One in every ten mortgages in Spain has negative equity, in other words, the property is now worth less than the money borrowed. These figure were provided by the Centre of Economics and Business Research (CEBR) in London.
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The Government’s Questionable Priorities
by Martin Myall •
Spanish law governing the banking system, which hasn’t changed since the late 1800’s, gives the banks a very unjust leverage. Probably unique in Europe there is no Non-Recourse Debt on mortgages.