Lower house approves home loan relief legislation

Argentina's lower house has approved legislation that gives home loan borrowers greater flexibility in paying back their debts, local press reported. The country's severe economic and financial crisis in 2001 and last year pushed many home loan borrowers into default. The legislation passed by the senate and lower house gives borrowers who defaulted on loans of up to 100,000 pesos since January 1, 2001 a one year grace period on loan payments 60 days after the law comes into affect. The bill also provides for the creation of a bailout fund that would pay missed payments until the loan reaches maturity.