Financial Supervisory Service Tackles Jeonse Fraud with Auction and Sales Moratorium
Hello! Welcome to the space-colored pencil blog, where we quickly deliver news of interest. Today's story is about the Financial Supervisory Service's efforts to suspend autonomous auctions and sales related to damages of charter fraud in the financial sector. This topic will certainly pique the interest of former victims and general citizens alike. Let's dive in!
Introduction
Jeonse fraud has been a major issue in South Korea, affecting many people who have been cheated out of their rental deposits. In response, the Financial Supervisory Service (FSS) is working on measures to protect victims of charter fraud by promoting autonomous auctions and postponing sales of residential houses.
FSS's Plan to Suspend Autonomous Auctions and Sales for Over Six Months
The FSS, in cooperation with the financial sector, aims to:
- Suspend autonomous auctions
- Impose a moratorium on the sale of houses belonging to victims of jeonse fraud for more than six months
These actions intend to provide relief to those who have been affected by jeonse fraud.
Implementation of the Plan
To carry out this plan, the FSS will:
- Obtain addresses of houses that have suffered from jeonse fraud from the Ministry of Land, Infrastructure, and Transport
- Send this information to financial institutions that handle housing mortgage loans, such as banks and mutual finance
As a result, financial institutions that dealt with houses damaged by jeonse fraud as collateral will:
- Find out whether or not profits have been lost over the period of the loan
- Determine whether or not the auction is going on
- If the victim wishes, postpone the start of the auction process or, if the auction has already taken place, postpone the sale
In addition, if a financial institution has already sold bonds to a third party, the selling financial institution plans to request cooperation from the purchasing institution to postpone the auction.
The Financial Supervisory Service plans to issue a statement of non-action to the financial industry on the same day so that such financial institutions can promptly take measures to suspend their auctions and sales.
Conclusion
In summary, the Financial Supervisory Service is taking significant steps to protect victims of charter fraud by promoting the suspension of autonomous auctions and the postponement of sales of residential houses in the financial sector. This measure will provide much-needed relief to those affected by jeonse fraud. Thank you for joining us today at the space-colored pencil blog, where we keep you informed on the latest news. Stay tuned for more updates!
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