Article
11:01:09
Worldwide calculator: a brief overview of legislative action
Mr. Eugenio Verbena
The gradual growth in recent times, the mortgage payments began to determine the psychological state of customers' financial anxiety, so much so that the subject has increased public attention, the consumer associations and the media.
The "dear mortgages has thus assumed value of social problem and the consequent intervention of the legislature to determine conditions of increasing flow market creating more competition between operators and increasing customer expectations in terms of responses to the needs to modify the choices made originally on their mortgages. First
spoke Bersani Decree (January 31, 2007 7 converted with amendments into Law No. 40 of April 2, 2007), in particular, introduced the withdrawal without penalty and the transferability of the loan. [1]
This provision prohibited any agreement, even after the conclusion of the contract, including the penalty clauses, which is agreed with the borrower to request early repayment or part of a loan agreement is bound to a particular benefit for the subject lender (da intendersi comprensiva non solo delle penali di anticipata estinzione, ma anche di qualsiasi altro genere di prestazione a carico del mutuatario, come ad esempio le spese di emissione dei conteggi di anticipata estinzione).
La nullità in parola riguarda soltanto i contratti di mutuo, in cui figurino come parti, quale soggetto mutuante una banca, una società finanziaria o un ente previdenziale e quale soggetto mutuatario una persona fisica che non acquisisca nell'economia del finanziamento un ruolo imprenditoriale (deve ad esempio ritenersi escluso che nell’ambito dei soggetti possa rientrare l’imprenditore edile individuale che contragga un mutuo per unità immobiliari da rivendere )
Il decreto ha altresì previsto la definizione di un accordo tra l’Associazione Bancaria Italiana e le Associazioni dei consumatori rappresentative a livello nazionale per fissare le regole generali di riconduzione ad equità dei contratti di mutuo in essere alla data mediante la determinazione della misura massima dell'importo della penale dovuta per il caso di estinzione anticipata o parziale del mutuo.
L’Accordo ha stabilito le misure massime delle penali di estinzione anticipata in funzione della tipologia del tasso di interesse (variabile, fisso o misto), dell’anno in cui è stato sottoscritto il mutuo e dell’anzianità” del mutuo (a seconda che il mutuo sia nella prima o nella seconda metà del periodo di ammortamento, nel terzultimo in the last year or two years), while also providing a special safeguard clause for those loans that already provide penalties equal to or below those specified by the Agreement
Further estimates of the so called "mortgage portability" - in a cyclical factors related to trends in interest rates and the housing market - has made immediate application of the rule then record a significant demand for loans for replacement "in a more competitive environment no doubt
This case essentially provides the ability of the borrower-debtor taking a loan a sum of money to pay a previous loan, make over to the mutuante nei diritti del precedente creditore, anche senza il consenso di questo: riconosce, cioè, al cliente il diritto (non rinunciabile, né sottoponibile ad oneri o altre condizioni) di surrogare un nuovo mutuante nei diritti (e nelle garanzie) di un precedente finanziatore, nel rispetto delle condizioni fissate dal codice civile per l’attivazione dell’istituto della surrogazione per volontà del debitore (art. 1202 c. c.).
Lo strumento, (surrogazione per volontà del debitore), come disciplinato dalla legge richiede: - un nuovo atto di mutuo nel quale sia indicato espressamente che la somma è destinata alla estinzione del mutuo precedentemente contratto dalla parte mutuataria e risulti il consenso della stessa parte mutuataria a surrogare il nuovo mutuante nei diritti del precedente creditore; - una quietanza, rilasciata dal precedente creditore, ove si menzioni che la dichiarazione del debitore circa la provenienza della somma impiegata per il pagamento; - l‘ annotamento di surrogazione presso il conservatore senza formalità; e non comporta il venir meno dei benefici fiscali riconosciuti per il vecchio mutuo.
Le alternative per fronteggiare il “caro mutui” si sono ulteriormente ampliate con la cosiddetta rinegoziazione coattiva prevista dal decreto legge n. 93 del 27 maggio 2008 (convertito nella legge n. 126 del 24 luglio 2008) e poi tradotta nella Convenzione attuativa stipulata tra il ministero dell’Economia e l’Associazione Italian bank the next June 19. [2]
This decree, said Convention and the attached, were placed in order to facilitate the payment of installments of variable rate home loans through a mechanism that would reduce and stabilize the amount of the installment, following rates interest in recent times.
To this end, banks have sent to customers holding variable rate mortgages and installment for the duration, no later than August 29, 2008, a proposal for renegotiation, containing an indication of the rate renegotiated to allow them to assess the impact the new installment in its budget and an initial indication of the effects that the mechanism could generate ovviamente sulla base di una ipotetica stabilità, per tutta la durata del mutuo, del tasso di interesse contrattuale applicato alla ultima rata in scadenza.
La clientela interessata poteva manifestare la propria adesione alla suddetta proposta di rinegoziazione sostanzialmente entro la fine del decorso anno.
I mutui che rientravano nel perimetro di tale rinegoziazione sono quelli a tasso e rata variabile per tutta la durata del mutuo stipulati o accollati sino al 28 maggio 2008 e finalizzati all’acquisto, ala costruzione ed alla ristrutturazione dell’abitazione principale (sono esclusi, ad esempio, i mutui a tasso misto o bilanciato, i mutui a tasso variabile e rata costante)., anche se oggetto di cartolarizzazione. La rinegoziazione si applicava anche ai mutui che presentino ritardi nei pagamenti delle rate, previo pagamento delle spese legali di recupero già sostenute dalla banca, purché non si tratti di contratto di mutuo risolto, o vi siano procedure esecutive già avviate o si sia già formalizzato un accordo transattivo.
La rinegoziazione – con effetto partire dalle rate di ammortamento con scadenza successiva al 1 gennaio 2009 e senza alcuna spesa per il cliente - consentiva di rideterminare la rata del mutuo sulla base della media dei tassi applicati nel 2006 ai sensi del contratto. Per i mutui stipulati, rimborsati parzialmente, rinegoziati o accollati dopo il 31 dicembre 2006 l’importo della rata rinegoziata è determinato sulla base del tasso relativo the first installment of depreciation following the signing, the renegotiation, the partial extinction and with shouldering.
The amortization schedule is not changed and the loan continues to be set at a floating rate and the spread of contract.
The difference between the amount of the installment and the renegotiated contract is charged to an account funding enhancement, which will mature on capitalized interest annually at a fixed rate equal to the lesser of the IRS (Interest Rate Swap) to 10 plus 0, 50 points and the contractual rate of the loan, respectively, to the date of renegotiation and the last installment due.
If the difference between the amount of installment contract and the renegotiated gender balance to the borrower, the difference is charged to the account credit enhancement funding. If, as a result of these credits, debt financing on behalf of accessory to zero, the installment amount is applied to the lower of the contract and the renegotiated (the bill funding accessory can never have a credit balance).
After amortization of the loan, any debt arising on account of enhancement funding is reimbursed by the customer according to a new repayment plan in equal installments an amount equal to that of the installment resulting from the renegotiation developed at a fixed rate equal to the lesser that applied to enhancement funding account and the rate of the loan contract refers to the original expiration date.
guarantees already included in support of the loan renegotiation continue to assist the repayment of the debt financing on the income resulting enhancement, whose extinction can apply the simplified procedure provided for by the extinction del'ipoteca n.7/2007 Bersani decree.
And, finally, after renegotiation, subrogation and scrapping the expensive loans to address a new revolution has arrived for the loans through a contribution of the state.
Moreover, by Decree Law 185 of November 29, 2008 (the so-called anti-crisis decree), [3] First State is responsible for the loan extent to which the interest rate on the excess of 4% for moderation to some extent the calculation of the first installment on home mortgages.
For all installments due in 2009, will be paid by the State's share of interests in excess of the limit of 4%: in other words, the borrower will pay the bank the contractual rate (normally Euribor plus a spread) if below the threshold 4% and where the application rate of Wallpaper the ceiling of 4%, the excess will be paid to the bank by the state (in a manner to be determined by a subsequent decision of the Inland Revenue).
Eligible for the state loans concluded by October 31, 2008, which provide for any indexing system degli interessi, compresi quelli che concedono l'alternativa tra tasso fisso e variabile e che, al 31 ottobre 2008, si trovassero in un periodo di applicazione del tasso variabile, stipulati da persone fisiche per l’acquisto, la costruzione e la ristrutturazione dell'abitazione principale (escluse abitazioni di lusso, castelli e ville), purché detti mutui (in linea di massima quelli stipulati fra il 2003 e metà 2006) al momento della sottoscrizione prevedevano un tasso inferiore alla soglia del 4% (comprensivo dello spread).
Lo stesso decreto prevede inoltre che la clientela nel 2009 ha la possibilità di stipulare mutui ancorati al tasso praticato dalla Banca Centrale Europea (Bce) nei finanziamenti al sistema bancario, considering the recent turmoil in the interbank market that made the Euribor a parameter can not be trusted.
In fact, since 1 January 2009, banks are obliged to offer to customers who so request rate loans indexed to the ECB, with the requirement that the so-called "finite rate" is "in line with that charged for other forms of indexing tenders' (the use of these products, that is, the customer can not be more expensive than other similar products offered by the bank).
short, clients have been proposed in recent times, various solutions to the decree by the Bersani Decree Tremonti, the decree dens-crises, proposals of each bank.
If by the end of 2008 can be generally considered the operation ended the so-called compulsory renegotiation of mortgages granted three months to the borrower, the bank's receipt of the proposal to recalibrate the loan according to the average of the rates current in 2006 , remain standing the possibility of subrogation of the old mortgage by obtaining a new loan with another bank as well as the renegotiation of the terms offered by their bank in an environment that has become increasingly strategic in the use of the bank, which, for the new loans, was added as an option for the European rate.
Furthermore, many banks are now reviewing their business strategies towards the old customers and potential customers just to maintain or strengthen its market share and presumably there will be an enrichment of new types of mortgage.
no coincidence that the anti-crisis decree entrusted the task to the Bank of Italy to enact regulations to ensure adequate transparency.
And, indeed, the Bank of Italy has promptly issued specific instructions [4], and to ensure the transparency of information regarding the new types of mortgages, and to expand the background information of banks on their products.
is prescribed that "disclosure is provided to customers covering all types of mortgage offered by the bank, to facilitate the choices of customers to products that are potentially more suited to his needs. "
In this regard, banks should clearly show the typical characteristics and risks of the various operations of mortgage offered to customers, and that in order to facilitate the understanding of the main differences between the different products offered.
From 1 March 2009, banks should prepare a document with information on mortgages offered. In particular, it should at least be the subject of advertising in relation to several products: a) the interest rate (an indication of whether it is fixed or variable and, in the case of variable rate the spread, the benchmark rate and the amount of advertising at the time), b) the minimum and maximum duration of the loan; c) the terms of depreciation, d) the frequency of installments.
The document should be sent, at the first earnings statement - but no later than April 15 - even to customers who have a loan outstanding with the bank.
In conclusion, the mortgage world is revealed a changing environment, in which - also as a result of legislative action - you can measure the ability of the individual bank's market-making strategies with targeted offers and provided with appropriate support and advice and especially for customers with adequate disclosure and transparency, the elements - the latter - which certainly will be the subject of attention especially by the Supervisory Authority.
[1] Article 7 of Law 2 / 4 / 2007 n.40 (conversion DL 31/01/2007 n. 7) - Termination of the mortgage advance and no penalty clauses
1. E 'void any agreement, even after the conclusion of the contract, including the penalty clauses, which is agreed with the borrower, which may require early repayment or part of a loan agreement for the purchase or restructuring of units real estate used as a dwelling or to the conduct of his business or profession by individuals, should be kept to a specific provision for the subject lender.
2. The clauses marked in violation of the prohibition referred to in paragraph 1 shall be null and void and shall not entail the nullity of the contract.
3. The provisions of paragraphs 1 and 2 apply to loan contracts entered into after the date of entry into force of this decree.
4. (Abolished).
5. The Italian Banking Association and consumer groups nationally representative, in accordance with Article 137 of the Code of consumption referred to in Legislative Decree 6 September 2005, No 206, define, within three months from the date of entry into force of this decree, the general rules of fairness for renewal of loan agreements in place through, inter alia, the determination of a maximum amount of penalty payable in the event of early repayment or part of the loan.
6. If no agreement is reached under paragraph 5, the measure of reconciliation to the appropriate criminal justice is established within thirty days from the Bank of Italy and is mandatory under Article 1419, second paragraph, of the Civil Code for the renegotiation of the loan outstanding.
7. In any case, those lenders may refuse to reschedule the loan agreements entered into before the date of entry into force of this decree, in cases where the debtor proposes to reduce the amount of the penalty within the limits established pursuant to paragraphs 5 and 6. Article 8
Law 2 / 4 / 2007 n.40 (conversion DL 01/31/2007 n. 7) - Loan portability - subrogation
1. In the case of mortgage, a credit or other loan agreements by banks and financial intermediaries, non-payment is due or the stipulation of a term in favor of the creditor to the debtor does not preclude the exercise of the option in Article 1202 of the Civil Code.
2. In the event of subrogation under subsection 1, the lender takes over the substitute collateral, real or personal, credit substitute. The record of subrogation may be required to conservative informally, enclosing a copy authentic act of substitution signed by a public act or private writing.
3. E 'void any agreement, even subsequent to the signing of the contract, which will prevent or make it costly for the debtor's exercise of the right of subrogation referred to in paragraph 1. The invalidity of the covenant does not entail the nullity of the contract.
4. The substitution for the will of the debtor referred to in this Article shall not involve the loss of tax benefits.
4-bis. In the case referred to in paragraph 2 shall not apply to the replacement tax under Article 17 of Presidential Decree of 29 September 1973, no 601, or taxes specified in Article 15 of that decree. Article 8-bis
Law 2 / 4 / 2007 n.40 (conversion DL 31/01/2007 n. 7) - Provisions for the protection of citizens and users
1. As part of the insurance and banking relationships are strictly forbidden to charge the costs of preparation, production, shipment, or other expenses, however denominated, related to the communications referred to in Articles 5, 7, 8 and 13, paragraphs 8 - e of 8-l of this Decree.
[2] Article 3 DL 27/05/2008 n. 93 (converted into Law 24/07/2008 n.126) - Renegotiation of loans for first home
1. The Ministry of Economy and Finance and the Italian Banking Association to establish a special arrangement to be concluded within thirty days from the date of entry into force of this Decree, open to banks and financial intermediaries under Article 106 of the Consolidated Law on Banking, referred to in the Legislative Decree of 1 September 1993, No 385, the procedures and criteria for renegotiation, even departing where is applicable, as established under Article 120, paragraph 2, of Legislative Decree No 385, 1993, the variable rate mortgages awarded for the purchase, construction and renovation of the main before the date of entry into force of this decree. In order to encourage greater competition in the market for the benefit of borrowers, in the Convention and 'express provision for possible that the individual member banks to adopt, giving timely information to customers, any more favorable terms than those provided for in paragraphs 2 and following of this article, subject to the option of portability of the loan, pursuant to Article 8 of Decree-Law 31 January 2007, no 7, with amendments, into law April 2, 2007, No 40, as amended. .
2. The renegotiation ensures the reduction of mortgage payments to an amount equal to the installment that is obtained from the original amount of the loan as the interest rate resulting from the arithmetic average of the rates charged under the contract in 2006 . The payment amount is calculated as a fixed per tutta la durata del mutuo.
3. La differenza tra l'importo della rata dovuta secondo il piano di ammortamento originariamente previsto e quello risultante dall'atto di rinegoziazione e' addebitata su di un conto di finanziamento accessorio regolato al tasso che si ottiene in base all'IRS a dieci anni, alla data di rinegoziazione, maggiorabile fino ad un massimo di uno spread dello 0,50 annuo.
4. Nel caso in cui, successivamente alla rinegoziazione effettuata, la differenza tra l'importo della rata dovuta secondo il piano di ammortamento originariamente previsto e quello risultante dall'atto di rinegoziazione generi saldi a favore del mutuatario, tale differenza e' imputata a credito del mutuatario sul conto di finanziamento accessorio. Qualora account of the debt was wholly repaid accessory amortization of the loan takes place according to the rate variable than originally envisaged.
5. Any accessory debt resulting from the account on the date of expiry of the original loan, and 'reimbursed by the customer based on the amount and rate constant' equal to the amount of the installment resulting from the renegotiation, the write and 'calculated on the basis the same rate at which 'set the bill provided that accessory more favorable to the customer.
6. The guarantees already 'entered against the loan subject to renegotiation continue to attend, as agreed, the repayment of the debt that is the date of expiry of the mortgage without the completion any formalities, including mortgage, except as provided in Article 39, paragraph 5, of the Consolidated Law on Banking, referred to in Legislative Decree of 1 September 1993, No 385. This provision also applies where, as a result of the renegotiation, the account holder accessory is the subject of funding other than the transferee of the loan in a securitization transaction with transfer of credits. In this case, the subrogation of the guarantees by law, without carrying out any formalities, including mortgage, but takes effect only after the integral satisfaction of the debt claimed by the assignee of the mortgage securitization transaction.
7. Banks and financial intermediaries under Article 106 of Legislative Decree No 385 of 1993 parties to the agreement referred to in paragraph 1 shall make to affected customers, as specified in the Convention itself, the proposed renegotiation within three months from the date of entry into force of this decree. Acceptance of the proposal and 'communicated by the borrower's bank or financial intermediary within three months of receipt of the proposal. The renegotiation of the loan exerts its effect from the first installment due after 1 January 2009.
8. The operations rescheduling of loans are exempt from taxes of any kind and for which banks and brokers Financial costs do not apply in respect of customers.
8-bis. The provisions of this Article may be waived only in the sense most favorable to the borrower.
[3] Article 2 Decree Law No 29 November 2008 185 Mortgages
first home for the loans under the 2009 variable rate can not exceed 4 per cent through with shouldering by the State of any surplus, for new mortgages, the rate of which is calculated based on the spreads consists of the ECB rate.
1. The amount of installments paid by the borrower, the mortgage rate is not fixed to be paid in 2009 is calculated with reference to the greater of 4 percent with no spread, or other miscellaneous expenses and the contractual rate of increase alla data di sottoscrizione del contratto. Tale criterio di calcolo non si applica nel caso in cui le condizioni contrattuali determinano una rata di importo inferiore.
2. Il comma 1 si applica esclusivamente ai mutui per l'acquisto la costruzione e la ristrutturazione dell'abitazione principale, ad eccezione di quelle di categoria A1, A8 e A9, sottoscritti da persone fisiche fino al 31 ottobre 2008. Il comma 1 si applica anche ai mutui rinegoziati in applicazione dell'articolo 3 del decreto-legge 27 maggio 2008, n. 93, convertito in legge dalla legge 24 luglio 2008, n. 126, con effetto sul conto di finanziamento accessorio, ovvero, a partire dal momento in cui il conto di finanziamento accessorio ha un saldo pari a zero, sulle rate da corrispondere nel 2009.
3. The difference between the amounts payable by the borrower, the rate determined under paragraph 1 and those arising from the contractual terms of the mortgage is assumed by the State. By decree of the Director of Revenue shall establish the technical rules for banks to ensure payment of the share of installment to the State pursuant to paragraph 2 and to monitor financial flows, including for possible adoption of measures under Article 16, paragraph 9 of this decree.
4. The charges arising from paragraph 3 shall be covered with increased revenues resulting from this decree.
5. From 1 January 2009, banks offering customers loans secured by mortgages for the purchase of a principal must ensure the same customers the opportunity to enter into such swaps indexed to the rate on main refinancing operations of the European Central Bank. The overall rate applied in such contracts is in line with that charged for other forms of indexing offers. Banks are required to comply with regulations issued by the Bank of Italy to ensure adequate publicity and transparency in the provision of such contracts and related conditions. The banks provide the Bank of Italy, in the manner and terms of this indicator, periodic statistical reports on the conditions offered and number and amount of loans signed. Failure to comply with the provisions of this paragraph and its application instructions issued by the Bank of Italy, the applicable administrative fine provided for in Article 144, paragraph 3 of Legislative Decree no. 1 September 1993, n. 385. We also apply the provisions of Article 145 of Legislative Decree no. 1 September 1993, n. 385.
[4] Supervisory regulations on December 30, 2008 - "Mortgage Loans for the purchase of a principal. Transparency provisions under Decree No. 185/2008.
According to Article 2, paragraph 5 of Law Decree 29 November 2008, No 185, containing "Urgent measures to support families, jobs, employment and enterprise, and an anti-crisis reshape the national strategic framework, "in the process of conversion (hereafter," Decree Law), as from 1 January 2009, banks that offer loans guaranteed by mortgage for the purchase of the main (henceforth, "loans") are required to provide customers the option of entering into such contracts at a variable rate indexed to the rate on main refinancing operations of the European Central Bank. The overall rate applied in such agreements must be in line with that charged for other forms of indexing offers.
The Bank of Italy is entrusted to enact provisions to ensure adequate publicity and transparency in the provision of such contracts and related conditions.
In this regard, banks that offer mortgages are required to prepare, with reference to the new contract mentioned in the introduction with effect from 1 January 2009, documentation of transparency in accordance with the applicable provisions. Considering also the complexity and diversity of the types of loan offered by banks, which adds time, necessarily, that introduced by decree, and in order to better publicize the existence of the latter in the range of Deals of the bank, it is considered to be provided to customers on an informative tutte le tipologie di mutuo offerte dalla banca stessa, che agevoli le scelte del cliente verso prodotti potenzialmente più confacenti alle sue esigenze.
Pertanto, a decorrere dal 1° marzo 2009, le banche che offrono mutui in Italia predispongono – in aggiunta alla documentazione specifica relativa a ciascun contratto offerto, redatta ai sensi della vigente disciplina sulla trasparenza delle condizioni contrattuali – un documento contenente informazioni generali sulle diverse tipologie di mutui offerti, il quale:
a) elenca tutti i prodotti di mutuo offerti dalla banca, facendo rinvio ai rispettivi fogli informativi per la pubblicizzazione delle condizioni economiche e contrattuali specificamente riguardanti i prodotti in questione;
b) indicates clearly the characteristics and risks inherent in the lending operations referred to in paragraph a), in a manner which make it easier for customers to understand the main differences between the different products offered. The document also, for each of the products in question, at least: i) the rate of interest (in the case of prediction of a variable rate, are given the spread, the benchmark rate and the amount at time of publication, , with the caveat that this is merely an example), ii) the minimum and maximum duration of the loan; iii) the repayment conditions, and iv) the frequency of installments;
c) is made available to the customer in the cases and the second the manner prescribed for the sheets;
d) shall be sent, at the first regular communication useful (and not later than April 15, 2009), to customers who have a loan outstanding with the bank.
(cited by http://www.filodiritto.com , specifically in: http://www.filodiritto.com/index.php?azione=visualizza&iddoc=1349 )
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