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Hungary national asset manager to help 5,000 mortgaged homes a year

Hungary's National Asset Manager, to be established in the autumn, may buy 5,000 rental homes a year as part of an assistance package for Hungarians with foreign currency-denominated mortgages, National Economy Ministry state secretary Kristóf Szatmáry told Parliament's Consumer Protection Committee on Tuesday.

The government has already discussed in a first reading a draft of the law establishing the asset manager and the National Development Ministry is expected to submit it to Parliament by the end of July, Szatmáry said.

National Economy Minister György Matolcsy on Friday submitted to Parliament legislation that aims to help Hungarians with foreign currency-denominated mortgage loans. The bill fixes the exchange rates on repayments for borrowers and envisions a national asset manager that will buy properties of troubled borrowers and allow them to remain in their homes as renters.

Matolcsy earlier said "a few thousand" homes could be taken over by the assets manager in 2012.