Borg rejects call for mortgage-repayment law
Published: 17 Jan 13 16:53 CET | Print version
Online: http://www.thelocal.se/45674/20130117/
Sweden's Finance Minister Anders Borg said Thursday that he is not in favour of forcing home owners to pay down their mortgages, outlined in a proposal by the Riksbank head that caused a stir on Tuesday.
- Riksbank probes mortgage-repayment law (15 Jan 13)
One solution, he proposed, was to legislate so that loan takers have to make regular payment on the debt owed, rather than simply nipping away at the monthly interest rate payments.
SEE ALSO: Riksbank probes mortgage-repayment law
Borg was not impressed.
"I think we should follow the plan we have already outline," he told Svenska Dagbladet (SVD) newspaper.
"We need to increase the banks' capital reserves and review risk-weighting of housing loans."
He warned that a sudden political move could affect the housing market too drastically.
"We will be looking at how we make Swedish banks less dependent on foreign currency, which run the risk of currency rate fluctuations," Borg told SVD.
"Then we'll see how the households react. We need to tackle the indebtedness step by step."
TT/The Local/
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There has to be a fundamental change in thinking, by changing the rental laws to be allowed to charge market rates and a massive increase in building new homes which has to be a partnership between the Government and private property coampanies. Until that happens, property prices in prime cities like Stockholm will increase further as demand outweighs supply with pressure from a lack of rental property!
now I understand why there are so many new cars floating around stockholm. still with such a good publc transport system in stockholm why would you spend 700,000 kr to park it in the street?