76 Year-Old Evicted for Failing to Pay Mortgage
December 5th, 2011
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, we cannot stop associating the predicament of the lady in the tent with that of hundreds of pensioners duped by foreign banks and imposter IFAs.
I wonder how will the Equity Release banks (Rothschild, Nordea, Danske Bank etc.) cope with being on the press if they choose to start enforcing foreclosure and eviction clauses now that pensioners have, by and large, opted to stop repaying those mortgages.
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 decision made by the Public Prosecutor and Marbella Criminal Court to issue criminal proceedings against several of Nordea’s officers including Christian Clausen (CEO&President)Claus Jorgensen (Managing Director Luxembourg Private Bank)Jesper Hertz (Chief Representative Spain, Marbella Office) and other employees based in Luxembourg responsible for selling these unlicenced products. I suspect as matters are discovered they will develop into a Spanish National Scandal.