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Friday, November 21, 2008

Y ahora que bajan los precios de la vivienda, los bancos no hacen hipotecas ... / And now they are no longer in the mortgage bussiness

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Ahora los bancos no trabajan Hipotecas en España

Suddenly Banks in Spain have moved away from the Mortgage bussiness

Summary: Amazing story about banks and the mortgage business in Spain

[English] Over a year ago long before this economic crisis, which has dragged the Dow down to the 7,500 level, I did some homework and shopped around for mortgages here in Spain. Imagine all the work and paperwork. Eventually I was pre-approved for 3 of them that I liked. However, I never took any and abandoned my pursuit for any apartment purchase. But I did make a nice list of the banks with the direct phone numbers of the people that actually evaluate the applications. You know, getting those direct numbers is the hard part, because calling the Free customer service number just gets you to some clueless remote tele-operator sitting in Santo Domingo who doesn't even know where Madrid is located.

Now get this...! I call one of those desired "direct" numbers from my old search expecting the mortgage department of a famous bank and in particular some "gurl" named Cris! A woman answers and says "Car loans Department".... After the initial mutual shock, I tell her that I used to call that number over a year ago for mortgages and would talk to some Chris. The woman says... Oooooh Chris... she's no longer in the company... and we no longer extend any new mortgages.

The story was repeated with the other 2 banks I had experience with before. A frightened person shocked to hear someone asking for a mortgage says their home loans department no longer exists!! This and that loan type has been discontinued, etc..

Amazing. So the apartment prices are coming down, but now you can't buy one either because banks don't give home loans anymore!!!


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