Payday Loans and Property Auction Trait

 

More property auctions by banks bring the target of reducing the amount of non-performing loans by 50 billion euros by the end of 2021.

According to “P”, lenders have revised the initial forecasts for auctions by the end of 2021. Indeed, due to the government’s willingness, they will ask the … next to proceed to more massive auctions. According to the bank’s top executive, “the high level of bad loans in Greece continues to be the biggest issue that the country’s economy needs to focus on,” he said, adding that “the Greek economy has taken some steps to reduce the level of bad loans or NPLs’.

Banking analysts point out that valuable time has been lost, and at the same time that lenders have “blocked” the law on the protection of their home, as they consider excessive and time-consuming government provisions. Greece is asked to reduce the amount of non-performing loans in the Eurozone to 44.8%, which is the highest, while the lowest is in Italy, with 9.7%. However, an indication of the concern among Greek bankers is Mr Megalos’ statement that “I would like to see this happen and I would be very happy if we were able to achieve these goals we have set.”

The lenders have asked the Greek credit institutions to move faster to reduce non-performing loans to rebalance bank balance sheets. The ambitious target of a 50 billion-euro reduction in non-performing loans and exposures, or 28% of the Gross Domestic Product, by the end of 2021 now shows that the 120,000 auctions planned are extremely few!

The need for more sales of loans has opened up … appetite for foreign funds, which chase … demonized the Greek market. As Mr Big said, “there is a strong interest,” and many funds worked aggressively on a competitive basis as they had to pay a significant amount of capital for these assets.

 

The Objectives of Loan Consolidation

 

The Objectives of Loan Consolidation

 

 

 

A year-long path for the reduction of non-performing loans is in 2019, as at least 30,000 properties will go “on the hammer,” while at the same time the banks will auction full mortgage-backed “packages” of securitized mortgages.

This year, non-performing loans should be reduced by € 30 billion, with the prospect of a reduction of € 15 billion by the end of 2021. This means that the auctions for the three-year period 2019-2021 may exceed 150,000, as the situation in bank balance sheets is considered to be “difficult”. The abolition of the Katseli law transfers the … out-of-court play and therefore things become even more difficult for borrowers, who have to show willingness to cooperate with the banks so they do not have any confusion.

 

Barriers of Repayment policies are protected.

 

Barriers of Repayment policies are protected.

 

At present, some 170,000 borrowers who have filed an application under the applicable law are sloppy, while another 250,000 who are strategic bad-payers have to show responsibility and prudence as lies are over. In addition, it has to be proven in practice whether and to what extent more than 300,000 borrowers facing a repayment problem will be protected. As former former banker Michal Sallas said, it will take six months to clarify the landscape, implying that things are not as simple as the government claims. The nearly 500,000 borrowers who have a major problem of responding to their doses are now the big … patients and their stamina will be tested in the coming months.

The objections of the creditors are catalytic and it seems that the next government will be called upon to politically carry the … cross of martyrdom in order to implement a huge undertaking that has complex political, economic, banking and social parameters. As “P” wrote on a previous page, every month a city with 2,700 homes or a town with about 650 homes a week will come out “on the hammer”!