Ecuadorian Main Assembly Begins Mortgages Bill Review

Law of Mortgages' First Reunion

Diferent points of views in favor and against the Bill of mortgages were recorded yesterday in the Economic Commission of the Main Assembly during the first meeting for the socialization of the project bill for the Housing Credit Regulation (Mortgage Act).

The discussion of the new law began with the presentation of three videos, one of them was about a migrant who said that when she purchased her home, she had to pay 1,450 euros, but when she was unemployed, she could only pay 900 euros. After a year, the accumulated debt bordered the 12,000 euros. The bank sued her.

Hermel Flores, president of the Construction Chamber of Pichincha, said the situation in Ecuador is not comparable with that of Spain and the housing sector is not rising prices on speculation, but according to inflation.

Efrain Vieira, Biess manager, says that if the new law was passed, the Biess would not think in changing their existing credit delivery settings immediately, but it would in the future. Mortgage modality should change, he said. (ARL)