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Covid Triggers a Decrease in Mortgage Defaults for the First Time in 6 Years

The default rate of mortgages granted to households and businesses showed signs of deterioration in the first quarter of 2020 due to the coronavirus crisis.

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The default rate of mortgages granted to households and companies began to show signs of deterioration in the first quarter of 2020 compared to the previous quarter due to the coronavirus crisis, after six years of improvement.

Nevertheless, the measures adopted by the Government to help families, with the collaboration of banks, such as repayment moratoriums and loans backed by the ICO, mean that it will be possible to “greatly reduce” the negative effects of this situation on the economies of the aforementioned private agents, according to a report published by the Spanish Mortgage Association (AHE).

Read the full article in Spanish.

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