Spain fact of the day

According to an article which appeared in the Spanish newspaper Expansion this morning, one in five Spanish mortgages is now considered as being high risk and liable to become “non performing”.

Here is more.


So Felix Salmon is worried people will come out with strange new products that regulators don't understand like for example...houses.

Sorry, I couldn't help it.

Aren't one-third of US mortgages underwater? Doesn't that one-fifth make Spain a little better off than the US? In the US, most mortgages are no recourse, while its my understanding that mortgages in Europe are full recourse so walking away isn't an option. (One must be prepared to go bankrupt.)

Jingoistic economics blog mentioning underwater mortgages in another country without the required up-front beating-over-the-head admission that the American situation is worse.

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