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Circular of the Ministry of Economy

Circular December 29, 2008, No 117,852 of the Ministry of Economy, Treasury Department, on 'Article 2 of Decree Law of 29 November 2008, No 185 - first Mortgages Home
Abstract


Article 2, paragraphs 1 to 3 of the Decree Law of 29 November 2008, No 185 provides that for the fixed-rate mortgages not paid by October 31, 2008 to individuals for the purchase, construction and renovation of the main, with the exception of groups A1, A8 and A9, the installments to be paid in 2009 are calculated by reference to the higher of an interest rate of 4%, with no spread, or other miscellaneous expenses of the contractual rate increases and the date of signing the contract, however, in an amount not higher than projected contractual conditions in place.
The measure also applies to mortgages that were the subject of operations renegotiation of Article 3 of Decree Law of 28 May 2008, n. 1993, ratified by Law 24 July 2008, No 126.
The difference between the amounts charged to the borrower pursuant to Article 2, paragraph 1 of Decree Law No 185/2008 and the rate payable under the loan agreement signed, and mail to the State.
It is expected that, by decision of the director of revenue, setting out the technical arrangements for paying the difference.
While the procedure for converting Decree Law No. 185, it is considered appropriate to provide some explanatory guidance for the practical application of the provisions.

Arrangements for the payment of the contribution
The State contribution for borrowers to reduce the amount of the rate of non-fixed rate mortgage in 2009 - according to Article 2, paragraphs 1 to 3 of Decree 185/2008 - is paid by the lending banks, at no cost to the client, the expiration date of each installment. The rate
all those concerned are to be paid during 2009.
The method of calculation chosen by the law applies to the entire amount of the installment, not just the rate attributable to 2009.
The bank lender, due to organizational difficulties, it may not be in a position to pay the contribution for its first installments due in 2009. It recognizes the obligation to work to contain a maximum delays, which may not be reasonably expected to extend beyond February 2009.
The borrower must of course be kept free from any effect of such delays. In particular, each contribution must be credited with the currency of the maturity date of the installment which is relative.
In the case of loans that were the subject of securitization transactions or issuing bonds under the Law of 30 April 1999, no 130, the contribution is paid by the selling bank (originator) or by the person responsible for the collection of the receivables sold and the cash and payment services (servicer).

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