Hungary Steps Up Swiss Franc Debtor Bailout Wall Street Journal (blog)
The government offers households close to defaulting on their mortgages the choice of paying monthly installments to service the loans at a fixed exchange rate; an important step in Budapest’s campaign to help troubled Hungarian homeowners.
Many Hungarians took out foreign currency mortgage loans years ago when this type of lending was introduced. Swiss-franc loans were the most popular, because they came with low interest rates and the Hungarian forint was stable against the franc before the financial markets crisis hit in 2008.
Since then, the franc has risen relentlessly against most currencies, as investors were looking for safe-haven for their assets at a time of economic turmoil. In many cases, this has doubled monthly payments for Hungarian homeowners.
Most of these loans were taken when a Swiss franc bought you 160 forints. Since then, the franc has risen 53% to HUF250 today. It briefly traded as high as HUF270.
The program is only open to debtors who have arrears less than 90 days overdue. About 140,000 Hungarian households with debts more than 90 days overdue, may get aid from a soon-to-be-established asset management company, state secretary of the Economy Ministry Roland Natran said.
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