Ruling party leader slams President Lee over 1.77 billion won property mortgage

Song Eon-seok, the floor leader of the People Power Party, sharply criticized President Lee Jae-myung for establishing a 1.77 billion won mortgage (based on the maximum collateral amount) when selling an apartment in Bundang-gu, Seongnam City. Song argued that while legally permissible, the transaction circumvents real estate regulations and fails to acknowledge the struggles of ordinary citizens facing loan restrictions.

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Ordinary people are unable to buy or sell homes because loans are blocked, but President Lee circumvented regulations in his own real estate transaction.

"Ordinary people are unable to buy or sell homes because loans are blocked, but President Lee circumvented regulations in his own real estate transaction," Song stated on Facebook. He contended that President Lee's property deal exemplifies the distorted reality of the real estate market and highlights policy failures. Despite the government's efforts to control housing prices by tightening lending, Song asserted that prices have continued to rise in most parts of Seoul, with apartments exceeding 2 billion won in Gangbuk, making it harder for genuine buyers to enter the market.

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President Lee's property deal exemplifies the distorted reality of the real estate market and highlights policy failures.

Song demanded that President Lee provide a clear explanation to the public about why his transaction differed from the regulations applied to citizens. He also called for an apology for the policy failures that have led to the current real estate market conditions. The opposition leader urged the government to immediately abolish policies that restrict loans for first-time homebuyers, advocating for the normalization of financing for those without property and the implementation of sufficient housing supply measures.

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The government has tightened lending to control housing prices, but the opposite has happened. Most home prices in Seoul have risen, and apartments exceeding 2 billion won have appeared in Gangbuk, making it harder for genuine buyers to enter the market.

According to court registration documents, the apartment, jointly owned by President Lee and his wife Kim Hye-kyung, was sold on July 14, with ownership transferred on July 16 to co-owners in their 50s. Although ownership has transferred, the transaction is not fully complete. The registration shows President Lee and his wife established a mortgage with a maximum collateral amount of 1.77 billion won, with the new owners listed as debtors. This serves as collateral for the remaining payment, which is scheduled for late October. A presidential office official confirmed that the ownership was transferred first due to the buyers' circumstances, and the remaining payment will be received in late October.

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The government should immediately abolish policies that restrict loans for first-time homebuyers, normalize financing for those without property, and prepare sufficient housing supply measures.