http://www.spanishpropertyinsight.com/buff/2009/08/26/government-minister-blames-spanish-real-estate-crash-on-bank-greed/ The lowdown on Spanish property Sat, 11 Feb 2012 18:45:42 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.spanishpropertyinsight.com/buff/2009/08/26/government-minister-blames-spanish-real-estate-crash-on-bank-greed/comment-page-1/#comment-484 Spainrico Thu, 03 Sep 2009 17:38:46 +0000 http://www.spanishpropertyinsight.com/buff/?p=2535#comment-484 Yes I agree the Spanish banks greed was incredible - they were making huge mortgage loans way over and above even the pre-crisis inflated valuations, adding huge (illegal fees) to unsuspecting foreigners, selling insurance etc etc just so that they could all earn commissions and bonuses. Then when it crashed they panicked (especially some local managers we know). Well now all we see is bank branches closing - one bank here had 5 offices in a few kms!! Yes I agree the Spanish banks greed was incredible – they were making huge mortgage loans way over and above even the pre-crisis inflated valuations, adding huge (illegal fees) to unsuspecting foreigners, selling insurance etc etc just so that they could all earn commissions and bonuses. Then when it crashed they panicked (especially some local managers we know). Well now all we see is bank branches closing – one bank here had 5 offices in a few kms!!

]]> http://www.spanishpropertyinsight.com/buff/2009/08/26/government-minister-blames-spanish-real-estate-crash-on-bank-greed/comment-page-1/#comment-483 CLIVE Wed, 02 Sep 2009 15:38:48 +0000 http://www.spanishpropertyinsight.com/buff/?p=2535#comment-483 Well... here's a minister who has hit the nail squarely on the head. Of course it is the banks' greed that has vastly assisted the cronic economic climate that we are presently in. Tis the same in the UK.... the banks will 'fleece' you for whatever they can get away with. Here in Spain, they even charge you to make a transfer of money out of your account, for in my case, paying the rent. It is absolutely appaling. Greed...greed... and nothing but greed. Well… here’s a minister who has hit the nail squarely on the head. Of course it is the banks’ greed that has vastly assisted the cronic economic climate that we are presently in. Tis the same in the UK…. the banks will ‘fleece’ you for whatever they can get away with. Here in Spain, they even charge you to make a transfer of money out of your account, for in my case, paying the rent. It is absolutely appaling. Greed…greed… and nothing but greed.

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