Mariano Rajoy Brey, is a Spanish politician who served as Prime Minister of Spain from 2011 to 2018, when a vote of no confidence ousted his government. On 5 June 2018, he announced his resignation as People's Party leader.
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
The Spanish property bubble is the collapsed overshooting part of a long-term price increase of Spanish real estate prices. This long-term price increase has happened in various stages from 1985 up to 2008. The housing bubble can be clearly divided in three periods: 1985–1991, in which the price nearly tripled; 1992–1996, in which the price remained somewhat stable; and 1996–2008, in which prices grew astonishingly again. The 2008–2014 Spanish real estate crisis caused prices to fall. In 2013, Raj Badiani, an economist at IHS Global Insight in London, estimated that the value of residential real estate has dropped more than 30 percent since 2007 and that house prices would fall at least 50 percent from the peak by 2015. Alcidi and Gros note; “If construction were to continue at the still relatively high rate of today, the process of absorption of the bubble would take more than 30 years”.
A mortgage loan or simply mortgage, in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is "secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of a collateral for a benefit (loan)".
Escrache is a type of direct action demonstration which involves publicly harassing public figures, usually by congregating around their homes, chanting and publicly shaming them. In Argentina the term was coined by the human rights group HIJOS, to condemn the genocides committed by members of the Proceso de Reorganización Nacional who were pardoned by Carlos Menem.
Forbearance, in the context of a mortgage process, is a special agreement between the lender and the borrower to delay a foreclosure. The literal meaning of forbearance is "holding back". This is also referred to as mortgage moratorium.
Loss mitigation is used to describe a third party helping a homeowner, a division within a bank that mitigates the loss of the bank, or a firm that handles the process of negotiation between a homeowner and the homeowner's lender. Loss mitigation works to negotiate mortgage terms for the homeowner that will prevent foreclosure. These new terms are typically obtained through loan modification, short sale negotiation, short refinance negotiation, deed in lieu of foreclosure, cash-for-keys negotiation, a partial claim loan, repayment plan, forbearance, or other loan work-out. All of these options aim to reduce financial risks for the lender.
This article provides background information regarding the subprime mortgage crisis. It discusses subprime lending, foreclosures, risk types, and mechanisms through which various entities involved were affected by the crisis.
The 2008–2014 Spanish financial crisis, also known as the Great Recession in Spain or the Great Spanish Depression, began in 2008 during the world 2007–2008 financial crisis. In 2012, it made Spain a late participant in the European sovereign debt crisis when the country was unable to bail out its financial sector and had to apply for a €100 billion rescue package provided by the European Stability Mechanism (ESM).
The 2011 Spanish general election was held on Sunday, 20 November 2011, to elect the 10th Cortes Generales of the Kingdom of Spain. All 350 seats in the Congress of Deputies were up for election, as well as 208 of 266 seats in the Senate. An election had not been due until April 2012 at latest, but a call by Prime Minister José Luis Rodríguez Zapatero for a snap election five months ahead of schedule was announced on 29 July 2011. Zapatero would not be seeking a third term in office, and with political pressure mounting, a deteriorating economic situation and his political project exhausted, an early election was perceived as the only way out.
Abortion in Spain is legal upon request up to 14 weeks of pregnancy, and at later stages in cases of risk to the life or health of the woman or serious fetal defects.
Plataforma de Afectados por la Hipoteca is a Spanish grassroots organization that takes direct action to stop evictions and campaigns for housing rights. The PAH was set up in Barcelona in February 2009 and by 2017 had 220 local branches across Spain. It was established in response to the 2008 financial crisis that triggered the bursting of the Spanish housing bubble and resists evictions due to foreclosures.
Ada Colau Ballano is a Spanish activist and politician who was Mayor of Barcelona between 2015 and 2023. On 13 June 2015 she was elected Mayor of Barcelona, the first woman to hold the office, as part of the citizen municipalist platform, Barcelona En Comú. Colau was one of the founding members and spokespeople of the Plataforma de Afectados por la Hipoteca (PAH), which was set up in Barcelona in 2009 in response to the rise in evictions caused by unpaid mortgage loans and the collapse of the Spanish property market in the wake of the 2008 financial crisis.
Errekaleor is a neighbourhood on the periphery of Vitoria-Gasteiz, in the Basque Country, Spain. It sits on the plateau created by the Errekaleor river, which is part of the Green Belt of Vitoria-Gasteiz. From 2013 onwards, the area was occupied by squatters and became known as Errekaleor Bizirik. The project is based on the principles of workers' self-management, consensus based decision making, feminism, anti-capitalism and Basque cultural re-invigoration. The neighbourhood is the largest occupied space of its type on the Iberian Peninsula, with over 10 hectares of land and 150 inhabitants. Residents include children, the elderly, blue-collar workers, the unemployed, students, and teachers. The project includes an organic farm of 2 hectares, a bakery, a bar, a social centre, a library, a theatre, a free shop, a recording studio, and other projects.
Isabel Serra Sánchez is a Spanish activist and politician. She was member of the Podemos Parliamentary Group in the Assembly of Madrid from 2015 to 2021.
The COVID-19 pandemic in Spain has resulted in 13,980,340 confirmed cases of COVID-19 and 121,852 deaths.
At Your Doorstep is a 2016 Spanish home eviction-themed musical drama film directed by Eduard Cortés which stars Sílvia Pérez Cruz.
The expression Spanish real estate crisis or property crisis that began in 2008 refers to the set of economic indicators that, with all their severity in 2010, would evidence the deterioration of real estate expectations and of the construction industry in Spain in the context of a global economic crisis and the property bubble in Spain. Such indicators would be, mainly, the decline in units sold, the sharp fall in housing prices and the increase in the number of developers and construction companies declared bankrupt or in financial difficulties. Spain, however, is not the only country affected. The crisis has spread to other areas, leading to the Spanish crisis of 2008-2014.
