2023-11-26 07:53:50
The situation of some of those who acquired UVA mortgage loans continues to be complex, not only at the provincial level but throughout the country. So much so that families affected by the high interest rates caused by this type of mortgage credit argue that since the installments are indexed by inflation, they become unpayable.
Last week, president-elect Javier Milei made reference to this situation and when asked if he would intervene in a rescue for the debtors, his response was categorical: “They took those loans based on an interest rate differential,” he said in regarding the debtors, and warned, “they would have then taken another type of credit with a higher interest rate,” in relation to inflation. “No one put a gun to their heads to acquire the credits,” said the president-elect.
In this context, Gustavo Azula, one of the representatives of the group of UVA mortgage holders in the city of Corrientes, raised the concern of the Corrientes families who were creditors of these loans and who today find it difficult to meet the installments due to the high interest rates. Azula explained to NORTE de Corrientes: “The State was in some way guarantor of this type of credit, promoting them, officials and legislators talking about their convenience. For these reasons the State cannot be oblivious to what is happening. Nobody put a gun in our faces. to take them, there were simply no other options,” he clarified regarding Milei’s statements. “No one speculated thinking about doing business, they are our houses, it is not business. And we do not want anyone to pay us anything, we want to pay what is fair and under fair conditions. There is a way out and it is Congress, even if there is the possibility of vetoing the law, but Congress is the key, at least in my opinion, because in the Senate there is a bill that takes the capital back to 2019 and changes the way it is updated along with the quota, applying the salary variation and not inflation. At the provincial level what we can achieve is little, in 2020 what was possible was to adhere to a national law that put a stop to executions for non-payment,” said Azula, one of the UVA mortgage holders.
When asked what their expectations are of the new government, he said: “At least inflation should be controlled, so that capital and contributions stop growing at the rate they were. We are still going to insist in the spaces we can.” so that this project that is in Congress is discussed and approved with these changes that we consider favorable,” he remarked to this morning newspaper.
Likewise, he added: “We have been dealing with this UVA issue since 2018. That leads you to see that we went through the management of Mauricio Macri who promoted the credits as the best option, then Alberto Fernández who campaigned saying that he was going to solve them and nothing was achieved, except that the new credits are updated in a different and more favorable way for the new debtors, or debtors of the mortgage bank. We do not go there,” explained Azula.s
Azula: “Beyond political positions, debt unites us”
Gustavo Azula, one of the representatives of the group of UVA mortgage holders in the city of Corrientes, explained to this newspaper that “as one of the main components of the UVA mortgage loan is inflation, then an inflation of 140% annually of course affected us.” and it affects us, because it makes the quota and, above all, the capital grow,” he specified. In this regard, he explained: “The first initial payments were $10,000 with a total debt of $2,000,000. However, today that debt is almost $20,000,000 with a payment of $120,000. But if we have controlled inflation, it maintains the predictable quota,” Azula clarified.
And he stated that “those who voted for the new president Javier Milei hope that he will go down and have the desired predictability, but those who did not vote for him question the absence of the State in this type of policies, an absence confirmed by Milei’s statements. Although beyond the positions policies, we are all united by debt, a debt that will continue to grow in its capital and in its installments if nothing is done,” Azula concluded in dialogue with this newspaper.
It should be noted that the credits were born at the end of 2016, and in this sense Milei considered that the government of that time “did not put a gun to their heads so that they could take them,” and assured: “If you make a wrong decision, you has to take charge”, referring to the lack of payment
Central Bank provision
Last Friday, the Central Bank suspended the sale of dollars intended for the acquisition of real estate through mortgage loans, according to the provisions of Communication A7895 released by the monetary authority. The measure suspends the validity of what is established in point 3.9 of the “Foreign and exchange” regulations, which specify the conditions under which the entities of the financial system can give access to the exchange market to resident human persons for the purchase of foreign currency.
The decision of the Central Bank is announced after the College of Notaries of the City of Buenos Aires reported that in October the year-on-year increase in the sale and purchase of real estate through bank mortgages was 98.3%. The BCRA rule suspends with effect from November 24, 2023 “the provisions of point 3.9 of the ‘Foreign and exchange’ regulations regarding access to the exchange market for the purchase of foreign currency by individuals. residents for simultaneous application to the purchase of real estate in the country from mortgage loans granted by local financial entities”.
The suspended provision enabled banks to “give access to the exchange market to resident individuals for the purchase of foreign currency to be applied simultaneously to the purchase of real estate in the country intended for single, family and permanent occupancy housing.” This authorization corresponded as long as they were “funds from mortgage loans granted by local financial entities.”
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