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Ecuadorians Want Protection from Spanish Mortgage Crisis

Article Summary:

Ecuadorian immigrants affected by the mortgage crisis in Spain pleaded with the Embassy of Ecuador to protect them from Spanish financial institutions who seek to foreclose on Ecuadorian properties abroad.

Photo Credit: El Universal

Original Article Text From El Universal via Google Translate :

Immigrants want a law to protect them from debt collections acquired Abroad

In Ecuador there are no agreements that allow the internationalization of national jurisdiction or debts contemplated that those contracted abroad by an Ecuadorian canceled their goods in the country. Immigrants believe that this is insufficient and hope that the National Assembly approve the Draft Law on Defense of the Workers Migrants, mortgage fraud committed in Spain that includes a clause to prevent the collection of these credits.

Congressman Yantalema Geronimo , a member of the Progressive bloc Plurinational present the proposal for the second time ( the first was returned to contain flaws in shape). This aspiration led to the demonstration yesterday afternoon in front of the Embassy in Madrid organized by the Platform for Mortgages Affected (PAH) and the National Coordinator of Ecuadorians in Spain (Conadee) . Buenaño Aminta, a number of diplomatic representatives, received a delegation of fifty activists who came to the event led by Aida Quinatoa , president of the Conadee.

Former Assemblyman pledged to move the request to the Secretary General of the National Assembly , Andres Segovia, that processed the text without further delay. This is not, however, the only option to shield deck Embassy to Ecuadorians.

A committee of the Foreign Ministry from February to July, consider the size of the mortgage problem is studying the possibility of bringing forward administrative actions in institutions. That is, possible resolutions of the Superintendence of Banks , Banking Board or the Attorney consultations as alternatives to the issuance of the law to avoid affecting the heritage of migrants in Ecuador for judgments rendered abroad.

The fear among the group emerged following the decision of Banco Pichincha Spain to buy credits to other entities in the European country as part of its strategy of growth in number of branches, customers and business size. The institution conducted two such operations.

The first took 572 Bankia consumer loans with a volume of 7.2 million dollars. The second, in October, included a portfolio of 292 mortgages (only 14 percent of owners are Ecuadorian) in the amount over U.S. $ 69.7 million.
Banco Pichincha has flatly denied that his interest is that of collecting a debt acquired in Spain with assets in Ecuador. Entities such as the Conadee think otherwise. So discredited Chancellor Ricardo Patiño operation. Between 23 February and 7 March, two auditors from the Superintendency of Banks of Ecuador, after receiving authorization from the Bank of Spain, analyzed all the documentation on the negotiations. The report has not been made ​​public but according to this newspaper could find no irregularities were found. “The operation followed all the rules and regulations established by Spanish law,” the sources said.

Link to Original Article:

From El Universal

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