Armenians failing to repay loans extended by commercial banks and other lending firms must be legally protected against losing their sole homes, the head of a government agency enforcing court rulings said on Tuesday.
Mihran Poghosian announced that his Service for the Mandatory Execution of Judicial Acts (SMEJA) will draft a law banning financial institutions from using such apartments and houses as loan collaterals.
Poghosian spoke of an increased number of people defaulting on credit payments and facing eviction from their properties. The SMEJA had to deal with more than 1,000 loan defaults in the first half of this year alone, he said.
Armenian News
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