Funds Lured by Greek Home Loan Debt Paying 22%: Mortgages

Distressed debt funds buy Greek mortgage bonds after yields rose to a record, use the securities will rebound as Greece remains in the euro and with some priced so low they can still be profitable with an output.
Bonds initially assigned top credit grades pay 22 percentage points more than benchmark rates, at a premium of 9.25 percentage points in June last year when riots broke out in Athens over the proposed cutbacks, according to data compiled by JPMorgan Chase & Co. (JPM) The is spread over three Spanish home-loan bonds and about 15 times Dutch mortgage.Enlarge photo Hedge Funds Attracted by the Greek Housing debt to pay 22%
Residential and commercial real estate in the suburbs of Athens. Non-performing mortgage loans in Greece reached 15 percent of the total outstanding in the fourth quarter, up 14 percent in the previous quarter, according to the Financial Stability Department of the Bank of Greece. Photographer: Chris Ratcliffe / BloombergSponsored linksBuy a link
"The awards reflect the concern about a possible exit from the euro and the legal implications this may have," said Apostolos Saflekos, a trader in Madrid-based investment firm Auriga Global Investors. Hedge funds and investors in distressed assets as buying mutual funds and banks have to sell due to credit downgrades, said Saflekos, a native of the Greek city of Thessaloniki.
Greeks return to the polls this weekend after a May 6 election failed to produce a viable majority. The voters in the middle of the worst recession the country since the Second World War face a choice between continuing with austerity demands of the European partners in exchange for 240 billion (303 billion dollars) in aid from the European Union and the International Monetary Fund, or vote for a party committed to the terms of a rescue plan to dismiss, which can lead to an exit from the single currency.Against Austerity
The largest pro-European party leads the anti-austerity force by 1 percentage point, according to an ANT1 TV poll on June 1. Under Greek law, there is a ban on publication of opinion polls two weeks before an election.
"We think there is a great possibility that the Greek elections a government that is committed to rejecting Greece obligations to its international creditors to produce, said Michael Kurtz, Hong Kong-based head of global equity strategy at Nomura Holdings Inc.: "If that happens, it will probably be forced out of the euro bloc," said Kurtz. He says there is a 50 percent chance of leaving the country of the 17 - member shared currency.
Returning to the drachma, would lead to a 65 percent decline in the value of the new currency in nominal terms, and "inevitably" fail in large parts of the foreign debt, according to the National Bank of Greece estimates.Currency Speculation
Spreads on Greek bonds home loan increased from 16 percentage points in May, JPMorgan data show, as speculation of an exit to. Standard & Poor's this week cut its ratings on the debt, indicating possible deviation of the monetary union.
Leaving the single currency and the subsequent depreciation of the drachma per capita income would decline by at least 55 percent in euros, according to a May report from the National Bank.
That would be problematic for Greeks who began with the closing of mortgages in earnest after the country joined the single currency and bond investors, according to a report of May 10, Deutsche Bank AG (DBK) analysts Conor O'Toole and Rachit Prasad in London .
Thanos and Annetta Kappas, both teachers, say they are typical of Greeks who thought they were a guaranteed income. They bought a 270,000 euro apartment in a suburb of Athens in 2009 with a EUR 210,000 loan from the National Bank of Greece. At the time that their combined monthly income of 2,700 euro meant that they could comfort their monthly installments of 900 euros to comply.Mother's Support
Their pay is reduced by 32 percent to 1,840 euros per month by the state. The couple have sold their car and put his trust in his 79-year-old mother for handouts.
The loan "was the product of an era in which we never believed that officials could lose their jobs and that life would always be a straight forward way," said Thanos, 50. "Today we are trapped."
They plan on paying only what they can each month on their mortgage, after trying to terms with the bank to renegotiate. Kappas said he has not decided how he will vote in the election of 17 June. He opposes the bailout conditions imposed on Greece.
Alexis Tsipras, the leader of the Greek Syriza party has agreed to the bailout and the implementing legislation to cancel and replace a national recovery plan. Antonis Samaras, head of the New Democracy Party, has promised to expand unemployment benefits, while honoring the country commitments to the European Union and the International Monetary Fund.


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