OREANDA-NEWS. September 21, 2010. In the course of bad loans restructuring campaign effected from March 16, 2010 to September 1, 2010 Mortgage organization Kazakhstan Mortgage Company approved 226 applications totaling to KZT1,333.71 mln. From recipients of additional repayment schedules, 7 borrowers repaid their liabilities in full and ahead of schedule, reported the press-centre of KASE.
 
Good results and appeals from borrowers who failed to apply for bad loan restructuring earlier, were the reasons for the campaign extension.

Borrowers may apply for restructuring of their bad loans until December 31, 2010.                                                                      
                                                                                                    
At discretion of borrowers who duly proved temporary insolvency, the company can capitalize or depreciate the existing bad debt without any penalty for up to 36 months.
                  
In case of extreme necessity, the borrower can have a payment delay of up to 1 year.

The campaign covers loans bought by Mortgage organization Kazakhstan Mortgage Company without repurchase liability and loans being under company's trust management.

Mortgage organization Kazakhstan Mortgage Company decided to launch the bad loan restructuring campaign, since amongst 24 thousand borrowers there are some who suffered from revenue decline in small and medium business, salary decrease and unemployment. Mortgage organization Kazakhstan Mortgage Company could not ignore population's circumstances worsened by the economic crisis, since providing the population with dwelling is its social priority.