Unprecedented demonstration to come from brokers in front of the Banque de France

Les courtiers ont prévu de manifester le 20 septembre devant le siège de la Banque de France.

The hatchet between brokers and the Banque de France has been unearthed. The last interview of the governor of the bicentennial institution stuck in their throats. Excerpts: “Real estate loans remain very dynamic, with more than 6% growth. The rates are gradually rising: in July, we were on average at 1.45%. […] The attrition rate is there to protect borrowers. So some want to lend more to the French. Let them say it!“, he said last week on BFM (see the tweet below). In the viewfinder of François Villeroy de Galhau, the brokers, accused of being alarmist.

In a recent survey published this summer45% of brokers say the refusal rate has varied between 20% and 30% since January 1, 2022. Un figure that turned, in the press, into a 45% refusal rate, without the brokers, who had commissioned the survey, contesting this figure. What, on the contrary, the Governor of the Banque de France hastened to do. For brokers, it’s the straw that broke the camel’s back. “The governor is in denial and contempt.”denounces Bérengère Dubus, general secretary of the Union of Credit Intermediaries (UIC), for whom this event is a first.

The tightrope walker Bruno Le Maire

The UIC, which claims to be the only union of mortgage brokers in France, calls on the profession to demonstrate on September 20 in front of the headquarters of the Banque de France, in the 1st arrondissement of Paris. “We denounce an immobility of the public authorities which weighs heavy consequences on the real estate and the life of the French in general“, explains Bérengère Dubus. This expert of real estate loan fears a market blockage that prevents tenants from becoming owners. As for the banks, we want to be reassuring by considering that the technical constraint linked to the wear rate is only temporary.

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On October 1, this maximum rate will be updated, as every three months. Problem: credit rates are “updated” every month and because of galloping inflation, they are spinning at high speed. “The urgent solution must be to shorten the wear rate update time to one month“says Bérangère Dubus. What Bercy has refused, for the time being, to do because, on the advice of the Banque de France, the government wants to avoid the risk of over-indebtedness. However, aligning the wear rate update date with that of the credit rate would avoid having a wear rate that is out of step with reality and would unblock several thousand files.

I received a file at the end of 2021 which was refused because the overall rate exceeded the wear rate by 0.02%. The couple was prepared to wait for the next wear rate update. But during this time, their debt ratio exceeded the authorized 35%, because of the increase in the credit rate“says Bérengère Dubus. In short, the situation is tense not only on the market but also between bankers and brokers. Between, Bruno the MayorMinister of Economy and Finance but also President of the High Council for Financial Stability, forced to play the tightrope walker to preserve the purchasing power of the French without alienating the banks.

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