{"id":33526,"date":"2022-11-02T16:53:05","date_gmt":"2022-11-02T15:53:05","guid":{"rendered":"https:\/\/www.cbleon-abogados.com\/fixed-rate-mortgage-swaps-asufin-warns-about-suspicious-practices\/"},"modified":"2022-11-02T16:53:05","modified_gmt":"2022-11-02T15:53:05","slug":"fixed-rate-mortgage-swaps-asufin-warns-about-suspicious-practices","status":"publish","type":"post","link":"https:\/\/cbleon-abogados.com\/en\/fixed-rate-mortgage-swaps-asufin-warns-about-suspicious-practices\/","title":{"rendered":"Fixed-rate mortgage swaps: ASUFIN warns about suspicious practices"},"content":{"rendered":"<p><strong><span style=\"color: #000000;\">In view of the trend of changes in fixed-rate mortgages, the Association of Financial Users (<span style=\"color: #3366ff;\"><br \/>\n  <a style=\"color: #3366ff;\" href=\"https:\/\/www.asufin.com\/\" target=\"_blank\" rel=\"noopener\">ASUFIN<\/a><br \/>\n<\/span>) has issued a warning. All this because it detected bad practices in the banking sector.<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">The entity disclosed some suspicions of non-compliance with binding offers by banks. These would be applying some strategies to circumvent the Mortgage Subrogation Law.<\/span><\/p>\n<p><span style=\"color: #000000;\">In summary, ASUFIN accuses that the deadlines set by the binding offers in these processes are not being respected. In this way, banks would be raising interest rates to customers.<\/span><br \/>\n<span style=\"color: #000000;\">This wrongdoing generates greater concern than that caused by the rise in the Euribor among those affected. This situation leads to defenselessness and insecurity among mortgagors.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-white ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Tabla de Contenidos<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/cbleon-abogados.com\/en\/fixed-rate-mortgage-swaps-asufin-warns-about-suspicious-practices\/#ASUFIN_President_speaks_out_strongly_on_the_issue\" >ASUFIN President speaks out strongly on the issue<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/cbleon-abogados.com\/en\/fixed-rate-mortgage-swaps-asufin-warns-about-suspicious-practices\/#Subrogations_and_significant_hindrances\" >Subrogations and significant hindrances<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/cbleon-abogados.com\/en\/fixed-rate-mortgage-swaps-asufin-warns-about-suspicious-practices\/#ASUFINs_proposal_to_the_European_Banking_Authority_EBA\" >ASUFIN&#8217;s proposal to the European Banking Authority (EBA)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/cbleon-abogados.com\/en\/fixed-rate-mortgage-swaps-asufin-warns-about-suspicious-practices\/#ASUFINs_influence_in_the_mortgage_sector\" >ASUFIN&#8217;s influence in the mortgage sector<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"ASUFIN_President_speaks_out_strongly_on_the_issue\"><\/span><span style=\"color: #000000;\"><strong>ASUFIN President speaks out strongly on the issue<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"color: #000000;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-33521 size-full\" src=\"https:\/\/www.cbleon-abogados.com\/wp-content\/uploads\/2022\/11\/Cambios-de-hipotecas-a-tipo-fijo.jpg\" alt=\"Changes in fixed-rate mortgages\" width=\"1280\" height=\"853\" srcset=\"https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2022\/11\/Cambios-de-hipotecas-a-tipo-fijo.jpg 1280w, https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2022\/11\/Cambios-de-hipotecas-a-tipo-fijo-300x200.jpg 300w, https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2022\/11\/Cambios-de-hipotecas-a-tipo-fijo-1024x682.jpg 1024w, https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2022\/11\/Cambios-de-hipotecas-a-tipo-fijo-768x512.jpg 768w, https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2022\/11\/Cambios-de-hipotecas-a-tipo-fijo-370x247.jpg 370w, https:\/\/cbleon-abogados.com\/wp-content\/uploads\/2022\/11\/Cambios-de-hipotecas-a-tipo-fijo-760x506.jpg 760w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><\/span><\/p>\n<p><span style=\"color: #000000;\">These cases of irregular changes in fixed-rate mortgages, Patricia Su\u00e1rez, president of ASUFIN, said, are reiterative. Complaints about the issue have increased.<\/span><\/p>\n<p><span style=\"color: #000000;\">&#8220;There is an increase in complaints from people who have an offer from the entity that is valid for 30 to 60 days, and it is surprisingly withdrawn before the end of the time.&#8221;<\/span><\/p>\n<p><span style=\"color: #000000;\">ASUFIN points out among the reasons that banks take on more clients than they can cover. Thus, when the quota is exhausted, the offer is downgraded for future customers.<\/span><br \/>\n<span style=\"color: #000000;\">Clients receive a fixed rate offer option of 1.95%, and then it is changed to 2.55% before the end of the term. A change made without having completed the minimum established term.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Subrogations_and_significant_hindrances\"><\/span><span style=\"color: #000000;\"><strong>Subrogations and significant hindrances<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"color: #000000;\">The ASUFIN alert also highlights the detection of &#8220;hidden&#8221; subrogations and the &#8220;hindering&#8221; of novations. Specifically, it is denounced that:<\/span><br \/>\n<span style=\"color: #000000;\">Banks are avoiding subrogations, the most beneficial for the consumer due to cost savings, in favor of consolidating new market captures.<\/span><\/p>\n<p><strong><span style=\"color: #000000;\">Generation of obstacles in novation (changes made by the client&#8217;s own entity) with entities that do not offer conditions and envy the procedure.<\/span><\/strong><\/p>\n<p><span style=\"color: #000000;\">Faced with such dishonest practices, the association proposes a modification of the legislation on subrogations and novations. It focuses its proposal on establishing a time limit that makes it difficult to counter-offer.<\/span><\/p>\n<p><span style=\"color: #000000;\">In conclusion, ASUFIN considers the current term to be an advantage for banks that hinders the functioning of the mortgage market.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"ASUFINs_proposal_to_the_European_Banking_Authority_EBA\"><\/span><span style=\"color: #000000;\"><strong>ASUFIN&#8217;s proposal to the European Banking Authority (EBA)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"color: #000000;\">The proposal to &#8220;financially relieve the sector&#8221; that ASUFIN has made to the EBA is timely. It focuses on:<\/span><br \/>\n<span style=\"color: #000000;\">Increase in interest rates for households.<\/span><br \/>\n<span style=\"color: #000000;\">Facilitation of the change from variable to fixed mortgages or moratoriums at zero cost.<\/span><\/p>\n<p><span style=\"color: #000000;\">Thus, the association indicates that banks should facilitate mortgage renegotiation. It also believes that a strict good practice guide should be drawn up for this purpose.<\/span><\/p>\n<p><span style=\"color: #000000;\">ASUFIN has urged that changes to fixed-rate mortgages should not involve processes that make loans more expensive. This is in reference to the Annual Percentage Rate (APR) products.<\/span><br \/>\n<span style=\"color: #000000;\">This proposal is based on collaboration between the economy and banking. The focus is on debt mitigation and exploration of moratoriums.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"ASUFINs_influence_in_the_mortgage_sector\"><\/span><span style=\"color: #000000;\"><strong>ASUFIN&#8217;s influence in the mortgage sector<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"color: #000000;\">The fact that ASUFIN is speaking out on the case of fixed-rate mortgages is enough. Since it is a highly respected consumer advocate for financial products.<\/span><\/p>\n<p><span style=\"color: #000000;\">Its management has recently been recognized by the Bank of Spain and the National Securities Market Commission (CNMV). Especially for its commitment to financial consumer protection.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In view of the trend of changes in fixed-rate mortgages, the Association of Financial Users ( ASUFIN ) has issued a warning. All this because it detected bad practices in the banking sector. The entity disclosed some suspicions of non-compliance with binding offers by banks. These would be applying some strategies to circumvent the Mortgage Subrogation Law. In summary, ASUFIN&hellip;<\/p>\n","protected":false},"author":5,"featured_media":33518,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_joinchat":[],"footnotes":""},"categories":[170],"tags":[],"class_list":["post-33526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/posts\/33526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/comments?post=33526"}],"version-history":[{"count":0,"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/posts\/33526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/media\/33518"}],"wp:attachment":[{"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/media?parent=33526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/categories?post=33526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cbleon-abogados.com\/en\/wp-json\/wp\/v2\/tags?post=33526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}