Government plans to facilitate use of credit collaterals
The government is studying a series of measures to improve the use of credit collaterals. It aims to unleash the offering of cheaper loans, while improving the conditions of recovery, attacking one of the main components of the bank spread.
One Economy Ministry proposal would create a centralized counter for real-estate collateral, which will be responsible for signaling to banks how much in assets a certain client could pledge against a loan.
The model will allow on property to be given as collateral to more than one credit transaction, something now forbidden by the law of fiduciary lien. According to the design being studied, the asset will be pledged to this central - a private-sector company to be created by the market - and this will manage the guarantees. With the difference between the amount owed in a certain loan and the asset's value, the client may take other loans.
The diagnosis is that properties are underused as source of liquidity and access to cheaper credit. One person who finances the purchase of their home currently is unable to attach this asset to any other loan until paying it off, even if the property value goes up in the period.
"The idea is that in this central the entire market can see these collaterals and offer credit according to the amount that is available," says one person familiar with the talks.
The Central Bank, which has been trying to foster home-equity loans, is participating in the discussions with the ministry. It estimates there is a R$500 billion market for those loans in Brazil. There were R$10.6 billion in home equity loans by late November, according to data from mortgage lender trade group Abecip.
It is not yet clear the necessary step-by-step for the policy to move forward. However, it is quite possible that it will require alterations in the law of fiduciary liens, making the asset "fungible," that is, divisible. It also will be necessary to establish some seniority criterion to debts that use a certain asset as collateral - probably respecting the chronological order in which they were taken.
Valor reported last May the government was in the early stages of discussing the possibility that properties could be used as collateral in more than one loan. The Economy Ministry's secretary of Economic Policy, Adolfo Saschida, recently admitted the issue is under discussion. A provisional measure for agribusiness collateral, which Congress has yet to vote on, follows a similar path with farm...
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