News Summary: Spanish banks halt evictions

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Associated Press

Posted on November 12, 2012 at 4:01 PM

EVICTIONS SUSPENDED: Spain's major banks will suspend some evictions of homeowners unable to pay their mortgage. Hundreds of thousands of Spaniards lost their homes during the crushing economic crisis. Two recently committed suicide as officials headed to their homes to evict them.

ONLY MOST VULNERABLE: The Spanish Banking Association said the two-year halt is only for homeowners they consider the most vulnerable, such as the elderly or disabled.

TOUGH RULES: In Spain, homeowners unable to make monthly payments may be evicted and remain liable to repay whatever value is left on the mortgage after the repossession. By comparison, people in the United States who default can return the keys to the bank and walk away from their debt.

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