Bad Country

Some pay better than the Spaniards and others much worse (on average statistics). The banks were unable to distinguish between the good and the bad payers, were in fact neither raised it until mora tripped them. I don’t want that nobody understands that when I speak of immigrants I speak mortgage junk. There are mortgages prime immigrants just as there are many subprime of Spaniards. Subprime mean that meet the following peculiarities: foreign nationality with little or no financial culture (of the Spanish legal framework) and without a mortgage market consolidated in his country.

Whose working life was less than a year and had his family in their country of origin. That buying with a friend or alleged family, sometimes from different countries. If one grants a mortgage to someone who does not have family in the country, which has been less than a year working and you’re buying with a friend, do not need be an expert to know that there is a high risk that any of them lose the job or return to their country. If in addition buy 100% plus expenses and do not have savings, grant them a mortgage is not a favor, it is a risk that can condemn them to financial exile if they cannot pay the mortgage. Thanks to the banks, to the real estate and other economic agents of the sector, which sold them the mortgage as a way to pay the same as a rental and purchased a House on property have offered apples rotting them and the financial sector as a whole. Speaking of loans mortgage bad always there is someone who wields the argument that so much blame banks as those who applied for the mortgage and can’t afford it. I disagree, financial institutions have an obligation (legal and ethical) to grant mortgages to people who can afford them (ceteris paribus, obviously).

The law requires them a plus of diligence superior to the individual who requested the funding. The financial institution must be a bonus argentarius (expert trader) and the particular act with a good parent’s own diligence. There is much difference.