Hungarian Gov’t To Redirect Cash For Mortgage Aid
“The government may finance the mortgage relief programme by diverting money from other areas of welfare, Napi Gazdasag writes. This year the cabinet has earmarked Ft 7-8 billion to buy the homes of evictees and rent them back to them, although state secretary Kristof Szatmary recently outlined the plans of the national asset management company, which will be set up from October 1, to buy 5,000 homes.
Given the average home price of Ft 10 million, a Ft 50 billion estimate would be more realistic, Napi Gazdasag observes.
The government is to set aside Ft 10-20 billion to buy the homes of struggling mortgage borrowers next year, which is a fraction of the annual budget sum of Ft 14 trillion, the business daily adds.”
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