I think they're stupid greedy bastards as well. I've watched the same
happening in southwest Florida and in Las Vegas. Both areas were some
of the most seriously affected by the economic downturn. Those who
can't make their mortgage payments are evicted, the mortgage is "under
water", it can't be sold, no one (the bank included) cares about the
property except the now evicted owner. The property deteriorates without
maintenance and the value drops even further and also drags down the
value of surrounding properties (which may also be vacant).
The banks (and everyone else) would have been very much better off in
negotiating some sort of long term reduced/delayed payment plan with the
buyers. Instead they've thrown all parties (including themselves) under
the bus. Stupid.
Chuck Norcutt
On 2/1/2015 3:26 AM, Nathan Wajsman wrote:
Sonia and Paco are a young couple with two small daughters. Some years ago, when both had jobs, they bought a home, worked, and
made their mortgage payments without any problems for 5 years. Then the crisis hit, Spain’s unemployment rate soared to
25%, and both of them lost their jobs. After some months, they were unable to make the mortgage payments and the bank foreclosed
on them. But because of the fall in property prices, their debt exceeded the value of the house, and so the bank is trying to
collect the remaining debt of 35,000 EUR by garnishing part of Sonia’s parents’ pension—they had
co-guaranteed the loan when the mortgage was taken out. The couple and their daughters now live with Sonia’s parents, but
with the bank’s demands the entire family is on the verge of falling into extreme poverty. Supported by a local NGO that
campaigns against the banks’ predatory practices, they have set up a camp outside the BBVA branch next to the Mercado
Central. I went ther
e yesterday to have a look and a chat and to document it. They have now been there for 28
days. Their demand is that the bank stop garnishing Sonia’s parents’ pension.
Two snaps. First, the overall view of the encampment:
<http://www.greatpix.eu/All/Picture-A-Day/4253606_kdsZ6C#!i=3853988458&k=3zcKkQz&lb=1&s=O>
People signing the petition in support of Sonia and Paco and in general
demanding that the law be changed so that the debt is extinguished once the
house is taken by the bank:
<http://www.greatpix.eu/All/Picture-A-Day/4253606_kdsZ6C#!i=3853988612&k=GJs77dK&lb=1&s=O>
And yes, I signed also. I am no populist but the banks ARE greedy bastards. Just this week, 78
executives of another bank have been charged with fraud—they had been given “black
credit cards” by the bank which they could use freely, and of course this little fringe
benefit was never declared to the tax authorities.
Cheers,
Nathan
Nathan Wajsman
Alicante, Spain
http://www.frozenlight.eu <http://www.frozenlight.eu/>
http:// <http://www.greatpix.eu/>www.greatpix.eu
PICTURE OF THE WEEK: http://www.fotocycle.dk/paws <http://www.fotocycle.dk/paws>Blog:
http://nathansmusings.wordpress.com/ <http://nathansmusings.wordpress.com/>
Cycling: http://www.crazyguyonabike.com/belgiangator
<http://www.crazyguyonabike.com/belgiangator>
YNWA
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