Banking Association urges expansion of NET home purchases

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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. 

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