Spain Mortgage Foreclosures Rise to Record, Moody’s Report Says
26 October 2010 @ 13:25
Foreclosures of Spanish mortgages rose to the highest ever as the economy deteriorated and borrowers struggled to meet payments, Moody’s Investors Service said.
Spanish banks seized a record 27,561 mortgages in the first quarter, Moody’s said in a report today. Court cases related to foreclosures rose by 59 percent in 2009 and 126 percent in 2008, the report said.
Foreclosures hurt mortgage-backed securities which package home loans and rely on the payment stream to repay bondholders. So-called cash reserves to protect investors are being squeezed, Moody’s said.
Please leave a comment about this post. You don't have to be registered to leave a comment.