Tuesday, November 13, 2012

A bad, bad system

In a country where one in four people are out of work, there are many who cannot make their mortgage payments. These people live in constant fear of eviction. When that happens, they still owe the bank the balance of the mortgage even though the banks have applied for aid to cover the debt.

So far, 400,000 have lost their homes since the crisis began in 2008. The terms and conditions imposed by banks in Spain are totally in favour of the lender, giving them rights way beyond those allowed in other European countries.

When a 53 year old lady committed suicide by leaping from her fourth floor flat, the government finally sat up and took note. It was the second suicide in a month.

The proposals on the table for a moratorium do not include those who are already on the list for foreclosure and so will be no help to those who live in daily threat of not being able to return to their homes. In fact, this is a problem that the government should have sorted out three years ago when the crisis started to bite hard.

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