Greed and stupidity drove the Spanish real estate bubble. Here are a few stories:
You fucking bet. When they were collectively living beyond their means, they weren't thinking twice about who would have to bail them out and foot the bill for their irresponsibility. They're not innocent lambs in this. They're a bunch of stupid, lazy, irresponsible cunts. So, fuck 'em, they deserve to be punished and suffer.
"Marta Afuera Pons is juggling two mortgages
- one on her house, another on an investment property
that went sour - and is about 350,000 euros in debt.
She is trying to persuade her lender, the savings banks BMN, to take back the mortgage and the property.
But since the frenzy drove Spanish home prices to a peak in 2007, they have fallen by at least one-fourth, and the bottom seems nowhere in sight. As Spain endures its second recession in three years and unemployment nears 25 percent, an increasing number of debt-heavy Spaniards can no longer meet monthly payments on the mortgages that their banks were all too eager to give."
"In late 2010, Ms. Afuera Pons, who had just lost her job as a social security administrator, stopped making payments on the mortgage of 132,000 euros that she and the man she lived with had taken out for their home in Tordera, near Barcelona.
Separately, they still owe 185,000 euros to the same bank after receiving further financing in 2007 to buy a house that was never built, because the developer went bankrupt a year later.
Like many Spaniards, Ms. Afuera Pons is hitting the two-year limit for receiving unemployment benefits. This month, she will receive her last 1,100-euro unemployment check.
Finding no buyers for her Tordera house, Ms. Afuera Pons says she is trying to persuade her lender, the savings banks BMN, to take back the mortgage and the property. She would then probably move in with her mother, because her partner left last summer for Brazil and is now married there. "
Source:http://www.nytimes.com/2012/04/25/business/global/cost-of-spains-housing-bust-could-force-a-bailout.html?_r=1&ref=europeMajor mortgage defaults coming; Spanish banks will need to be bailed out; Who's going to bail them out? The bankrupt Spanish government. With what money? European bailout fund money. Where will the fund's money come from? The ECB, of course, - freshly created out of thin air.