The state must intervene and call on the Housing Finance Corporation (HFC) to comply with the law by restoring the loan guarantee contracts it uses from the abusive terms and releasing all guarantors, for whom the abusive terms in the guarantee contracts were applied against them, without any need for interested parties to file a complaint with the Financial Commissioner, says Financial Commissioner Paul Ioannou in a briefing note to guarantors in loan contracts.
The note refers to a decision of the Financial Commissioner against the Housing Financing Agency for discharging a guarantor because of an abusive term in the guarantee contract, which the Agency applies against guarantors in loans granted by it.
CNA
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CNA
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