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European Debt Crisis

Spain’s banks to suspend foreclosures for the needy

Tom Burridge Nov 16, 2012
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European Debt Crisis

Spain’s banks to suspend foreclosures for the needy

Tom Burridge Nov 16, 2012
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The Spanish Banking Association is suspending foreclosures for the neediest homeowners just a week after a woman committed suicide when officials arrived at her apartment to seize it.

Households earning less than $2,000 a month will be spared, as will those with young kids or disabled family members. The rule changes come as Spain’s banks, which have foreclosed on many homes, are receiving billions of dollars in bailout money.

And that’s why Carlos Cue, from Spain’s El Pais Newspaper, says the banks had to act, “We are giving our money to the banks. The minimum is that we want back some solidarity from the banks. And some changes, big changes.”

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