2023-07-23 03:01:22
From the Print Edition
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A few days ago, the Chamber of Deputies approved a bill that seeks to improve the situation of UVA mortgage debtors. The norm stipulates that the quota does not exceed 30 percent of the income, in addition to the suspension, for one year, of eviction trials, seizures and/or releases.
Likewise, it establishes the creation of a Mortgage Compensation and Promotion Trust Fund (FFCPH) with the contribution of different taxes to complete the “difference between the fee paid by the debtor and the one that the financial institution should receive, according to the original conditions of the contract,” they indicated.
Consulted on the matter by Radio UniversityThe economist and adviser to the UVA Mortgage collective, Alexis Dritsos, did not show much expectation with the measure: “The evolution of the registered salary is going to be what will govern the calculation, while the difference between the UVA quota and the RIPTE quota would be paid by a fund that is going to be created for that coverage.”
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“The first problem is that it is not known exactly where the money for this fund will come from. It is assumed that one part will come from the borrowers themselves and the other from the banks,” said Dritsos, adding: “For this fund, a lot of money has to be moved, in addition to the fact that anyone who wants to enter will have to renounce future legal actions.”
“It is somewhat illogical and does not offer cap rates either. There must be a cap rate on an indexed loan for it to be reasonable. And the capital would continue to advance in the same way, since a part of the installment would be compensated, but the capital owed is maintained, ”he indicated, for which he considered:“ We have little expectation that this is a real relief ”.
In this sense, he maintained: “We believe that the Legislative Branch is getting in to steal presence, but it is an issue that the Executive and the Central Bank can resolve, which have tools to resolve it more quickly and effectively.” “Many economists fall in love with a tool, but, when they fill a position, if that tool is not valid, they have to change it,” he said.
To stay on topic…
Along these lines, Claudia Pilo, a benchmark for the Hipotecados UVA collective, expressed to El1: “The bill does not contemplate what we are proposing, which is the over-indebtedness of families, that we have been enduring extremely high inflation for five years, which ended up in the installments that we owe.”
“This project contemplates making the quota with a new index that would be based on the RIPTE (Average Taxable Remuneration of Stable Workers), but only the quotas, the capital continues to be a wave of snow that continues to increase with the UVA”, expressed Pilo, on one of the points that generates more uncertainty in those involved.
In addition, he indicated that “the most serious are the cases in which the quotas are 50 percent of the quota-income ratio, because the remaining 20 percent is not covered by the fund, but rather goes to the end of the credit.” “We are going to be eternal tenants of the banks, it was privileged that the banks do not lose a penny,” he questioned.
In this sense, he pointed out: “The universe of mortgaged people is very large and heterogeneous because the quota-income relationship has to do with the years in which the credit was obtained and with the rate.” “There are families in the group that are allocating between 50 and 70 percent of their income to pay the fee, while others are owing seven installments,” he warned.
And since you got here…
“For this reason, many people had the intention of selling, but sales have stopped,” he assured, and asserted: “When we took out the credits, there was a boom property real estate, which, now, is totally devalued. At this rate, there will come a time when what one owes will end up being more than what the property is worth.”
The collective’s proposal
Faced with this scenario, Dritsos stated: “We present a draft law, easier to carry out.” “We propose that the banks earn less, this would be with a maximum rate of 3.5 percent with an indexed credit. In addition, a recalculation to bring the current value of the capital and the fee to a reasonable value, such as 80 percent of the salary variation, ”he explained.
In this sense, Pilo stated: “We are going to continue demanding that the quotas be rolled back to August 2019 so that the initial conditions are equalized.” “If these credits were given with an annual inflation projection of ten percent, which ended at 150, the contractual relationship was very uneven,” he concluded.
Analyzing the fine print
For his part, in dialogue with El1, Gabriela Spatari, a victim of the housing policy, clarified that “there is no cap of 30 percent in the quota, as it turned out.” “What Article 7 of the project establishes is that, in cases where the quota exceeds 30 percent, the family can approach the bank and request the extension of the term, but it is not a cap on the quota. It is not a solution because, by extending the term, the interest is added, ”she explained.
For this reason, he proposed that “the solution is to roll back the capital, that is, to calculate it from the beginning with a reasonable index or, at least, until the 2019 mismatch, which the authorities even recognized.” “One, today, owes up to a thousand times more than what he asked for, and earning less than half of what was earned at that time,” he concluded.
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