Less than three years after the launch of the mortgage loans by Federico Sturzenegger, the feared scenario was verified: that the inflation would rise to the point that it made the unpayable fees for the borrowers of these mortgages. In November, the salary variation coefficient stood at 20.6 percentage points after the year-on-year inflation and more than 34,000 debtors were able to renegotiate with creditors 01:00 am of the repayment period of the debt.
Salaries lost 14% compared to inflation until November
Credits to grapes, rated by Carlos Melconian – among others – as "a scam for the debtor", were born as a credit instrument that transfers the entire risk of the creditor's disqualification to the debtor and leaves the banks with A free interest rate at full risk, except for insolvency, which is virtually null because the mortgaged property is a guarantee.
Therefore, the debtor assumes within the UVA instrument (Unit of Adjustable Value) the variation of the inflation -which historically tends to converge with the value of the dollar-, although their income is not subject to the same process upgrade
When these credits were launched in the first half of 2016, Sturzenegger presents them as the way to buy a home in four environments with an income of just over $ 10,000 per month. In that time the 2018 inflation target was 10%.
And this point was crucial in the evolution of payments. If the inflation accelerated, the quotas also. But not only the quota, but the sum of the remaining debt measured in pesos. For this reason, as LPO advanced, before the two years of grape harvest, those who had taken credit with this instrument already have a 40% increase in pesos, although they had been canceling the installments in time and in form. The sooner an inflationary peak is recorded, the higher the amount of debt achieved by adjustment.
They warn that those who took credits in grapes already have 40% more than 19 months ago
Faced with the fear that a very large gap between wages and mortgages would be generated, which could become a massive default, the government resolved to implement a decompensation bonus table. If the inflation exceeded the salary variation coefficient (CVS) by more than 10%, for debtors it is open to the possibility of requesting an extension of the payment term of up to 25% of the original period. As a client who has applied for a mortgage for 20 years can extend the date of cancellation of his debt to 25 years.
The limit is two extensions per credit, and for this reason, analysts say that it would be treated as an unpaid credit or "eternal". Carlos Melconian, at that time at the head of Banco Nacin, directly opposed this instrument and instead extracted credit from bunches linked to inflation, took out a more demanding plan in its initial conditions, but linked to the evolution of salaries
It should be clarified that, to date, there was no massive moratorium on mortgage loans, because there were increases in non-compliance in the payment of pledging credits with these instruments.
According to public TN.com, according to estimates of the Housing Secretariat that depends on Ivan Kerr, it will be more than 34,000 of the debtors in a position to claim for the first time the clause of extension of the debt mortgages Most debtors signed their contracts between July and December 2017.
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