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Horniák, Balázs

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Népszabadság - Hungary | 31/05/2011

Hungary's late help to house builders

The Hungarian government reached an agreement on Monday with Hungarian banks regarding an aid package for borrowers who have taken out mortgages in foreign currencies. The help comes too late, writes the left-liberal daily Népszabadság: "A high price must be paid for the tardy elaboration of the rescue package. It is estimated that the number of those who can no longer repay their foreign currency loans is rising by five to six thousand each month. According to the data of the Hungarian National Bank, the number of debtors who have not serviced such loans for at least 90 days was 110,000 at the end of December. The banks may cancel their contracts at any time. ... A considerable number of the debtors refrained from doing their utmost to pay back their instalments or reach an agreement with the banks in the belief that the state would protect them and they wouldn't lose their homes. ... For many the state help now comes too late."

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