Polish Homeowners Hammered As Swiss Franc Hits Record
Classified Polnews
Warsaw, Poland 10 August, 2011 - Polish homeowners who committed to mortgage loans in Swiss Francs continue to get hammered as the Swiss Franc hits a record high.
Swiss Franc
Soars
The approximately 700,000 homeowners in Poland who were attracted by low interest rates and took out mortgage loans in Swiss Francs when the it was trading at about 2 Polish Zloty to the Swiss Franc have had their debt burden double as the exchange rate hit a record high of 4 to 1.
People are locked into their homes with debt in many cases far exceeding the market value. Notwithstanding the long term problem of not being able to sell homes without taking a loss, the short term problem of current mortgage payments having doubled is pressing many people to the wall.
And it appears that there is no relief in site with analysts saying that the Swiss Franc is liable to continue to appreciate.
For more information in English, read Polish Homeowners Lose Heavy On Swiss Franc
For more information in Polish, read Kurs franka nie do powstrzymania.
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