Previously, banks and hedge funds, borrowers helpless - it wants the legislature to change - hopefully as soon as possible in Germany.
For some honest borrower is the dream of a property as a retirement burst - because he has his bank trusts.
With about 800 billion are currently in Germany with real estate consumers from the credit industry in debt. Claims in the amount of 23 billion thereof shall be deemed to be “distressed”, thus threatening auszufallen. This resulted in a study by the Hamburg Institute for Financial Services (IFF), the umbrella organization of consumer centers was commissioned. There are now foreign financial investors, especially the Texas Society Lone Starauf the plan.
Credit Sales - Here’s how
Until a few years ago banks sold loans among themselves or, in the meantime, this is also allowed non-banks. Many banks like to make use thereof, in order to restore their balance sheets. To view the entire package for the collectors attractive, are the “bad” (ie bad) as “good” or credits previously served mixed. The investors have no financial interest in the purchased loan packages cheap to administer, but this very profitably exploit. This confirms Frank-Christian Pauli, banking expert at the Consumer Federation of Central. “Investment companies are not interested in a long-term contractual relationship with the customer.” Non-performing loans by the Bank may be terminated if the customers their rates are not paid and the bank loan agreement has terminated. As owner of the mortgage deed “immediate execution” subject to banks and financial investors immediately, without the need for a judicial review is necessary.
A bomb-shop for investors
Apart from the financial ruin of the borrower, the State of millions of losses due to lost tax revenues.
And so is profit made: The Bank for example has a claim of 100,000 euros. The collectors are her for 60,000 euros and also gets the remaining 40,000 as quickly as possible from the debtor. Power 40,000 euros profit. For the Bank apparent loss, but it is ultimately bad loans off. This makes an annual return of 20-30 percent. 2004/2005 already bought the market leader in Germany Lone Star loan packages with a nominal value of 18.4 billion .
Role of banks
Considerably enhanced by the media presence of borrowers with “good credit”, the banks concerned in Erklärungsnot. Either Such has never occurred, and if they do, “is the absolute exception”. Anyway - some can be the protection against credit sales now well pay: To guarantee the Commercial Bank’s borrowers that the loan for the entire term at the Bank remain in buying a safe. This will cost, depending on creditworthiness, between 01, and 0.2 percent interest rate premium. For consumer protection a disgrace. Here, transactions with the fears of customers, “said Hartmut Strube of consumers Central NRW. Bundesverbrand The consumer centers (vzbv) warned five banks, which in their loan contracts contain clauses that bank customers to claim a lump sum sales consent. Vzbv boss Gerd Billen criticizes comply clauses, because that is the relationship of trust in the Bank undermined. Each time the customer could be a totally stranger as contractors face. The customer agrees in disclosure of data and frees the bank from the banking secrecy - regardless of whether the loan is distressed or not. This also enables loans, which are not distressed at any time be sold. ”
The legislature is in demand
So far are banks and buyers in a legal gray area. The Civil Code (BGB), provides little. If there were court rulings, which were mostly at the expense of borrowers. For example, the Federal Court in a decision (BGH, Az XI ZR 195/05) states: “The effective assignment of loan receivables of a bank, neither the bank nor the secret federal Privacy Act contrary.”
Meanwhile, the Federal Ministry of Justice needs to be done. Planned are new protection rules, the more customers from the effects of the credit sale protect. In January, met the Finance Committee of the Bundestag.
