Who are the new displeased, obliged property owners in Spain...?
Monday, February 2, 2009 @ 6:32 AM
The new obliged owners: banks
A role that over-lending ( over-benefitting) Banks have played before in the history as a consequence of unmeasured real estate booms and financial excesses.
Many Spaniards would remember these coupled names: Banesto and Urbis, La Caixa and Colonial, Banco Sabadell and Landscape and BBVA -Metrovacesa.
Many banks and savings banks in Spain are these days and again cashing their mortgage loans by exchanging debt for real estate assets, so floors, buildings or housing developments are being stored by them.
But the most certain reality is that the current market will not give to them any benefit in exchange of those real estate goods: a good punishment in my opinion...you all know what I am talking about.