[2026 National Assembly Audit] Lee Eogweon: "600 Million Won Mortgage Cap Curbed Home Price Rises"... On Financial-Sector Hacks: "Even Basic Responses Are Inadequate"

"If we hadn't introduced the loan regulations, it would have been worse"

Financial Services Commission Chairman Lee Eog-weon said on Oct. 8 that the lending restriction capping mortgage loans at 600 million won had helped curb rising home prices.

Financial Services Commission Chairman Lee Eog-weon answers lawmakers' questions during a parliamentary audit of the Financial Services Commission and other agencies at the National Assembly on Oct. 8, 2026. Photo by Yoon Dongju.

During a parliamentary audit of the Financial Services Commission and other agencies by the National Assembly's Political Affairs Committee that day, Lee was asked about continued increases in apartment prices in Seoul despite stringent lending restrictions. He replied, "It probably would have been even worse if we hadn't done that." He added, "At the time, high-priced homes in the Gangnam area were driving the overall rise in home prices," and said, "Most people believe the measure [capping loans at 600 million won] was effective."

He also stressed the government's commitment to expanding housing supply to stabilize the market. "We are focusing on supply," Lee said. "We will rapidly expand supply to stabilize the market."

Regarding a series of recent hacking incidents involving the use of artificial intelligence (AI) in the financial sector, Lee acknowledged that the sector's security response systems were inadequate.

"Our response methods are seriously inadequate, even in very basic areas," he said. "We will need to thoroughly review and improve these areas."

On easing network separation regulations in the financial sector to enable the use of AI for security, Lee reaffirmed plans for phased regulatory improvements.

"The only way to stop AI [attacks] is ultimately to use AI," he said. "We are examining phased and effective ways to revise network separation regulations."

This content was produced with the assistance of AI translation services.