Argentina Creates 2 Trillion-Peso Mortgage Program With Pension-Fund Deposits
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Economy Minister Luis Caputo announced a 2 trillion-peso program that will place Sustainability Guarantee Fund assets in bank fixed-term deposits to finance mortgages. Auctions will offer up to 200 billion pesos each, with banks required to direct awarded funds within 90 days to loans for buying, building, enlarging or renovating a first home. Mortgages will carry a maximum rate of UVA plus 7.5%, a minimum 15-year term and a 150,000-UVA principal cap. The program includes one-year and five-year funding tranches, with each bank limited to 20% of an auction.