Būsto Paskolų Draudimas is a company established by the Lithuanian government 15 years ago to facilitate home ownership. The company mostly insures housing loans taken out by young families, the banks would lower the interest rates and the amount of initial contribution. The insurance cover about 50,000 of such loans, or about a quarter of the market. However, the company found that it has around ten thousand debtors.
The financial crisis of 2008 cut incomes of many households and their ability to pay back their loans. Furthermore, the value of the bought properties has diminished by half.
In total, there are 200,000 Lithuanian citizens and 30,000 corporate entities in the debtor list. These two groups owe more than a billion euro each.
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