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Re: [OM] Nathan's PAD 31/1/2015: the human face of the crisis

Subject: Re: [OM] Nathan's PAD 31/1/2015: the human face of the crisis
From: "Wayne Harridge" <wayne.harridge@xxxxxxxxxxxxxxxxxxx>
Date: Mon, 2 Feb 2015 15:28:26 +1100
... and better organized !

...Wayne


-----Original Message-----
From: olympus 
[mailto:olympus-bounces+wayne.harridge=structuregraphs.com@xxxxxxxxxxxxxxxxx] 
On Behalf Of Nathan Wajsman
Sent: Monday, 2 February 2015 7:23 AM
To: Olympus Camera Discussion
Subject: Re: [OM] Nathan's PAD 31/1/2015: the human face of the crisis

OK guys, I just posted a couple of pictures. This is not a discussion forum on 
the financial crisis.

Suffice it to say that here in Spain, bankers are regarded as part of organised 
crime, only less honest than the mafia.

Cheers,
Nathan

Nathan Wajsman

Alicante, Spain
http://www.frozenlight.eu
http://www.greatpix.eu
PICTURE OF THE WEEK: http://www.fotocycle.dk/paws
Blog: http://nathansmusings.wordpress.com/

Cycling: http://www.crazyguyonabike.com/belgiangator

YNWA













> On 01 Feb 2015, at 20:32, John Hudson <OM4T@xxxxxxxxxxx> wrote:
> 
> This very sad story illustrates one very important issue.
> 
> Acting as a guarantor for a mortgagee exposes one to a significant risk.
> 
> If the debtor defaults expect the mortgage holder / creditor to call the 
> guarantee.
> 
> Why should the bank not have called and enforced the guarantee ? Why should 
> this be labelled "predatory" ?
> 
> 
> jh
> 
> 
> 
> On 2/1/2015 4:26 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 there 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=385398845
>> 8&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=385398861
>> 2&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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