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Suspended for 120 days the mortgage auction

The Senate yesterday turned into law by suspending 120 days of execution of the homes purchased with mortgages, and private banking (writing desk, for example) that have entered into arrears from 1 January 2001 to September 11 of 2003, after an unexpected change of direction of the Executive which allowed the treatment-and-post adoption of the controversial project.

In addition, the law sets a new deadline of 120 days for mortgage debtors and single family housing of up to 100,000 pesos may enroll in the National Bank's trust fund (and reopening that record), created by Law 25,798, of mortgage refinancing, adopted in December 2003. This is a rescue mechanism by which the debtor can refinance the amount of your debt to longer term and terms that take into account their level of income. The bank, meanwhile, now have their debts to the trust fund and not the particular.

The Senate yesterday turned into law by suspending 120 days of execution of the homes purchased with mortgages, and private banking (writing desk, for example) that have entered into arrears from 1 January 2001 to September 11 of 2003, after an unexpected change of direction of the Executive which allowed the treatment-and-post adoption of the controversial project.

In addition, the law sets a new deadline of 120 days for mortgage debtors and single family housing of up to 100,000 pesos may enroll in the National Bank's trust fund (and reopening that record), created by Law 25,798, of mortgage refinancing, adopted in December 2003. This is a rescue mechanism by which the debtor can refinance the amount of your debt to longer term and terms that take into account their level of income. The bank, meanwhile, now have their debts to the trust fund and not the particular. The latter's government to enact the rule, which benefits debtors and private mortgage bank, was reported yesterday morning in the Peronist bloc in the cabinet chief, Alberto Fernandez, the same as last September 28 had described Chamber of Deputies as a "blocking machine" for having approved the project.

At that time, the election campaign entered its final stretch and President Néstor Kirchner ordered its lawmakers to reject any attempt to agree a text with Duhalde to suspend executions.

That intransigence culminated in the adoption of the initiative at a meeting authorized by the Buenos Aires and the opposition Peronist party, and the absence of Members kirchnerista extraction. Just over a month later, the government took a turn Copernican still can not find a clear explanation.
Pressure debtors

Perhaps it helped to unlock the conflict that the Debtors Argentine Associations (ADA) set a week ago in front of the entrance door of senators called a radio, which exerted a constant pressure in claiming the sanction of the law allowing them to stay the judicial sale of their homes.

The compound, the head of the PJ bloc, Miguel Pichetto (Black River), had to turn back to seek the sanction of a project that until last week claimed that "never" leave the Senate. A contramano those assertions, Pichetto yesterday defended the delay in the executions as "a space of time it took the government to work seriously in the search for a solution," and it was with this spirit and this philosophy that approving the project formerly repudiated.

"Nothing to gain by postponing indefinitely the issue of mortgage unresolved issues raised between debtor and creditor and that are more serious when the crisis argentina, back in 2001," he added.

In addition, Pichetto described as a "core concern" of the executive branch "to find a solution" to the situation of the debtors of the Mortgage Bank, which were excluded from mortgage refinancing law. "This is not an indefinite extension that affects the legal security, but seeks to avoid the loss of the homes of many people who have suffered the vicissitudes of the country," he said.

The initiative was unanimously approved as there were 51 senators present, but not before several lawmakers from the opposition criticized the National Executive. So, Nancy Avelin (Renovadora Cross-San Juan) questioned the effectiveness of the law of mortgage refinancing. "We do not know if it was a bailout or a life of lead, it has left out many people who have lost their homes and many others today with a sword of Damocles over their heads," he said.

Meanwhile, the head of the radical bloc, Mario Losada, Peronists criticized by stating that "it is unfair that we are voting for him want to assign a single policy area." "This is a product of the struggle and steadfastness of the victims, who are mortgage borrowers," he said.

Gustavo Ybarra
From the editors of La Nacion
Cristina Kirchner had insulted

* Among the many explanations that were offered yesterday to justify the change in position of the Executive for the suspension of the auction for 120 days a figure who is the senator for Santa Cruz (now elected by the province of Buenos Aires to take on on December 10), Cristina Kirchner, as the protagonist. According to eyewitnesses trusted journalism, the first lady before last would have been insulted by members of the Association of Debtor Argentinos (ADA), calling for a moratorium on executions of mortgages, as he left the Senate building. Parliamentary spokesmen admitted that the incident would have been decisive for the Government to enable the adoption of the law and end up well with the constant protests from the association.

Source: PERIODICO LA NACION 1/03/2008

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