Demands of Hagsmunasamtök Heimilanna (The Homes Association) HH.
This list of demands is based on resolutions reached at nationwide meetings June 23rd 2009 by HH members when planning for mortgage strikes.
- Mortgage loans with principal indexed to foreign currencies shall be brought to their original ISK principal value on the date of issue minus payments already made and interests recalculated.
- Mortgage loans with inflation indexing of principal shall be adjusted so that they have a cap on inflation indexing at 4% from Jan. 1. 2008.
- A new amendment be passed that insures that collection on defaulted loans can not lay claim beyond the mortgaged assets.
- A new amendment stipulate that in the case of personal bankruptcy, the person is completely cleared of all prior financial obligations within five years and claims can't be reopened.
- Inflation indexing of loans is a complex financial product lacking transparency. We demand that a timed plan be invoked to abolish inflation indexing of consumer loans be they mortgage loans or otherwise.
Iceland, June 23rd 2009.