An association representing distress funds’ local managers of loan and credit claims in Greece, better known as “servicers”, issued an extraordinary – by Greek standards – press release on Thursday, after sharp reactions over a supreme court ruling last week allowing the latter to auction off foreclosed properties.
Previously, only banks – and creditors – based in Greece could legally foreclose on properties and then auction them off, with the most prominent example being for non-performing mortgages and loans with property as collateral.
The prospect of servicers replacing banks as foreclosure agents also generated political reactions amid an election year in the country.
Among others, the specific servicers’ association said a figure of “700,000 homes” in danger of foreclosure is erroneous, claiming that 600,000 properties are have been offered as guarantees for borrowing, of which only half are residences, the remaining half are industrial properties, commercial real estate, warehouses, parking spots etc.
The same press release maintained that the “vast majority” of borrowers with NPLs will achieve a compromise, with figures so far showing that eight out of 10 such loans are restructured with mutual consent.
Additionally, the association of services said foreclosures and auctions weren’t “re-allowed” by the high court, as credit institutions retained that right and continue to make use of this legal avenue, rather, the right was extended to the former.
The lengthy text coincided on Thursday with the formal publication of the ruling handed down by the country’s supreme court.
The ruling, dated Feb. 9, now allows Greece-based servicers the right to participate in court actions under their corporate name and not as representatives of foreign-based distress funds.
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