Heroes and Demons

Locksmiths in Pamlona, Spain, unanimously decided they would not help banks reclaim property from customers who fell behind their mortgage payments.  A locksmith interviewed by the Guardian recounted an awful story of how one sick, elderly man was barely able to get his trousers on before he was made homeless.  Whilst the action of the locksmiths turns them into heroes, the demons are less clear.

There is a lot of anger in Spain as banks aggressively sold mortgages of up to 120% property prices to people they knew were risky.  Many of these people were immigrants from Latin America.  I’m no fan of banks but surely it’s sheer stupidity to take such loans as a customer when you know well enough what your financial position is.  Nothing is free except the air that we breath, loans need to be repaid.

There are an increasing number of suicides in both Spain and Greece and of course this is sad and needs to be addressed.  However, at what cost to the average taxpayer?  The poor and the rich don’t pay taxes it is the wretched middle income families that have to foot the bill for incompetence of government, banks, and families.

Bubbly

Tags: bailout, bankruptcy, Banks, crisis, Europe, financial crisis, foreclosure, lenders, locksmith, money, mortgages, property, repossession, revolt, Spain