지 부실위기의 구조적 원인이 어디에 있으며, 어떠한 경로를 통해 축적, 확장되었는지를 고찰한다. 서브프라임 모기지 시장이 급성장할 수 있었던 원인으로서 특히 자산증권화에 주목한다. 서브프라임 모기지가 갖고 있는 대출과정의 약탈적 성격에도 불구하고 이를 기초자산으로 한 증권화의 과정에서 적절한 신용보강 및 신용평가가 이루어지지 못함으로써 신용리스크가 고도로 집중되고 불완전한 리스크 이전에 의하여 손실의 책임소재가 불명확해지는 과정에 대한 현상적 규명에 중점을 두었다. 서브프라임 모기지 부실위기는 증권화의 논리에 따라 자본시장에 큰 파급효과를 미쳤을 뿐만 아니라, 주택자산시장의 위축을 통해 장기적으로는 프라임 모기지 시장에도 부정적 영향을 미칠 것으로 보인다. 고도의 리스크를 내포한 서브프라임 모기지의 과도한 증권화가 가능할 수 있었던 것은 이들 파생상품에 대한 시장수요를 뒷받침하는 금융환경으로서 저금리와 과잉유동성의 문제가 있다. 서브프라임 모기지 부실위기를 계기로 자본시장 전반에 대한 시장규율 및 감독체계의 재검토가 필요할 것이다.

다국어 초록 (Multilingual Abstract)

This paper seeks to analyze the recent trends in the U.S residential mortgage market, particularly the sub-prime sector and to provide an overview of the default crisis, along with an explanation of how it was originated and accumulated. The sub-prime mortgage market has experienced unprecedented growth during the past several years, with a rapid rising of housing prices and additional liquidity provided through the increased securitization of mortgages. The secondary mortgage market clearly played an indispensable role in the rapid growth of the sub-prime mortgage market, as over liquidity in the capital market and innovative financing methods led to growth in sub-prime mortgage originations, and excess demand for mortgage related derivatives, such as sub-prime MBS and CDOs. Although these instruments improved the affordability of the low-income households for home ownership, they also carried risks or greater multiplied risks which were not properly managed and diversified because of the predatory lending practice, the structural complexity of securitization and incomplete risk transfer. Most important is re-establishing market discipline in mortgage market.

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