Wednesday, January 23, 2013

Spain sued before European Human Rights Court for its draconian foreclosure policy

The accuser is the Ombudsman of the Republic of Ecuador, Ramiro Rivadeneira, who considers (correctly) that the laws and regulations of this practice in Spain are against the most basic human rights.

Spain is one of the few countries in the World that allows a mortgage debt to persist even after the foreclosure has been completed. This is used by banks to their benefit, purchasing the foreclosed homes at half price and keeping therefore citizens in debt bondage forever.

This does not affect only Spaniards but also foreign residents, and it is in defense of an Ecuadorean who demanded giving the home back in payment for his debt, as happens in most countries, that the South American Ombudsman is acting for.

Source: Madrid Rebelde[es].

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