Law360, London (January 14, 2021, 7:23 PM GMT) -- The European Parliament said Thursday it has voted to introduce tougher regulations on banks and lenders that sell on bad loans to third parties, saying these nonperforming loans could lead to a credit crunch as a result of the COVID-19 crisis.
European lawmakers voted 38-4 with 13 abstentions to support a new measure to professionalize the so-called secondary market in nonperforming loans, or NPLs — the market in which banks on-sell the bad credit to secondary buyers who assume the debt.
A rise in nonperforming loans, which are usually classified as loans that are either more than 90 days past due...
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