Banking Association urges expansion of NET home purchases
shutterstock
The Hungarian Banking Association said yesterday that Hungaryʼs National Asset Management Company (NET), established to buy homes on which lenders have foreclosed and allow borrowers to continue to reside in them as tenants, needs to help an additional 15,000 families by the end of 2017, Hungarian news agency MTI reported.
The NET accepted applications for the purchase of 33,500 properties so far, just under its 35,000 quota, business daily Világgazdaság said last week. The NET has closed the purchase of more than 26,000 homes and turned down applications for about 3,600 homes.
The Banking Association, based on data from the National Bank of Hungary (MNB), said that even after the conversion of FX loans to forints there are still 130,000 borrowers with non-performing loans. Of these, some 45,000-50,000 borrowers would require the help of the NET, justifying the expansion of the program.
Hungary Gasoline Prices 3% Over Regional Avg
Gov't Wants Sustainable Business Model for Magyar Posta
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
