President Lee questions fairness of extending loans for multiple-home owners, convenes meeting of all financial institutions

[Financial News] The Financial Services Commission (FSC) announced on the 13th that it will swiftly introduce corrective measures regarding the routine extension of loans for multiple-home owners.
In a statement released that day, the FSC said, "We will closely examine the current practice of routinely extending loans for multiple-home owners and the areas that need improvement, and we will act quickly," adding, "To this end, we will hold an inspection meeting today with all financial institutions."
The FSC is expected to first identify and review the status and maturity structure of banks' loans to multiple-home owners, and then present measures to restrict them. Since new mortgage loans for multiple-home owners have already been limited since last year, options under discussion include restricting loans to rental business operators.
President Lee, in a post on X (formerly Twitter) the same day, argued that providing financial benefits such as loan extensions to multiple-home owners is not "fair."
He wrote, "What should we do when existing loans held by multiple-home owners reach maturity?" and continued, "Even for the sake of addressing the national task of stabilizing housing prices, it is problematic to grant financial benefits for the purchase of multiple homes for investment or speculation."
President Lee stressed, "In a democratic society, fairness is the driving force of growth," adding, "As with all administrative affairs, finance must also be just and equitable." He then asked, "We have even reduced capital gains taxes and given them several years of opportunity, yet some multiple-home owners have refused to reduce their holdings. In such a situation, would it be fair to grant only them additional benefits by extending their loans when they mature?"

gogosing@fnnews.com Reporter Park So-hyun Reporter