The crisis suboccupies first place
The last thing of the last of the crisis of the mortgages suboccupies first place this one has happened on the same Sunday: the nationalization of the bank Nothern Rock for the British government. Once we have seen that are the credits suboccupy first place, now it has to see why and of what way it can affect Spain the crisis of the mortgages suboccupies first place.
The loans suboccupy first place they have been spreading from the year 2002, especially in USA making use of the low interest rates. In 2007 it was already more than 20 % of the mortgage loans those that were of type sub occupy first place. That's why the crisis suboccupies first place it is today so serious as so that George Bush and Bernanke have to do interventions.
In multitude of occasions, in these mortgages suboccupy first place in addition to not being provided with guarantee either one is provided with insurances, therefore the only guarantee that is contributed is the proper housing. In the current situation it happens that in addition to that the American and world economy is showing weakness signs, a crisis has coincided the real estate sector. The apartments are already not the sure business with the spectacular growths that they had formerly and this provokes that the only guarantee that is contributed to the loan loses value.
The crisis exploited at the moment when they began increasing the non-payments. For the characteristics of the market of the USA the mortgages subgive priority to sound titulizadas. The term "titulización" is very important to understand why the crisis of the mortgages suboccupies first place fond of banks of the whole world. The titulización does that these mortgages are transmissible by means of qualifications between the banks and financial institutions, and it will be him who had acquired these rights the one who will have to face to his non-payment and to the crisis. This can lead to the failure to big banks in the whole world, in fact some financial institution declared itself already in bankruptcy in the United States.
All this provoked a crisis of confidence that did that not even the banks were ready to give him money between them. Hence it comes that the Central banks had to "inject" money and in the end. the bank crisis, and the interest rates like the Euribor rise and the quota of our mortgage rises. The mortgage Euribor came last December to his maximum in 4.79 %, although in January there have been descents.
I subgave priority to them in Spain
In Spain, fortunately, mortgages do not exist subgive priority given to the characteristics of our Property docket, where it is clear clearly who there is the owner of every building and of every mortgage and mortgages are not granted to the one who does not fulfill solvency requisites as there can be the guarantees, fixed employment, or establish an indebtedness limit to 40 % of the income. This does not remove that the Spanish banks or the agents of investments or of funds (IIC), being employed at an international environment, could have acquired these qualifications of the mortgages garbage or suboccupy first place of other banks of other countries like the United States.
Does anybody know that some Spanish bank that should have turned out to be really affected by the mortgages titulizaciones should suboccupy first place?
at 2:24 pm
I do not see to banks like the BBVA or the Santander failing. Fear tries to get but them there is that they do the things well and others that do the things badly. Here they say that in Spain we do the things http://www.expansion.com/edici.....91957.html well and that that one supposes that there is world crisis for that thing about subgives priority to them. So if this time our way of doing the things and our system finaciero is strong and serious we should presume of it instead of being an alarmist and trying to put fear.