Bad Bank

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This topic contains 19 replies, has 8 voices, and was last updated by Profile photo of Anonymous Anonymous 3 years, 10 months ago.

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  • #57243
    Profile photo of Anonymous
    Anonymous
    Participant

    What happened to it?

    Last i heard it would be up at the begining of 2013.

  • #114798
    Profile photo of Anonymous
    Anonymous
    Participant

    manana.

  • #114803
    Profile photo of Anonymous
    Anonymous
    Participant

    The Sareb is up and running. Most of the directors have been appointed. Needless to say, they have rather a lot on their desk right now. They run one of the biggest property companies in the world. But it will take a bit of time for them to have an impact on the market.

  • #114807
    Profile photo of Anonymous
    Anonymous
    Participant

    Up & running for whom ? They not know that there would have a lot on their desk ? This should have been done before hand if they suppose to start working on the 1st of January 13.

    What will be their mechnics for selling. Will their telephone no be 902, and no one will reply to emails. Will they promise to have obligatory photo of the bidets ???

    So many question except one that pertians to the property. Guess which one.

  • #114809
    Profile photo of Anonymous
    Anonymous
    Participant

    @mark wrote:

    The Sareb is up and running. Most of the directors have been appointed. Needless to say, they have rather a lot on their desk right now. They run one of the biggest property companies in the world. But it will take a bit of time for them to have an impact on the market.

    When do you belive the objects will be on the market?

  • #114810
    Profile photo of Anonymous
    Anonymous
    Participant

    They have been for months/years haven’t they… the banks have been trying to shift repos for ages and that is why the bad bank is required…to dump them into one place and make the banks books look better?

  • #114812
    Profile photo of Anonymous
    Anonymous
    Participant

    @swed wrote:

    @mark wrote:
    The Sareb is up and running. Most of the directors have been appointed. Needless to say, they have rather a lot on their desk right now. They run one of the biggest property companies in the world. But it will take a bit of time for them to have an impact on the market.

    When do you belive the objects will be on the market?

    The bad bank have given themselves 15 years to sort out the mess. They won’t be in a hurry to flood the market, thus depressing it further.

  • #114813
    Profile photo of Anonymous
    Anonymous
    Participant

    @Rocker: So not that much different from the Banks/Caja’s that held back these properties for years.

  • #114814
    Profile photo of Anonymous
    Anonymous
    Participant

    Exactly, instead of a dozen bad banks, now there is only one. It makes the auditors job a lot easier. (I don’t think they have any qualified auditors at the moment, they’ll have to train up some or import them from Brussels).

  • #114815
    Profile photo of Anonymous
    Anonymous
    Participant

    Spain is a very family orientated country, one of the things I love about it. One of the directors of the failed CAM bank was also a cleaner at the bank’s head office in Alicante.

    I’m not joking either, I watched her being interviewed after the collapse and she admitted being present at board meetings and voting. The interviewer forgot to ask her if she had her mop with her.

  • #114819
    Profile photo of katy
    katy
    Spectator

    Perhaps they will have to hang on for a long time. Spanish mortgage lending dropped to it’s lowest level ever in November, down 37% from 2011 which was a dire year too.

  • #114821
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    Anonymous
    Participant

    Audit has not been a profession eatablisged in Spain. It is my understanding that the Auditors are civil servents & they mostly come into play when a company is in liquidation.

    The big four firms of Auditors are there in Madrid & Barcelona.

  • #114975
    Profile photo of angie
    angie
    Spectator

    We know someone who bought a 1 bed apt. on golf course in CDS about 5 years ago, were told it was a bargain as prices had dropped a third or so, so worth buying at 162k euros, mind you awful build quality. Overvalued by Bank for mortgage purposes too. We advised ‘don’t buy’ but they din’t listen, and, also told someone else not to buy 2 years ago on same development, now both sets have lost so much money effectively. 😯

    Just heard it’s now going on market at 85k euros, any such equity now lost, and whether this sounds right, but it has to be advertised for sale for 2 months before the Bank takes it over and I suppose it will end up in the Bad Bank.

    Presumably original Bank will try and go after the original buyer who has no assets in the UK we are told :wink:, however the original Bank is guilty of over-valuing and could be sued, so becomes very complicated.

    If this is typical then I can only see Sareb reducing prices further of their toxic assets and impacting on the general market 🙄

  • #115009
    Profile photo of Anonymous
    Anonymous
    Participant

    Angie, are banks who over valued to be sued then, by whom?

    We have proof that 2005 the flat was 95k and then 2006 lovely Caja Murcia dodgy guy got it valued at 183k. Can we sue? How?

  • #115011
    Profile photo of Anonymous
    Anonymous
    Participant

    Did they force you to buy the place and mortage it to much? Can’t see how a court case can get you out of that pickle but maybe the people that bought the “stock of loans”. The overvaluation never hurt you financially, probably the opposite since you could use it as a way to transfer blanco loans and the such to lower interest rates if you had room for it. I understand that everyone wants to transfer blame to someone else but blaming the “valuation” for you loosing money is probabbly futile if it wasn’t a clear strategy from the banks side.

  • #115012
    Profile photo of angie
    angie
    Spectator

    I don’t know the answer to this, all I know is that someone presumed to be the Bank or their agent/valuer deliberately over valued the property for mortgage purposes which I understand was happening all the time, as in the UK and US too.

    However the buyer would have seen the price (Viva) put on it, were convinced by them that this was a bargain (when it clearly was not), only had a certain deposit I suppose, so in order to get the mortgage someone came up with a mortgage to match, sub prime maybe?

    If a valuer over-valued for mortgage purposes, who is at fault, the buyer, the Bank, the valuer, as I said I don’t know the answer to this. However, the Bank now is stuffed with a toxic debt it has little chance of recovering, so shove it into Sareb no doubt 🙄

    Ardun, there’s no way they will attempt to sue the Bank, Valuer, Agent, in this case, would take 5 years, cost a fortune, and anyway as mentioned above, the Bank will be unable to recover it’s loss from the purchaser with no assets, it was just a momentary thought on their part, well about 2 seconds of thought I believe 😆

  • #115023
    Profile photo of Anonymous
    Anonymous
    Participant

    @Ardun wrote:

    Did they force you to buy the place and mortage it to much? Can’t see how a court case can get you out of that pickle but maybe the people that bought the “stock of loans”. The overvaluation never hurt you financially, probably the opposite since you could use it as a way to transfer blanco loans and the such to lower interest rates if you had room for it. I understand that everyone wants to transfer blame to someone else but blaming the “valuation” for you loosing money is probabbly futile if it wasn’t a clear strategy from the banks side.

    But it was a blatant strategy on the banks side. It was a remortgage which then turned into a remortgage with another bank (via a friend of the bank manager). They deliberately over-valued it to sign up my parents in law as guarantors (as my husband bought without a guarantor in the first place). They over valued it to set up a loan in my father in laws name on the basis that he had signed as guarantor. It was a cheque to each of the guys for 7k, I guess just under the need to be declared amount?

    They also used the over-valuation to hand us a brown envelope of 10k cash (! that was a very strange day when he knocked at the door. He thought he’d bring it round personally ! what a nice man ;( It was on ‘paper’ 13k. 3k commission for himself.

    We were pushed into the remortgage all because of a credit card debt. We didn’t do it to do anything but have a more manageable amount to pay each month. Ha ha. If I could turn back the clock we’d stick with the first mortgage and clear that credit card by ourselves. We lost massively due to this decision.

    Since 2006 we have found out others that were scammed by the two guys, either with similar mortgage ‘deals’ or others with loans. A lady I met and started teaching english to actually had a loan set up which named her as a widow, when she was 28 years old and happily married. The two guys are long gone but they left their mark on the lives of many.

    What about the other flats in our block where immigrants paid 150k for the flats. They must have been massively overvalued to get 120% mortgages and get them the ‘cash back’ to send back home. The banks must have been thinking only of their commission rather than the fact that a couple who pick lettuces might not be able to pay a 30 year mortgage? Flat 3b lasted only 6 months in the place before they flew back home.

    This site is a great place for those who want real information. Yes there are those who have bought well in Spain. Many paid Xk for off plan places and sold for Xk a few years later. If they got their money out they were lucky. Others live quite happily over there living in the sun. BUT there are a great many others who have been surprised and caught out by the very many ‘traps’ that come about when you wade into the Spanish property market!

  • #115032
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    Anonymous
    Participant

    itsme I still can’t see how the banks tricked you into anything. You guys seemed to understand that at the time the valuation was not correct and still used it to take advantage of the situation. The valuer should ofcourse be prosecuted together with the bank managers but you still haven’t lost any money on the whole procedure rather the contrary.

    You seem like a very smart person and I have a hard time understanding how you couldn’t understand what this whole thing could lead to.

  • #115045
    Profile photo of Anonymous
    Anonymous
    Participant

    We weren’t smart at the time unfortunately. We trusted those ‘professionals’ in suits. We didn’t even get to find out their valuation until just before signing at the notary when they said that my parents in law were required to sign as guarantors. That’s obviously why they gave such a high valuation to ensure that guarantors were set up to get that loan cash of 7k each.

    We owed 5k in credit card debt and had a 93k mortgage.

    We ended up with close to 150k debt afterwards. We’ll be down to the original price paid for the flat in 2016 🙁

    I was doubtful but we even went to our asesor fiscal who called the guy and received a load of abuse and threats about if we didn’t sign the new deeds. So we were told to sign.

    If at any point someone told us we could back out, we would have. We were pushed the whole time to sign as ‘it was the best option for us’. Obviously it was only the best option for the guys who were scamming us called Fernando and Jorge. I’ll regret it for ever.

  • #115057
    Profile photo of Anonymous
    Anonymous
    Participant

    Sounds like crooks to me.

    But let’s get this straight. If I buy a house for 100k euros and then some valuer values it to 200k euros it gives me the possibility to use that extra room for moving credit card debt etc. No one could ever force me to take out extra loans of 100k. How could you end up with a debt of 150k just because you moved 5k of credit card debt into there? Was the demand for a guarantor only there because you wanted to use up all the extra space of the valuation or would they have forced you to use one anyhow?

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