Angela, that article is spot on!
It seems like every day that goes by more and more people are getting angry over what has happended and something will be done.
I am going to get a letter sent to brussels outlining these points.
Let’s see if all these poor souls, in spain and every where else can see justice as it should.
Having 3 credit cards up to their limit as opposed to a lifetime of debt with a bank that almost conned naive people into believing they were offering them a mortgage they could afford are incomparable situations.
Banks have a responisbility to lend money out sensibly to those who can afford to pay it back.
Banks are known for selling things they shouldn’t to make their millions and this is the same situation, especially as they were over valuing the properties on purpose so they could offer these mortgages to people.
It’s a bit like when they were mis-selling endownment policies, that back fired in the end, same thing will happen here.
If other countries see if fit as trying to resolve this problem, then other countries will follow. Even if it does just mean giving people a break in their interest repayments over a few years to get through it.
Lets see how all this pans out, but hopefully, people can sit on their properties to ride the storm with a bit of help from the banks so they don’t have to sell their home to investors waiting to pounce.
Already in Spain they offer a 2 year break on your interest repayments and they are looking to extend this to 4 years. They are trying to avoid reposessions at all costs as they already have too many on their books and it doesn’t look good on the banks.
So seems like they are already starting to help distressed sellers out so they can ride the storm.
