Memorandum of understanding on proposals for access to credit, support for families in difficulty, consumer awareness

The "Progetto AbitAzione" starts, through a Memorandum of Understanding between ABI and Consumer Associations, aimed at investigating aspects concerning the real estate credit market for consumers and at promoting shared initiatives on the issues of Access to credit, to families in difficulty and the Strengthening of consumer awareness.

The joint initiative assumes significant importance in the context of uncertainty due to the persistence of the health emergency which requires the utmost attention to the need to continue to support Italian families in real estate credit.

Credit access

Proposals will be presented to improve access to credit such as:

  • the strengthening of the financial resources of the first home fund which at 31 December 2020 allowed access to mortgages to 209.000 families for a value in terms of mortgages admitted to the guarantee of the Fund equal to over € 23,5 billion;
  • the establishment of specific guarantee funds (or special sections of the first home fund) to encourage investments in the renovation of properties already owned;
  • further measures that can favor the financing / investments for the energy requalification and safety of the buildings, also through the analysis of the reflections elaborated within the specific “Technical Table to favor the requalification of the buildings” in which Abi and Consumers participate.

Support for families in difficulty

The persistence of the epidemiological emergency requires a reflection on initiatives aimed at preventing the state of insolvency through measures to support the payment of the installments of mortgages secured by mortgages on properties for families in difficulty. Therefore it is proposed to:

  • confirm, in order to expand the number of families who can use the Fund, the measures in derogation from the ordinary rules of the Gasparrini Fund regarding the maximum amount of mortgages, the non-need to present the ISEE income to obtain access to the benefits of the Fund itself , the possibility of requesting the suspension of payment of the installments also for mortgages that benefit from the guarantee of the First Home Fund, the possibility of suspending the installments also for self-employed and professionals who have recorded reductions in their turnover. As of January 15, 2021, the Fund suspended over 200.000 mortgages for an equivalent value of almost € 20 billion in terms of residual debt;
  • evaluate the in-depth analysis of any proposals (including legislative proposals) aimed at pursuing the protection of the insolvent borrower and at the same time making credit recovery more efficient.

Strengthening consumer awareness

Also in light of the full entry into force of European regulations on default, it is necessary to further increase the consumer's ability to understand the credit product and / or accessory service that he intends to subscribe in terms of overall costs, risks assumed (e.g. credit and market) and consistency with their expectations / needs. To this end, it is considered important:

  • promote knowledge of existing credit products and public instruments already available to borrowers;
  • jointly implement consumer information tools in order to encourage the taking of more informed decisions through, for example, the development of initiatives such as training activities for representatives of consumer associations on certain issues of interest to real estate credit for families, the preparation of tools financial education to be disseminated also through the web channels of the Parties as well as other interested parties.

The 17 consumer associations that have collaborated in the initiative are ACU, Adiconsum, Adoc, Altroconsumo, Asso-Consum, Assoutenti, Casa del Consumatore, Consumer Protection Center for Users, Cittadinanzattiva, Codacons, Confconsumatori, Federconsumatori, Lega Consumatori, Movimento Consumatori, Movimento Defense of the Citizen, U.Di.Con, UNC.

Credit: the “Housing Project” launched between ABI and Consumers

| Economics, EVIDENCE 3 |