Search results for loan extensions
Finance
FSS launches task force on multi-homeowner loans after President Lee raises issue
South Korea\'s Financial Supervisory Service has launched a task force to closely review the status of loans linked to multi-homeowners across financial sectors. The move follows President Lee Jae-myung\'s instruction to consider regulations on extending or refinancing loans for multi-homeowners, saying such loans are not essentially different from new lending. The task force will assess current rules, practices and sector differences, and may consult the Financial Services Commission and the land ministry.
Finance
Household loans rise and multi-homeowner curbs set stage for tighter lending rules
Household lending across South Korea’s financial sector rose by 1.4 trillion won in January, reversing a month-earlier decline, while mortgage lending increased by 3 trillion won. President Lee Jae-myung raised fairness concerns over extending loan maturities for multi-homeowners, prompting regulators to launch inspections and form a joint task force. Authorities are also weighing broader application of debt service ratio rules and will announce this year’s household loan management targets after the Lunar New Year holiday.
Finance
FSC to review loan extension practices for multi-homeowners, hold sector meeting
South Korea\'s Financial Services Commission said on Friday it would closely review the practice of routinely extending loans to people who own multiple homes and would move quickly to take improvement measures. In a statement, the commission said it would hold an inspection meeting with the entire financial sector on Friday to assess the situation and identify needed changes. The move follows comments by President Lee Jae-myung that such financial benefits are unfair.