With a multi-level network of interventions the government attempts to strengthen the network of protection of the first residence, both for vulnerable and for non-sensitive debtors facing the burden of debts and the risk of losing their property.
The focus of the new framework is the operation of the Property Acquisition and Releasing Agency for vulnerable borrowers, the further exploitation of the extrajudicial mechanism and a series of new arrangements aimed at maintaining the main residence and facilitating the financial restart of debtors.
As regards the Real Estate Acquisition and Releasing Body, it is estimated that it will enter into operation in autumn. After the completion of the tendering procedure,Temporary contractor emerged the investment company Christofferson, Robb & Co. (CRC), which, after the finalisation of the contract and its ratification by Parliament, will undertake the creation and management of the new scheme. All four systemic banks participate in the financing of the project, with a total contribution of EUR 100 million.
As shareholders of the entity, banks are expected to play an important role in the strategic choices of the new organisation, particularly with regard to partnerships with real estate management companies, technology service providers and debt management companies, which will support the operation of the scheme.
Who's the temporary contractor?
Christofferson, Robb & Co. (CRC) is an American investment management company based in New York, which operates internationally in the field of credit, banking assets and credit risk transfer transactions (SRT). They are one of the most specialised investment groups in the European credit market, with years of experience in managing complex financial transactions and portfolios.
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