Spain´s Housing Secretary is meeting with developers and Banks in an effort to bring energy to the sector.The immediate objective of these meetings is to create a commission for permanent work.
First meeting to be held on 18th of January with Financial Entities, owners of estate and debt. This aims to reach agreements with Financial Entities in order to avoid more developers to enter into receivership.
On the 19th, the dialogue will be with main developers of the country and the G-14 group which gathers the most important companies of the sector. Goal is to ease the access to finances.
These meetings come together with the tour visit to foreign countries which are potential buyers of Spanish estate.
All the agreements coming out of these meetings will be brought to the commission for permanent work which will start its work on next February the 2nd. This commission will concentrate on measures to speed up the real estate cycle. It is expected first effective measure to come out of this first day of work on the 2nd of February.
Financial Institutions and Estate Companies will propose changes to the Land Act passed in 2007. This Act still has not been developed through proper regulations. The most critic part of this Act allows Local Councils to expropriate Urban Land at Rural Land price if the development has not been timely done. This has provoked an important fall on value of assets of companies.
I am wondering, specially when meeting with Financial Institutions:
Where are people here? Where are the representatives of Consumers associations?
Where is the voice of the main sufferers out of this mess?
-Those who bought through easy-to-get mortgages at prices inflated by the financial institutions and who are seeing their lives destroyed by this excess of financiation.
-Those who were not duly protected by financial institutions with the legally required Guarantees.
-Those whose guarantees are not being honored or at least are being driven through costful and stressful judicial ordeals.
Again: people oriented, person-alist philosophers, quickly, to be hired by our governemnts!
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Pampaneira by Dlakme at Flickr.com