Firms may buy bad mort­gages

No­mura pro­poses that port­fo­lio sales by banks be ex­pended to in­clude hous­ing and cor­po­rate loans

Kathimerini English - - I N T E Rv I E W - BY EVGENIA TZORTZI

No­mura, the con­sul­tancy com­pany which has been hired by the gov­ern­ment for ad­vice on bad-loan man­age­ment strat­egy, is propos­ing the sale of non­per­form­ing mort­gage loans to spe­cial funds and debt man­age­ment com­pa­nies, sources have told Kathimerini.

In a press con­fer­ence yesterday, Econ­omy Min­is­ter Gior­gos Stathakis re­sponded to a ques­tion on how much the sale of the mort­gage – or even cor­po­rate – loans to for­eign funds could fetch, he re­it­er­ated “our po­si­tion is that the mat­ter is a sub­ject of ne­go­ti­a­tion.”

How­ever, Kathimerini un­der­stands that the pro­pos­als tabled by No­mura in­clude ex­tend­ing the banks’ ca­pac­ity to sell loans be­yond the con­sumer loans and into mort­gages. A sim­i­lar pro­posal con­cerns cor­po­rate loans, although this is a cat­e­gory that re­quires spe­cial han­dling, par­tic­u­larly for ma­jor en­ter­prises whose fi­nanc­ing in­volves a num­ber of banks.

On the is­sue of the debts of house­holds or small en­ter­prises that are se­cured by homes, No­mura pro­poses the con­ces­sion of their man­age­ment to spe­cial com­pa­nies set up for that pur­pose. Sim­i­lar com­pa­nies have func­tioned well in mar­kets such as Spain, where they have ac­cess to bor­row­ers’ eco­nomic data so as to es­tab­lish their real ca­pac­ity to re­pay their loan. That in­for­ma­tion in­cludes debtors’ prop­er­ties and as­sets in a way that pro­tects their per­sonal data, and fig­ures re­lated to their credit ca­pac­ity.

No­mura has also iden­ti­fied var­i­ous le­gal and tax ob­sta­cles that can ob­struct the pro­ce­dure for bor­row­ers to re­turn their prop­erty to a bank, for in­stance. Among the is­sues that need ad­dress­ing are the prop­erty trans­fer tax, the Sin­gle

1.1373 Prop­erty Tax (ENFIA) and the var­i­ous levies that make man­ag­ing a prop­erty in­ef­fec­tive and non­prof­itable.

Re­gard­ing the ac­tive man­age­ment of debts, those spe­cial-pur­pose com­pa­nies will be co­op­er­at­ing with cer­ti­fied es­tate agency net­works. They will also be able to con­tact the bor­row­ers, which so far only banks and the few cer­ti­fied debt col­lec­tion com­pa­nies have been able to do.

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