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Rajoy temporarily suspends Mortgage repossession evictions

Source: Bloomberg - Sat 10th Nov 2012
Rajoy temporarily suspends Mortgage repossession evictions

Mariano Rajoy will temporarily halt evictions of the most vulnerable families as the government devises measures to help people stay in their homes after a woman killed herself in Baracaldo.

The Spanish people are experiencing "terrible things and inhumane situations," the premier said at an election rally in Lerida, Catalonia last night. The government "will defend the most vulnerable families affected by the evictions and act with seriousness, sensitivity and great humanity," he said.

Amaya Egana Chopitea, 53, threw herself from the window of her apartment when representatives of Spanish bank La Caixa arrived with locksmiths to evict her yesterday morning, El Mundo reported. Egana and her husband's mortgage debt of €164,000 rose to €213,000 because of charges and interest payments, while their home had been auctioned for €190,000, the newspaper said.

The PM is searching for a formula that can help families that have fallen behind on mortgage payments without increasing the strain on lenders trying to clean up about €180 billion of bad real estate assets, the legacy of a 10-year building boom.

Banco Popular today offered shareholders the chance to buy new stock at a 32% discount as it tries to plug a €3.2 billion capital deficit.

Click >> HERE << to read about "Dacion en Pago" - the process of handing the keys of your property back to the Bank.

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