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About 500 homes offered under govt assistance program

About 500 homes have been offered for purchase by the state under the government's NET assistance program for troubled borrowers, business daily Világgazdaság said on Wednesday.

Under the program, the National Asset Manager (NET) is buying foreclosed properties designated by banks and allowing the borrowers to continue to reside in their homes as tenants.

NET had purchased just eight homes by July 25, Econews reported earlier.

Banks could designate up to 2% of homes in their non-performing loan portfolios for sale in Q4 2011. The quota is 3% per quarter in 2012 and 4pc per quarter in 2013. It will rise to 5% in 2014 and end in 2015.

Under an agreement between the government and the Hungarian Banking Association signed last December, NET is to buy 25,000 properties by the end of 2014, purchasing 8,000 in 2012, 7,000 in 2013 and 10,000 in 2014.