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HVBJ to start Ft 50 bln mortgage bond program

Mortgage bank HVB Jelzálogbank Zrt (HVBJ) will launch a Ft 50 billion mortgage bond program at the end of November, CEO Gyula Nagy told Econews.

The new program follows another Ft 75 billion program that is just ending. HVBJ specializes in providing mortgage loans to buyers of new homes built with financing from HVBJ's parent, HVB Bank Hungary Zrt, Nagy said. Of course, HVBJ also provides mortgage loans for other home buyers, he added. Nagy noted that changes to the law on mortgage banks will broaden the possibilities for HVBJ, allowing it to offer new products to buyers and improve its market position.
HVBJ's stock of mortgage bonds was Ft 71.619 billion on September 30, Ft 91 million more than at the end of 2005. Including interest, the bonds are worth Ft 92.084 billion. They are covered by collateral worth Ft 108.8 billion, including 92% normal collateral and 8% special collateral.
HVBJ had a 4.6% share of Hungary's mortgage bond market at the end of September.