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El Salvador Ratifies Regional Mortgages

Article Summary:

Salvadoran legislators ratified a Treaty for the Establishment and Implementation of Central American Mortgages between Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama and the Dominican Republic. The law provides greater legal certainty for investment in the region, stimulating the market for Central American investments, facilitating and expanding access to credit, by backing mortgage securities in any country where it operates and the procedures and costs are standardized.

Photo Credit: El Salvador Assembly

Original Article Text From El Salvador Assembly via Google Translate :

Assembly ratifies the Treaty for the creation and implementation of the Central Mortgage

The Legislative Assembly ratified with 71 votes, the Treaty for the Establishment and Implementation of the Central Mortgage signed between the Republics of Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama and Dominican Republic.

This instrument will provide greater legal certainty for investment in the region, stimulating the market for American investments, facilitating and expanding access to credit, to be backed by mortgage securities in any country where it operates and approves the procedures and costs.

Will also promote the securitization of mortgage portfolios regional instruments to be homogeneous, which permit the secondary mortgage market and thus more investment capital.

The ratification of this Treaty becomes an important step in “the path of the Central American integration,” as he said, the President of the Assembly, Sigfrido Reyes, to become an “instrument of regional economic and financial integration”, which means in his words: if “a person who has an investment project can seek funding beyond the local financial market and the concept of the Central Mortgage can provide collateral for a loan on better terms anywhere in the region” , which has benefits for users of credit, and competition in financial markets, he added.

For his part, Deputy Margarita Escobar, ARENA Parliamentary Group, expressed his delight at the ratification of this instrument, the impact it will have on the Central American market, since it means “regulation of an arrangement with a common legal framework for regional growth in real estate and in the economic sphere. ” As ratified by the signatory countries, the treaty will create a regional financial market to help boost lending operations.

Link to Original Article:

From El Salvador Assembly

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