The Romanian state has recorded some 767 foreclosure requests within the First House program, since launching this scheme in 2009, according to data from the Finance Ministry.

Of the total requests, the state has paid the guarantees for 521 loans worth almost EUR 10 million, reports local Economica.net. In these cases, people who took loans via the First House program weren’t able to repay their loans anymore. The state had to step in, after having provided guarantees for the loans.

The state has granted a total of 203,783 guarantees through the National Guarantee Fund, with a total value of RON 17.5 billion (EUR 3.8 billion) by the end of November 2016. Between January and November last year, over 32,700 guarantees were granted. They amounted to RON 3.1 billion (EUR 687 million).

The budget for the First House program amounts to RON 2.5 billion (EUR 554.6 million) this year. The budget was established through the Memorandum for the First House Program Strategy.

editor@romania-insider.com