US companies sold subprime mortgages to immigrants in Spain

13:45 El NACHO 0 Comments

US companies sold subprime mortgages to immigrants in Spain: "special report in the English language El País newspaper has highlighted how tens of thousands of immigrants to Spain found themselves with impossible debts thanks to products set up by US companies.

Most would recognise the system as sub-prime mortgages, but here in Spain they were marketed as ‘welcome mortgage’ and designed at the height of the property boom in 2005 specifically for immigrants.

The paper reports on one of the companies offering the product, Credit Services. They once had 600 branches across the country, they now have just 80. The company owner has admitted that he has earned more than one million € in commissions. Although these companies dealt with the immigrant public, the loans were always organised via US companies."

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