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1. Ư¼ö¸ñÀû±â±¸(special purpose vehicle: SPV) ....................................................9
2. ±¸Á¶È­ ±ÝÀ¶°ú ÁÖ¿ä ¹ýÀû ÀïÁ¡ ................................................................9
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7. ½Ã°ø»ç(contractor) .....................................................................................30
8. ±ÝÀ¶±â°ü(financial institutions) .....................................................................30
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2. 乫´ãº¸ºÎÁõ±Ç(Collateralized Debt Obligation: CDO) ....................................391
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4. ÇÕ¼º´ãº¸ºÎÁõ±Ç(Synthetic Collateralized Debt Obligation: Synthetic CDO) ...........397
5. ±¹³» ÇÕ¼ºÀ¯µ¿È­ °Å·¡ ±¸Á¶ÀÇ È°¿ë »ç·Ê ¿¬±¸ .......................................399
Á¦ 2 Àý ¡¸Çѱ¹ÁÖÅñÝÀ¶°ø»ç¹ý¡¹ »óÀÇ ÁÖÅÃÀú´çä±Ç(óðÏí) À¯µ¿È­¸¦ ÀÌ¿ëÇÑ
ºÎµ¿»ê±ÝÀ¶ ....................................................................................................404
¥°. ¿¬ Çõ .........................................................................................................404
¥±. ÁÖÅÃÀú´çÁõ±Ç(MBS) ½ÃÀå ...............................................................................407
1. µÎ ´Ü°èÀÇ ½ÃÀå: ÁÖÅô㺸´ëÃâ ½ÃÀå°ú ÁÖÅÃÀú´çä±Ç(óðÏí) À¯µ¿È­ ½ÃÀå .......407
2. ÁÖÅÃÀú´çä±Ç(óðÏí) À¯µ¿È­ ½ÃÀå: Á¦ 2 Â÷ ½ÃÀå(secondary market) ...............408
¥². ¡¸Çѱ¹ÁÖÅñÝÀ¶°ø»ç¹ý¡¹¿¡ µû¸¥ ÁÖÅÃÀú´çä±ÇÀÇ À¯µ¿È­¸¦ ÀÌ¿ëÇÑ
ºÎµ¿»ê±ÝÀ¶ ......................................................................................................411
1. ¹ý Á¦Á¤ ¸ñÀû ........................................................................................411
2. ¿ë¾îÀÇ Á¤ÀÇ ..........................................................................................411
3. ÁÖÅÃÀú´çä±Ç(óðÏí)ÀÇ À¯µ¿È­ ±¸Á¶ .........................................................412
Á¦ 3 Àý ÀÌÁß»óȯû±¸±ÇºÎä±Ç(Covered Bond)ÀÇ ¹ßÇàÀ» ÅëÇÑ ºÎµ¿»ê ±ÝÀ¶ ........421
¥°. ¿¬ Çõ .........................................................................................................421
¥±. °³³ä ¹× ¹ýÀû ¼º°Ý ..........................................................................................423
¥². ÀϹÝÀû ¿ä°Ç ¹× Ư¡ ......................................................................................424
1. ÀÌÁß»óȯû±¸±ÇºÎä±ÇÀÇ ¿ä°Ç ..............................................................424
2. ³·Àº À§Çè °¡ÁßÄ¡ ..................................................................................426
¥³. ÁÖ¿ä ÇØ¿Ü ÀÔ¹ý·Ê¿Í ½Ã»çÁ¡ ..........................................................................427
1. µ¶ÀÏÀÇ ¡®¹ýÁ¤ ÀÌÁß»óȯû±¸±ÇºÎä±Ç¡¯ ...................................................427
2. ¿µ±¹ÀÇ ±¸Á¶È­ ÀÌÁß»óȯû±¸±ÇºÎä±Ç(Structured Covered Bond)°ú
¹ýÁ¤ ÀÌÁß»óȯû±¸±ÇºÎä±Ç .................................................................431
3. ¹Ì±¹ÀÇ ÁÖÅô㺸´ëÃâ ÀÌÁß»óȯû±¸±ÇºÎä±Ç(Residential Covered Bonds) ....443
4. ÁÖ¿ä EU 5°³±¹ÀÇ ¹ýÁ¤ ÀÌÁß»óȯû±¸±ÇºÎä±Ç ¹ýÁ¦ÀÇ ºñ±³ ..................451
¥´. ÀÌÁß»óȯû±¸±ÇºÎä±Ç(Covered Bond) Á¦µµÀÇ ±¹³» µµÀÔ³íÀÇ .................457
1. ¹ý Á¦Á¤ Àü ±¹³» ±â°üÀÇ ÀÌÁß»óȯû±¸±ÇºÎä±Ç(Covered Bond) ¹ßÇà »ç·Ê .....457
2. ÀÌÁß»óȯû±¸±ÇºÎä±Ç Á¦µµÀÇ ±¹³» µµÀÔ ³íÀÇ ......................................466
¥µ. ¡¸ÀÌÁß»óȯû±¸±ÇºÎ ä±ÇÀÇ ¹ßÇà¿¡ °üÇÑ ¹ý·ü¡¹ÀÇ Á¦Á¤°ú
±× ÁÖ¿ä ³»¿ë ...................................................................................................468
1. Á¦Á¤ ¹è°æ ..............................................................................................468
2. ÀÌÁß»óȯä±Ç¹ýÀÇ °³°ü .........................................................................468
3. ÀÌÁß»óȯû±¸±ÇºÎ ä±ÇÀÇ ¹ßÇà .............................................................469
4. ÀÌÁß»óȯû±¸±ÇºÎ ä±ÇÀÇ µî·Ï .............................................................471
5. ±âÃÊÀÚ»êÁýÇÕÀÇ °ü¸® ............................................................................472
6. ¿ì¼±º¯Á¦±Ç ¹× ÀÌÁß»óȯû±¸±Ç .............................................................474
7. À§Çè°ü¸® ¹× °ø½Ã ..................................................................................477
8. ¹ßÇà±â°üÀÇ Ã¤¹«ÀÚ ±ÝÀ¶Á¤º¸ÀÇ Á¦°ø ....................................................477
9. ºÎ½Ç±ÝÀ¶±â°ü ÁöÁ¤ µî¿¡ °üÇÑ Æ¯·Ê .......................................................478
¥¶. ÀÌÁß»óȯû±¸±ÇºÎä±Ç(Covered Bond)°ú ´Ù¸¥ À¯»ç °³³ä°úÀÇ ºñ±³ ........478
1. ¹«º¸Áõ»çä(unsecured bond) .....................................................................478
2. ÁÖÅÃÀú´çÁõ±Ç(MBS) ................................................................................479
3. ¹ýÁ¤ ÀÌÁß»óȯû±¸±ÇºÎä±Ç°ú À¯µ¿È­Áõ±ÇÀÇ ºñ±³ ................................479
¥·. ¹Ì±¹ÀÇ ºñ¿ì·®ÁÖÅô㺸´ëÃâ(Sub-Prime Mortgage Loan) »çÅÂ¿Í ±ÝÀ¶ À§±â ....481
1. ¹Ì±¹ÀÇ ÁÖÅô㺸´ëÃâ ............................................................................481
2. ºñ¿ì·®ÁÖÅô㺸´ëÃâÀÇ ±¸Á¶ ..................................................................482
3. ºñ¿ì·®ÁÖÅô㺸´ëÃâä±ÇÀÇ À¯µ¿È­ °Å·¡ ±¸Á¶ .......................................483
4. ¡®ºñ¿ì·®ÁÖÅô㺸´ëÃâ »çÅ¡¯ÀÇ ÁÖ¿ä ¿øÀÎ ...............................................484
Á¦ 5 ÀåÁõ±ÇÈ­(Securitization)¸¦ ÅëÇÑ ºÎµ¿»ê±ÝÀ¶(¥±)- ÁýÇÕÅõÀڱⱸ¿Í ºÎµ¿»êÅõÀÚȸ»ç¸¦ ÀÌ¿ëÇÑ ºÎµ¿»ê±ÝÀ¶

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¥°. ÃÑ ¼³ .........................................................................................................491
¥±. ÁýÇÕÅõÀÚ..........................................................................................................492
1. ¼­ ¼³ ..............................................................................................492
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4. ÁýÇÕÅõÀÚ¾÷ ..........................................................................................501
5. ÁýÇÕÅõÀڱⱸ ........................................................................................502
¥². ºÎµ¿»êÁýÇÕÅõÀڱⱸ ......................................................................................503
1. ¼­ ¼³ ..............................................................................................503
2. ºÎµ¿»êÁýÇÕÅõÀڱⱸÀÇ ¼³Á¤(¼³¸³) À¯Çü ..................................................504
3. ÀÚ»ê ¿î¿ë ´ë»ó ......................................................................................507
4. ºÎµ¿»êÁýÇÕÅõÀڱⱸÀÇ Æ¯Â¡ ..................................................................510
5. ºÎµ¿»êÁýÇÕÅõÀڱⱸ °ü·Ã ÁÖ¿ä ÀïÁ¡ .....................................................513
6. ¼¼Á¦ ÇýÅà ..............................................................................................520
7. ÀÏ¹Ý »ç¸ðºÎµ¿»êÁýÇÕÅõÀڱⱸÀÇ Æ¯·Ê ...................................................520
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¥°. °³ ³ä .........................................................................................................522
¥±. ºÎµ¿»êÅõÀÚȸ»çÀÇ À¯Çü ¹× ±¸Á¶ ...................................................................523
1. À¯ Çü ..............................................................................................523
2. ±¸ Á¶ ..............................................................................................528
¥². ºÎµ¿»êÅõÀÚȸ»çÀÇ °ü°è ±â°ü(ȸ»ç) ..............................................................530
1. ¼­ ¼³ ..............................................................................................530
2. Àڻ꺸°ü±â°ü ........................................................................................531
3. ºÎµ¿»êÅõÀÚÀÚ¹®È¸»ç .............................................................................533
4. ÀÚ»ê°ü¸®È¸»ç ........................................................................................535
5. ÀϹݻ繫 µî À§Å¹±â°ü ...........................................................................540
¥³. ºÎµ¿»êÅõÀÚȸ»ç¿¡ ´ëÇÑ ±ÔÁ¦ ³»¿ë ¹× Ư¡ .................................................542
1. ¹ýÀû ¼º°Ý ¹× ÇüÅ .................................................................................542
2. ¼³ ¸³ ..............................................................................................542
3. ¿µ¾÷ Àΰ¡ ¶Ç´Â µî·Ï..............................................................................544
4. ºÎµ¿»êÅõÀÚȸ»çÀÇ ±â°ü: ÁÖÁÖÃÑȸ, ÀÌ»çȸ, °¨»ç ..................................548
5. ÁÖ½Ä ¹ßÇà ..............................................................................................550
6. ÀÚ»êÀÇ ÅõÀÚ ¡¤ ¿î¿ë ¾÷¹« .........................................................................554
7. ÀÚ±Ý Á¶´Þ: ±ÝÀüÂ÷ÀÔ ¹× »çä¹ßÇà Çã¿ë..................................................561
8. ºÎµ¿»ê °³¹ß »ç¾÷ ÅõÀÚ ..........................................................................561
9. ºÎµ¿»êÅõÀÚȸ»çÀÇ °â¾÷ Á¦ÇÑ µîÀÇ ±ÔÁ¦ ................................................562
10. Á¤º¸ÀÇ °ø½Ã Àǹ« ..................................................................................565
11. ºÎµ¿»êÅõÀÚȸ»ç µî¿¡ ´ëÇÑ °¨µ¶ ¡¤ °Ë»ç ..................................................566
12. ºÎµ¿»êÅõÀÚȸ»çÀÇ ÇÕº´ ¹× ÇØ»ê ............................................................569
13. ºÎµ¿»êÅõÀÚȸ»çÀÇ ¼³¸³ µî±â ¹× ÇØ»ê µî±â ...........................................570
14. ³»ºÎÅëÁ¦±âÁØÀÇ Á¦Á¤ ¹× ¿î¿µ ...............................................................571
15. ºÎµ¿»êÅõÀÚȸ»ç ÃâÀÚ(ÅõÀÚ)°ü·Ã °¢Á¾ ¹ý·É»ó ±ÔÁ¦ ..................................573
¥´. ºÎµ¿»êÅõÀÚȸ»ç¿¡ ´ëÇÑ Æ¯·Ê ........................................................................576
1. ±â¾÷±¸Á¶Á¶Á¤ºÎµ¿»êÅõÀÚȸ»ç¿¡ ´ëÇÑ Æ¯·Ê ............................................576
2. °ø¸ðºÎµ¿»êÅõÀÚȸ»ç ¹× ÀÚ»ê°ü¸®È¸»ç¿¡ ´ëÇÑ Æ¯·Ê ...............................577
3. º¸»óÀ» ¸ñÀûÀ¸·Î Á¦°øÇÑ ÅäÁö¿¡ ´ëÇÑ °³¹ß »ç¾÷ ÅõÀÚÀÇ Æ¯·Ê ................578
4. ¼¼Á¦ Ư·Ê ..............................................................................................579
5. »ó¹ý ÀϺΠ±ÔÁ¤ÀÇ Àû¿ë ¹èÁ¦ ..................................................................579
¥µ. ´Ù¸¥ À¯»ç ±â±¸¿ÍÀÇ ºñ±³ ..............................................................................580
1. ºÎµ¿»êÅõÀÚȸ»ç¿Í ºÎµ¿»êÁýÇÕÅõÀڱⱸÀÇ ºñ±³ ...................................580
2. ºÎµ¿»êÅõÀÚȸ»ç¿Í À¯µ¿È­Àü¹®È¸»çÀÇ ºñ±³ ..........................................582
Á¦ 6 ÀåºÎµ¿»ê ÅõÀÚ ¡¤ ±ÝÀ¶ °ü·ÃÁ¶¼¼ Á¦µµ
Á¦ 1 Àý ÃÑ ¼³ .......................................................................................................587
Á¦ 2 Àý ºÎµ¿»êÅõÀÚ °ü·Ã Á¶¼¼ Á¦µµ .........................................................................588
¥°. ºÎµ¿»êÅõÀÚ¿Í Á¶¼¼ .........................................................................................588
¥±. ÁýÇÕÅõÀڱⱸ¸¦ ÀÌ¿ëÇÑ ºÎµ¿»êÅõÀÚ¿Í Á¶¼¼ ................................................588
1. ¼­ ¼³ ..............................................................................................588
2. ºÎµ¿»êÁýÇÕÅõÀڱⱸ(ÅõÀÚ½ÅŹ) °ü·Ã ¼¼Á¦ ................................................589
Á¦ 3 Àý ºÎµ¿»ê±ÝÀ¶ °ü·Ã Á¶¼¼ Á¦µµ .........................................................................595
¥°. ¸í¸ñȸ»ç¿Í ºÎµ¿»ê±ÝÀ¶ .................................................................................595
1. ¸í¸ñȸ»ç¿Í ºÎµ¿»ê±ÝÀ¶ ........................................................................595
2. ¸í¸ñȸ»çÀÇ °ü·Ã¹ý»óÀÇ ÀïÁ¡ .................................................................596
¥±. ¸í¸ñȸ»ç¿Í Á¶¼¼ ÇýÅÃ....................................................................................598
1. ¡¸¹ýÀμ¼¹ý¡¹»óÀÇ Á¶¼¼ ÇýÅà ....................................................................599
2. ¡¸Áö¹æ¼¼Æ¯·ÊÁ¦Çѹý¡¹»óÀÇ Á¶¼¼ÇýÅà .......................................................601
Âü°í¹®Çå ...................................................................................................................602
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