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2023-09-18 HF Names Former Bank of Korea Deputy Governor HF Names Former Bank of Korea Deputy Governor Lee Hwan-Seok as Vice President Korea Housing Finance Corporation (HF, CEO Choi Joon-Woo) announced the appointment of Lee Hwan-Seok, former Deputy Governor of the Bank of Korea, as Vice President on September 18, 2023. Lee, the newly appointed Vice President, holds degrees from Yeongdeungpo High School and Yonsei University's Department of Economics and earned his PhD in economics from the University of Illinois. He had worked at the Bank of Korea since 1991, taking on various pivotal roles, including leading the Policy Planning Department, representing the bank in Washington D.C., and serving as Director of the Monetary Policy Committee, Financial Markets Department, and Research Department, before assuming the position of Deputy Governor in March 2020. Leveraging his extensive 32-year experience in policy implementation, as well as financial and monetary affairs at the Bank of Korea, Lee is dedicated to propelling innovation and steering HF toward becoming a more trusted public institution. Attachment> Curriculum Vitae of Vice President Lee Hwan-Seok more
2023-09-06 HF Discusses Current Status of Housing Finance and Its Role in Times of Economic Uncertainty HF Discusses Current Status of Housing Finance and Its Role in Times of Economic Uncertainty - HF holds its 2023 Housing Finance Conference - The conference provides insight into how to stabilize and advance the financial market Korea Housing Finance Corporation (HF, CEO Choi Joon-Woo) announced on September 6, 2023, that it held the 2023 Housing Finance Conference under the theme ‘The Current Status of Housing Finance and the Way Forward’ at the Federation of Korean Industries Hall in Yeouido, Seoul <see the image below>. In his opening statement, HF CEO Choi emphasized, “As a vital player in the nation's financial stability network, HF is committed to proactively aligning with the government's policy for stabilizing financial markets to ensure that any market instability does not adversely impact housing finance. We're also dedicated to providing inclusive housing finance solutions that meet the needs of the public.” He also underscored, “During these times of economic uncertainty, we view today's conference as a valuable platform to advance our housing finance policies, ultimately contributing to the stability and growth of the financial market.” In his congratulatory speech, Secretary-General of the Financial Services Commission Lee Se-hoon stated, “Today's conference will serve as a valuable forum for deliberating strategies to attain housing stability and address diverse housing finance needs from a medium- to long-term perspective. It also offers an opportunity to exchange insights and opinions on the future trajectory of housing finance.” Lee emphasized, “HF should redouble its efforts to enhance the quality of household debt while bolstering housing assistance for low-income households and retirement security for seniors.” He further affirmed, “The government remains fully committed to ensuring that housing finance stands as a steadfast foundation for the well-being of the people.” Growing Importance and Role of Housing Finance Amid Uncertainty in the Global Economy The event featured a keynote speech from Professor Goh Sung-Soo from Konkuk University, who emphasized that housing finance has a pivotal role to play in times of global economic uncertainty. He explained that in such times, the government and related bodies should assess and mitigate risks across sectors, stressing “In times like this, it is even more important to enhance the qualitative structure of household debt using long-term fixed-rate mortgages.” State-Sponsored Mortgages: Advancing Inclusive Finance by Enhancing Housing Welfare for Low-Income and Real Users Session I, themed ‘Reviewing the Role and Soundness of Public Mortgages in the Transition Period of the Housing Market,’ featured insights from Researcher Kim Kwang-Wook from Korea Housing Finance Research Institute. Kim spoke highly of state-sponsored mortgages for advancing inclusive finance by helping non-homeowners and the underprivileged buy their own homes and by improving housing welfare for lower- and middle-class borrowers with reduced repayment burdens. Enhancing MBS Products to Revitalize the MBS Market During Session II, Professor Ahn Se-Ryung from Pukyong National University discussed ‘Revitalizing the MBS Market and Streamlining the Issuance Structure.’ Professor Ahn said, “Since the volume of MBS circulation in the domestic bond market is low, it is necessary to standardize MBS issuance structures, align them with investor preferences, and enhance repurchase accessibility to attract individual investors, thereby invigorating the MBS secondary market.” An HF official said, "We will explore the role and direction of public mortgages based on the various opinions raised through this conference.” <Image Description> On September 6, 2023, HF CEO Choi Joon-Woo delivers his opening remarks at the 2023 Housing Finance Conference held at the Federation of Korean Industries Hall in Yeouido, Seoul, under the theme ‘The Current Status of Housing Finance and the Way Forward.’ more
2023-08-31 HF Launches Special Jeonse Deposit Refund Guarantee for Landlords Amid Lowering Jeonse Prices HF Launches Special Jeonse Deposit Refund Guarantee for Landlords Amid Lowering Jeonse Prices - Landlords can sign up for the Special Refund Guarantee to protect their next tenants from the risk of not having their jeonse deposit refunded Korea Housing Finance Corporation (HF, CEO Choi Joon-Woo) announced on August 31, 2023, that it is launching a special security deposit refund guarantee (“Special Refund Guarantee”). This guarantee is designed to aid landlords in returning the security deposits of subsequent tenants in their homes financed through loans taken under the eased DSR limit*. This July, HF also rolled out a special refund guarantee product dedicated to incoming tenants, ensuring the safe refund of their security deposits as part of its efforts to address the challenges faced by tenants and landlords due to lower joense prices. * A temporary reduction in the debt service ratio cap for home loan applicants who intend to utilize the loan to refund their tenants’ security deposits (July 27, 2023 through July 31, 2024) Landlords with a jeonse refund loan under the eased DSR cap are required to sign up for the Special Refund Guarantee product provided by one of the accredited organizations (HF, HUG, SGI) and pay a guarantee fee. This guarantee product is applicable only to leases that commence up to September 30, 2025, under the temporarily relaxed DSR regulation. In cases where a landlord fails to return the deposit without valid cause at the conclusion of the lease term, the tenant of a property covered by this refund guarantee can expect the deposit to be disbursed by the guarantee agency. Furthermore, while the maximum amount for each HF Special Refund Guarantee remains at KRW 1 billion, the upper cap for each landlord will be raised to KRW 3 billion to provide added protection for tenants engaging in leases with landlords of multiple properties. The Special Refund Guarantee is offered by all three guarantee institutions of HF, HUG, SGI and will also become available at trusted financial institutions, including commercial banks, consecutively once the related IT setup and other necessary preparations are finalized. * Applications for HUG Special Refund Guarantee to be submitted online or at its branches and designated financial institutions, while those for SGI Special Refund Guarantee to be accepted exclusively at its branches An HF official said, “Enabling landlords to apply for the Special Refund Guarantee, previously available only for incoming tenants whose jeonse price has decreased compared to the outgoing tenant, will ease the burden on new tenants and assist landlords in meeting the requirement for the special safety deposit refund program.” ※ Reference 1. How to Sign Up for the HF Special Refund Guarantee Available for Security Deposit Return Loans 2. Q&A more

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