Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

Spanish Banks Are Hiding $71 Billion In Bad Real Estate, Confidencial Says

Recommended Posts

http://www.bloomberg.com/news/2011-06-27/spain-banks-hide-eu50-billion-in-bad-assets-confidencial-says.html

Spanish banks have 50 billion euros ($70.7 billion) in unrecognised problematic real estate assets

Spanish banks need between 20 billion euros and 30 billion euros in additional capital

Plus FROB may take over 20% of the banking industry

Still I'm sure the Greek bailout will paper over these cracks.

Share this post


Link to post
Share on other sites

That Google Earth image must be an old abandoned field. Try here.

very impressive...lots of suits, ceremonies, words, local towns.....but a bit light on the arrivals and departures section, and not many planes in the pictures.

Still the queues at arrivals are very short indeed.

Share this post


Link to post
Share on other sites

They are hardly hiding the debts as the empty properties and half developed sites are everywhere. A friend of mine who lives on the Costa tells me that his bank are constantly making overtures trying to get him to view properties they seem to now own. It's all very hush, hush :(

Share this post


Link to post
Share on other sites

So how many trillions of derivatives based on those loans are we going to be asked

to cough up for this time around?

..cough up...?...no....more like the final death choke.... :rolleyes:

Share this post


Link to post
Share on other sites

They are hardly hiding the debts as the empty properties and half developed sites are everywhere. A friend of mine who lives on the Costa tells me that his bank are constantly making overtures trying to get him to view properties they seem to now own. It's all very hush, hush :(

what they mean is that the banks are still marking their collateral and possessions at par.

ie, they say on the books they have x billion in collateral for their mortgages, but that is marked to model, whereas, as you have seen, they cant sell at any price.

Share this post


Link to post
Share on other sites

Just returned from a 3 month stint in Spain and can tell you that the Cam Bank are repossessing at an unbelievably rate and when they do it its instant ,down with the door with lump hammer furniture out into the corridors or garden and new locks fitted all done within a couple of hours irrespective of Kids woman etc being without homes. They don't seem to negotiate any longer and are scaring people who don't pay mortgage leaving Cam Bank Repo on door in Red Ink as a warning to others . Wonder if it will ever happen here with our debt is great thinking /policy by our Governments.

Share this post


Link to post
Share on other sites

Just returned from a 3 month stint in Spain and can tell you that the Cam Bank are repossessing at an unbelievably rate and when they do it its instant ,down with the door with lump hammer furniture out into the corridors or garden and new locks fitted all done within a couple of hours irrespective of Kids woman etc being without homes. They don't seem to negotiate any longer and are scaring people who don't pay mortgage leaving Cam Bank Repo on door in Red Ink as a warning to others . Wonder if it will ever happen here with our debt is great thinking /policy by our Governments.

Sounds exactly like one of those exaggerated press releases the IR used to issue concerning errant fish 'n chip shop owners. "He owed us a tenner and we bankrupted him". Please can you give us more detail as to how you came upon such information? I am all ears.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.