Unicredit offers mortgage relief in Italy

MILAN — Italy's largest bank Unicredit said Tuesday it will suspend mortgage payment requirements for 12 months without penalties for homeowners in financial difficulty.

Unicredit said 260,000 homeowners whose income was below euro25,000 ($31,520) at the time they took out the mortgages would be eligible for the relief in case of job loss, divorce for couples with children or the death of a titleholder.

The eligible pool comprises 30 percent of Unicredit's mortgages, the bank said.

Italy has entered a recession, and with the economic slowdown hitting some of the country's most important industries, including tourism and autos, economists are expecting layoffs. Consumer spending already is down.

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