Interior Committee chair urges action against mortgage collapse [MARKET COLLAPSE?]
Chairman of the Knesset Interior Committee, MK Yaakov Asher (UTJ), has issued an urgent call to Finance Minister Bezalel Smotrich and Bank of Israel Governor Amir Yaron to develop an immediate solution to the growing mortgage crisis, following alarming reports of a sharp increase in mortgage payment delinquencies.
Speaking at a conference organized by the Association of Haredi Mortgage Advisors, Asher warned of a looming collapse in the housing finance market. “When you start hearing about a rise in missed payments, that’s already an emergency,” he said. “Tightening financial conditions will only strangle mortgage holders, making it harder for them to repay, and that will push many into insolvency.”
He stressed that the mortgage crisis has the potential to spiral into a wider financial breakdown. “Without a systemic solution, we could see the collapse of an entire market,” Asher cautioned. “If people can’t manage their mortgage repayments, no other economic policy will matter, because there will be no functioning mortgage market left to implement policy in.”
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