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The Spanish Lawyer Online
The Spanish Lawyer Online

Spanish Equity Release Fiasco

Exposing Danske Bank, Rothschild, Nykredit, Sydbank and Others

Brief

Equity release schemes have proven to be a sham: more and more, lawyers and Courts are starting to view these products as deliberately deceiptful and criminal claims are being accepted by Spanish judges, given the horrendous losses they have caused to mainly risk-averse, retired and (jobless) pensioners. More often than not, they are facing losing their homes, and their life-time savings, to any of the following entities: Danske Bank, Jyske Bank, Rothschild, Nykredit, Sydbank and Landsbanki.

Latest Stories

Danish Government to Investigate the Equity Release Scam

January 16th, 2012
2 comments

Early this week the Audiencia Nacional chose to reject the investigation of the “Equity Release” alleged fraud on grounds that include, on the one side, the argument that they lack “geographical” jurisdiction and on the other, that there is not enough evidence within the claim (250 pages) to merit starting a criminal investigation by their [...]

The Equity Release Scam not Important Enough for the Audiencia Nacional

January 13th, 2012
1 comment

As we were almost expecting, the Audiencia Nacional has chosen to not deal with this case. Just as they chose to do with the “Urdangarin” case, King Juan Carlos’ son-in-law, they consider this matter not susceptible of being investigated by the higher AN but directly via the local Courts of First Instance. Below is a [...]

Mortgage Broker Arrested in Madrid

December 8th, 2011
21 comments

A “cowboy” mortgage broker has been arrested in Madrid in connection to a mortgage fraud affecting South American immigrants. The Judge in Court of First Instance 42 of Madrid accuses him of setting up a scheme to assist immigrants in qualifying for mortgage loans that would not be available to them in normal circumstances. The [...]

76 Year-Old Evicted for Failing to Pay Mortgage

December 5th, 2011
7 comments

It was the second most read article on the most read Spanish online newspaper in the world: a 76 year-old being evicted from her home due to her providing her home as collateral when signing up a refinancing package for debt accrued by the son. Whilst we do not know the particulars of the case, [...]

Two Rothschild Equity Release Victims Interviewed

December 5th, 2011
1 comment

Antonio Flores of Lawbird interviews Julia Hilling (88) and Peter Cosgrove (78), two Rothschild and Hamilton’s victims. My Interview to Two Rothschild Equity Release Victims

    Recent Comments

    • User AvatarInterested { Not only will Dansbank and Nordea Bank have to cope with the press which will soon be racked up as a result of a recent... } – Dec 23, 4:22 PM
    • User AvatarInterested { Lets hope that this type of criminal action accepted by the courts is the first of many. The Public Prosecutor and two other courts in... } – Dec 23, 4:14 PM
    • User AvatarInterested { It would appear that Swiss Life was the preferred choice of Nordea Bank who used Graydon Associates on the Costa Blanca for their equity release... } – Dec 23, 4:00 PM
    • User AvatarInterested { Well having just updated myself with your blogs I am amazed that there appears to have been no reaction from the banks. If all those... } – Nov 20, 12:32 PM
    • User AvatarMilburnm { Afterwards - well many agents tend to try and forget you once the ink dries and their commission is in the bank. But not all... } – Oct 07, 1:36 AM

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