Pamplona's locksmiths join revolt as banks throw families from their homes
Pamplona's locksmiths join revolt as banks throw families from their homes
In the years of the housing boom, Spain's banks offered 100% mortgages. Now, while receiving millions in public aid, they are throwing people out of their homes. But there's a rebellion under way, report Monica Muñoz and Giles Tremlett
Monica Muñoz and Giles Tremlett
The Observer, Saturday 5 January 2013 17.53 EST
He is a locksmith who refuses to open locked doors; neither will he replace their locks with new ones. What may seem a disastrous strategy for Iker de Carlos, a 22-year-old Spaniard starting out in the world of cylinders, pins, bolts and lock springs in his home city of Pamplona, is actually part of a growing civic rebellion in support of the biggest losers in Spain's five-year story of failing, mismanaged banks those being thrown out of their homes after falling behind on mortgage payments.
Tired of accompanying court officials to evict unemployed people as banks foreclosed mortgages, De Carlos consulted his fellow Pamplona locksmiths before Christmas. In no time at all, they came to an agreement. They would not do the dirty work of banks whose rash lending pumped up a housing bubble and then, after it popped, helped bring the country to its knees.
"It only took us 15 minutes to reach a decision," says De Carlos amid the racks of keys in the family's shop in the centre of this small northern city best known for its annual bull-runs and the adoration heaped on it by Ernest Hemingway in The Sun Also Rises. "We all had stories of jobs we had been on where families had been left on the street. When you set out all you have is an address and the name of the bank, but I recall an elderly, sick man who was barely given time to put his trousers on."
The logic behind their decision was clear and simple. While Spain's banks mop up billions of euros in public aid, they are also busy reclaiming homes that in some cases they lent silly money for. At the height of Spain's housing madness, banks were, in effect, offering mortgages of more than 100%. They aggressively chased clients especially among the immigrants who arrived from Latin America in their millions to build new homes creating an uncontrolled spiral of self-fulfilling, but ultimately doomed, demand. Complex networks of guarantors were pieced together by middlemen among immigrants who often barely understood what they were doing.
More:
http://www.guardian.co.uk/world/2013/jan/05/pamplona-spain-banks-homes
OccupyManny
(60 posts)can all be traced to the Bush crime family and their bankster cronies.
CTyankee
(63,912 posts)I was expecting a little backwater town. It was very affluent with well dressed people in the playa major.
I think that here in this country we have the idea from the photos we see of the bulls running in that one street to the arena that everyone wears white pants and shirts with red neckscarves. It's a sedate town with a very well dressed (tho not flashy) citizenry...
Or at least that is what I saw...Oh, yeah, here is what I saw in a hotel bar on the playa major:
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He was writing "Death in the Afternoon" at the time and hung out here...