Spain seeks new law to curb repossessions

 

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Spain will try to establish an emergency all-party agreement on new foreclosure regulations today after two people committed suicide as bailiffs arrived to repossess their homes.

The suicides have sparked public outrage over the issue, and a poll yesterday showed 95 per cent of Spaniards feel the country's legislation on foreclosure – weighted in favour of the banks – must be changed.

One bank, Kutxabank, has said it will suspend evictions of mortgage-holders in arrears. But with the country facing its fifth consecutive quarter of recession, and evictions up 20 per cent on 2011, there are fears that even emergency legislation may come too late for thousands.

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