Floating mortgage project manager not hurt each other

PROF. Dang Hung Vo insists with a straight angle, many real estate projects are the mortgage twice thanks to dangerous gaps of law, meanwhile, authorities not to investigate. Information that dozens of housing projects, apartment in Ho Chi Minh City, Hanoi was taking the mortgage bankers make people buy houses inland low anxiety. Only until the debt or to secure the people's house sale or transaction known to this information. Will the mortgage so there are consistent with the law and people's rights will be guaranteed? Description: the straight perspective category of VietNamNet Exchange with PROF. Dang Hung Vo, former Deputy Minister of natural resources and the environment to learn about this issue. Follow the conversation at the clip below:

Floating mortgage project manager not hurt each other
-Journalist Pham Huyen: Sir, recently, many housing projects, condominium was built with commercial purposes, sold to people but on the other hand, the investor bring this project go for mortgage loans to banks. With management experience and research, he said, the rules or not?

-PROF. Dang Hung Vo: we can see that, the Bank mortgage of a common project is consistent with the provisions of the law. However, this would be unlawful if the project has a mortgage and then sell or sell for and then taking the mortgage. I also want to say a thing, as if the real estate projects that are available, then we have enough laws regulations to control this case. But now the law has a very big flaw is the case buy sell House on paper, the project is deployed, there is no procedure excluding the property on paper sold out projects are implemented. As such, we are in a very large legal gaps with regard to the case of a mortgage the entire project with the mortgage each apartment in the projects. In 2008, the United States of America apply a mechanism is the secondary mortgage, i.e. the Bank can bring a project to receive the mortgage asset collateral to commute for one bank to another, such as a collateral. What we're experiencing now is a project, just the mortgage of projects, just the mortgage each apartment that does not have a separate apartment values that come out of the project, that is pretty much the real estate units are the mortgage bank 2 times. This is very dangerous. If we keep this momentum going, and then too a few incomplete projects are owed, then immediately into the story and the real estate crisis immediately, spreading out the financial crisis, then, we have to use whatever ways cannot be attempted.

-Journalist Pham Huyen: HCM 77/600 public bank mortgage project and Hanoi has announced 26/300 (8.6%) mortgage projects. With public rate mortgage only on projects under 10%, you have to believe in this number and according to him, the State Management Agency about how to land a job monitoring the mortgage the project, ensure the rights of the people?

-PROF. Dang Hung Vo: the discovery of the project that the mortgage bank at the rate of about 10% do not speak up danger for the market. Here, are detected, in both projects that mortgage, have been flat in the future or the present also carried away the mortgage in a different bank or even the same bank at which the new stories. I think there should be 2 information, this project offers the mortgage goes in there, how many apartments also give away the mortgage? If this project goes the overall mortgage but no apartments would go to the mortgage, the story that is normal. But the only thing this, gave away the Mortgage Bank project, when you sell the apartments in the project that they must accept the prize in the apartments. In principle, the law requires so. That's the next thing we have to do, be transparent about this information. About 10% of the number of projects on the market go mortgage, in my opinion, demonstrates that the investigation of the project also have yet to. Like it or don't want to, no real estate investors would have enough money to invest in the whole, does not need any bank would, without any method of financing. The investor has 100% equity, I don't believe that. Sure, they have to find sources of capital that in Vietnam, the vast majority of credit capital. If only 10% of projects use credit capital then perhaps, it is hard to believe in Vietnam. I said that this investigation is more thorough, more concrete, more fully.

-Journalist Pham Huyen: Bank, the investor usually never self-published work that mortgage information. So, he added, the responsibility of the governing body as to how to ensure transparency on the market and the interests of home buyers?

-PROF. Dang Hung Vo: a project to bring away the mortgage if the mortgage by the ground they must bring to the land registry office to register. But now, we're giving mortgage mechanism not by land that is in the project. The project is from which people easily take advantage of it to not go registration information. Possible, both the investor and the banks are unwilling to do so. If you do so, we do not manage the project for the mortgage bank. The implementation of all the rights related to land at this must include all assets attached to land and we can't understand the project is a different concept. It is the land and assets attached to land. But, what we do now is accept the project, itself composed of the land plus the estate built on land, other. But many authorities again nodded saying, Yes, mortgage project is located outside the provisions of this law ... that is exactly what we do harm to each other.

-Journalist Pham Huyen: Sir, with a policy and one market so people how to go buy a home do not be fooled, don't be risky, bought the apartment owner was intentionally done wrong, take away the mortgage?

-PROF. Dang Hung Vo: here, we need, is to complete the legal system of property, from land to construction, purchase, sale, sales, mortgages, secured transactions attached. We are fully part of the land, building, real estate business, mortgage and real estate secured transactions associated with the use of raw the old Decree, which is still based on the old Law, regarded as the new law is not known. Secured transactions tied to mortgages that the old laws while the Land Law, real estate, business houses had the new law then really that said, the Court can declare the secured transactions based on the old rules are disabled. Had he the Chief Justice declares as such, and he's right. But also he declared Chief Justice is because conditions have not done the new decrees, adhere to the old Decree is reasonable. He said is true. We are creating a condition which the court like also. That is what we need to complete. Next, the common law is required, it should be popular books for people, in this case how, help for people taking the real estate market, what to do, what not to do, in front of a work then need to find the information? The last point is to the whole public information projects, on the State of the real estate market. To do so is very beneficial for the real estate market, does not fall into the unusual status in the supply-demand relationship.

-Journalist Pham Huyen: thank you for sharing the same report!




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