Colegiado da CVM flexibiliza entendimento de crédito imobiliário para lastro de CRI
Mercado de Capitais
Em sessão datada de 16 de janeiro de 2018, o colegiado da CVM (Comissão de Valores Mobiliários) autorizou a emissão de CRIs (Certificados de Recebíveis Imobiliários) lastreados em empréstimo pessoal com pacto adjeto de alienação fiduciária de imóvel em garantia.
A Lei nº 9.514, de 20 de novembro de 1997, que dispõe sobre o Sistema de Financiamento Imobiliário, não estabelece a definição de crédito imobiliário, apenas indica em seu art. 6º que o CRI é um título de crédito lastreado em créditos imobiliários. Por sua vez, a CVM também não editou nenhuma instrução normativa consolidando o seu entendimento sobre a definição de crédito imobiliário, apenas construindo o conceito por meio de suas decisões colegiadas.
A decisão majoritária do colegiado do órgão entendeu ser crédito imobiliário o crédito oriundo de empréstimo pessoal com pacto adjeto de alienação fiduciária de imóvel em garantia, tendo em vista que o benefício econômico trazido ao proprietário advém do imóvel outorgado como garantia para o financiamento pessoal, logo, o empréstimo a pessoa natural com pacto adjeto de alienação fiduciária de imóvel em garantia constitui crédito imobiliário na sua origem.
Outro benefício dessa modalidade conhecida como "home equity" é a segurança trazida ao credor do financiamento da pessoa natural, pois em caso de inadimplemento o credor tem a possibilidade a excutir o imóvel outorgado em garantia.
No mesmo sentido de ampliar o lastro dos CRIs, a CVM deferiu...
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