The National Assets Management Company will be set up as part of a package of measures to help troubled borrowers concluded between the government and the Hungarian Banking Association, announced on May 30.
The company would coordinate and review the subsidized rental housing program of municipalities, organize rental housing construction and would buy the homes at a reduced price from borrowers who are unable to service their loans and who could stay on as renters.
The third option would be available to the needy, Natran said.
The banks will cancel the debt remaining over the purchase price in one case: if the bank and the client agree to jointly offer the property for sale to the National Assets Management Company, Janos Muller, leading adviser of the banking association told MTI later on Saturday.
The assets manager would buy the properties offered at price below the price at the time of the loan contract. The reduced price would be 55% of the contract-time price in Budapest and in the biggest cities, would be 50% in other towns and would be 35% elsewhere, Muller said, citing the agreement between the association and the government.
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