The mortgages moratorium is not working
28.01.2009
Big part of the banking institutions adhered to the line of the Institute of Official Credit, ICO, which allows to unemployed men and autonomous with economic difficulties to postpone the payment of 50 % of his quotas of his mortgage loans for two years, has subscribed to the agreement. In particular 35 banking institutions can already have in march the help, but the moratorium does not work as it was waited, and the proper personnel delosbancos does not know his functioning.
The experts and analysts attribute the scarce success of the help of the Government to little interest that represents for the entidadesbancarias this voluntary surgery. When a client of the bank has the profile of good payer and crosses a bad economic moment, the bank prefers to negotiate straight with him the enlargement of period of the mortgage and the consequent quotas reduction.
If the uncertain collection perspectives in the future sound, the bank or box resigns itself a few times at the entry of the credit in mulberry and proposes others there is awarded the housing that then it manages or sells straight. To postpone two years the problem does not help to solve it, they think.
The president of the ICO attributes nevertheless the void activity to the need for the entities to fit his computer programs. Aurelio Martínez defends that the liquidity lines from the pymes and that of mortgage moratorium need an adaptation process.
The banking institutions support his inflexible conditions to grant a mortgage
27.01.2009
In spite of continuous descents in the interest rates the authorization of mortgage loans keeps on falling down to lead, In spite of it the banks prefer conctinuar with hard conditions to grant a mortgage.
Acutalmente does not find cheap mortgages and that that the Government has injected to the banking at least 13.339 millions of euros in three assets auctions.
In spite of the help of the Government to the banking there is no any more facility. The requirements of the Spanish Bank so that boxes and banks moderate the risk are fulfilled literally. No loan is approved if the monthly quota is superior to 40 % - a ceiling that only some entities admit - the clear salary.
Nevertheless, in spite of the precautions that the Spanish banking takes now for the loans to the housing they have not managed to reduce the slowness. Only in the savings banks, which grant more than half of the loans to the housing in Spain, that one ratio has risen up to 3,65 % in December, 2008, the highest number in eleven years. That means that almost four of every hundred credits do not recover. Funcas believes that one will come to 6 %.
The sector argues that the conditions are "necessary", although in some moment they could have relaxed. But, simultaneously, they sentence that the demand is minor. The last official statistics, of the INE, reveal that the number of operations signed in October (last taken into account) has fallen down at his lowest level for eight years (with the exception of the holiday August); scarcely 64.500 have been formalized. The quantity comes up, although it has decreased, keeps on being high.
The mortgages do not get cheaper despite the continued descents of the Euribor
21.01.2009
The continued descent of the index Euribor, principal modality of the mortgages, has not transformed in a decrease of the interest rate of the mortgage loans, but everything opposite.
The differential that the banking institutions are applying with regard to the type of reference has got longer, which chewing gum, up to such a point that in the last months has reached his maximum since the Euribor exists: 2,438 points. The differential is the benefit that the banks take for the interests of a mortgage, normally Euribor + Differential.
In spite of the continuous falls of the Euribor we meet the unpleasant surprise of which the average type of the granted mortgages the banking institutions was fixed in 5,891 % last month, according to numbers of the Mortgage Association.
Although a reduction is appreciated with regard to November, the descent was only 0,367 points, therefore the differential with regard to the Euribor expanded up to 2,438 mentioned points. This difference is the highest since the Euribor was created in 1999 and it is necessary to go back to April, 1996 to find a major difference. Then, the average mortgage was in 10,045 % and the Mibor (predecessor of the Euribor), in 7,585 %.
FACUA warns about the problems that he supposes the moratorium of the payment of the mortgages
13.01.2009
The Consumers' Federation in Action (FACUA) has warned recently of the danger that suppose taking refuge to the moratorium of two years in the payment of up to 50 per cent of the mortgage, because this measurement implies a major indebtedness of the families.
A spokesman of the FACUA there is inicado that the measurement bears a high danger for the families that are conproblemas economic because the quantities that would stop being paid would have to be paid in 2011 to a few very high interest rates.
The beneficiaries can postpone the payment of up to 50 per cent of the amount of his quotas of his mortgage loans, with a maximum for 500 monthly euros, between January 1, 2009 and December 31, 2010.
The condition to take refuge in the moratorium is that the mortgage, on habitual housing, has been signed before September 1, 2008 by a value lower than 170.000 euros, a limit ‘too much down’ for Sánchez, who has remembered that the average amount of mortgages signed in some communities, like Basque Country, Balearic Islands, Madrid or Catalonia overcome extensively this quantity.
Any way FACUA warns that the quantities object of the moratorium will have to subscribe from January, 2011 with pay-off periods of 3, 5, 7 or 10 years and with a variable interest rate, which will be the reference of the Institute of Official Credit
Facua shows that the applicable interest is very high, The spokesman of Facua has criticized this measurement because, in his opinion, it is not designed to encourage the saving but the consumption, what will suppose a major indebtedness of the families.
Box Madrid puts on the market a fund of titulización of mortgages of VPO with the guarantee of the ICO
12.01.2009
Box Madrid has put on the market, with the guarantee of the ICO, the fund “Madrid ICO-FTVPO”, a fund of titulización of mortgage loans for a value for 295 million euros, of which 80 % will be endorsed by the Institute of Official Credit, ICO and with the purpose that the funds which origin is the laying of this product will re-invest in new financing of protected housing
Box Madrid turns the instrument that the ICO has facilitated to the market to finance the portfolios of mortgage loans to individuals for the buy of Protected Housing. slightly much interante for the facility that the ICO provides.
The entire amount of the portfolio of the fund is 295,3 million euros, of which 80 % is a financing of Protected Housing, since the fund AAA will express a specific bonds Stretch to the value of 260,3 MM of euros that will be endorsed by the ICO, what will facilitate his laying foreseen on the market of institutional investors in the first trimester of 2008.
The funds proceeding from the laying will be re-invested by Box Madrid in the financing of new protected housing.
The euribor descends up to 3 % for the first time from 2006
07.01.2009
They continue the continuous descents of the index euribor to twelve months, now another barrier has been pulverized. In his daily change, the principal reference to the calculation of the loan mortgage has descended up to 3 % for the first time from March, 2006, on having been located in 2,995 %.
The new year supports the downward tendency of the euribor. In his second day of 2009, the euribor to twelve months has descended from the barrier of 3 %. For almost three years, time has happened, it was not located below 3 %.
In his daily change, the euribor has repeated the same value that marked this March 2, 2006, 2,995 %, 0,03 percentage points below the fact with last Friday, the 3,025rd %.
The downward march of the euribor is supported for almost three months, from October 10, and in the short term the perspectives do not augur a change of tendency.
An appointment of special relief in the next dates will be the meeting that the European Central Bank (BCE) celebrates on January 15 to update his monetary policy. According to the majority forecasts that the market handles, this update would take form with a new clipping of the types, from 2,5 % current.
The euribor would have the way like that cleared to prolong these descents, extensible also to the indicator to three months, most used to evaluate the tensions on the interbank market. In his daily change of today, the euribor to three months has been located in 2,822 %.
Newly initiated in January, the medium month's characteristic is located in 3,010 %, almost 1,5 percentage points less than 4,498 % taken into account one year ago, in January, 2008. The medium month's characteristic of the euribor marks minimums from February, 2006, when it was located in 2,914 %, what will check substantially the mortgage loans that are checked in the next weeks.
In the next days, the banks will have to apply in his reviews the average of last December, of 3,452 %, who confirmed the Spanish Bank last Friday, what he will benefit to the persons who check his mortgages in the next weeks.
