The Embassy of Ecuador in Spain welcomed the announcement of the creation of a congressional subcommittee that deals with analyzing the problem of the mortgage debt in this country, including the possibility raised to recognize the "payment in kind", ie the cancellation of the mortgage repayment to the bank of a home purchased with a unaffordable loan.
The announcement was made president of the English Government José Luis Rodríguez Zapatero, al aceptar el planteamiento del portavoz de Izquierda Republicana de Cataluña (ERC), Joan Ridao, al término de la sesión de control parlamentario del ejecutivo celebrada en la sede del Parlamento el miércoles, 23 de marzo.
Ridao había recordado en el Hemiciclo que entre 2007 y 2010 han sido embargadas en España “más de 250.000 viviendas” por culpa de créditos concedidos sin garantías, y agregó que si una vivienda está bien tasada, devolverla al banco debería ser suficiente para saldar esa deuda, como aseguró que ocurre en otros países del entorno de España.
The concept of "payment in kind" had been proposed almost a year ago by the ambassador of Ecuador, Galo Chiriboga Zambrano, the April 6, 2010 held a meeting with the Deputy Governor of the Bank of Spain, Javier Ariztegui, to express concern about the situation of thousands of English families, and Ecuadorian residents in this country, whose mortgages were being prosecuted for having fallen in arrears, due to the economic crisis in Spain.
On that occasion, the diplomat said that the origin of the crisis in the mortgage debt is in facilities that once established banks to grant loans, the valuation of the price of homes purchased, funding more than their total value, high rates of interest and acceptance of cross guarantees, in some cases personal guarantees without sufficiently strong financial position .
Subsequently, the ambassador, accompanied by the Superintendent of Banks of Ecuador, Gloria Sabando, went back to the Bank of Spain, and also the Ministry of Economy and Finance and the ECSC (Confederation of Savings Banks) to reiterate the his Government's position in favor of is solutions to the situation of those affected by mortgage debts, insisting on the "payment in kind" as a possible partial solution to the problem.
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