Den­mark races to pre­vent fore­clo­sures

The Pak Banker - - INTERNATIONAL BUSINESS/SPORTS -

Rep­re­sen­ta­tives from Den­mark's mort­gage in­dus­try are meet­ing with the government to­day in the hope of eas­ing re­pay­ment terms on in­ter­est-only loans that threaten to un­leash a wave of fore­clo­sures this year.

The As­so­ci­a­tion of Dan­ish Mort­gage Banks and the Mort­gage Bankers' Fed­er­a­tion are due to start talks with Busi­ness Min­is­ter An­nette Vil­helm­sen to de­cide how to treat bor­row­ers who won't be able to af­ford the in­ter­est-only loans they took out a decade ago once amor­ti­za­tion re­quire­ments kick in this year.

Bor­row­ers are also strug­gling as a deep­en­ing prop­erty slump drives house prices down to 2005 lev­els. "Eighty per­cent of homeowners un­der 35 years of age are un­der water.

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