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Sunday, April 21, 2013 12:20 PM

Minister of Spain's Housing Board Cites "Mortgage Scam, Illegal Evictions" Calls for Mortgage Debt Reduction

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The Minister of Public Works and Housing of the Government of Andalusia, Elena Cortes Jimenez, advocates a Reduction in Mortgage Debt for All Spanish Families.

Here is a Mish-modified synopsis.

Elena Cortes Jimenez, Minister of Public Works, claims eviction proceedings lead to further drying of mortgage lending, making it harder for young people to access home ownership.

Jimenez proposes a "haircut" on private debt, in particular, mortgages.

The minister stressed that "Spain has carried out 440,000 illegal evictions due to a mortgage scam, and it is absolutely necessary to have truth, justice and reparation for these families who have been in that situation."

Jimenez once again defends the need for a restructuring of private debt. In his view, Congress of Deputies, and specifically the PP, have the "golden opportunity" to approve the initiatives on evictions and retroactive payments.

End Mish-Translated Synopsis

Good Grief!

Exactly who is supposed to pay for this "golden opportunity" to forgive debt?

Oh wait, I forgot. Spain's insolvent banks are supposed to provide the loan forgiveness.  Or was it the generous nannycrats in Brussels?

Mike "Mish" Shedlock

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