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Banks Get Ready for More than 500,000 Requests for Mortgage Moratoriums

22 April 2020 – Brainsre.news

Financial institutions expect at least half a million families to apply for a moratorium on their mortgages in May, with an impact on between 500,000 and 1.3 million real estate loans.

Financial institutions expect the launch of a mortgage moratorium for those homeowners affected by the coronavirus crisis to lead to an avalanche of requests in May, more than 500,000 to be specific, according to El Confidencial. Of those, between 75% and 90% will come from private clients.

According to a report compiled by the consulting firm Álvarez & Marsal, the moratorium will have an impact on between 13% and 33% of the mortgage portfolios of Spanish banks, which could mean an impact on between 500,000 and 1.3 million real estate loans.

Original Story: Brainsre.news

Translation/Summary: Carmel Drake