[Anonymous]

This is an interesting article in Spanish on the vulture funds negotiation with Spanish banks to buy up massive portfolios.
http://www.inmodiario.com/199/16784/fondos-presionan-hacia-casi-gratis-total-viviendas.html

The problem is they can’t agree on the price. Spanish banks aren’t prepared to accept the losses, investors aren’t prepared to pay more than about 20c on the $, from what I hear.

I know first hand that some managers of bank real estate divisions think that the offers they are getting are “insulting” 😯 They are taking it personally.

The article makes the point that, sooner or later, the losses must be taken on the chin. Sooner the better.

Once one of them does it, they all have to follow suit.

[Anonymous]

When, we are offered products by the bank. We don’t feel insulted we either take it or leave it What these Banks don’t realise that when they are ready to accept the reality the vulture funds will than offer say 15c on the $.

[Author]

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