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Israel implements new mortgage restrictions following jump in house prices
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A draft directive presented by banks commissioner David Zaken requires lenders to boost their capital buffers on mortgages exceeding 45 percent of the property value.
The move comes as a result of recent expansions in housing loan portfolios and a sharp increase in prices, without an appropriate increase in capital buffers and provisions.
"These developments have led to higher inherent risk in the loan portfolios of banking institutions," Zaken said.
Under the new directive, banks will need to set aside 50 percent in capital on mortgages covering 45-to-60 percent of the property value, while 75 percent will have to be set aside for property values exceeding 60 percent.
on Tue 19 Feb 2013
on Wed 20 Feb 2013
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