CONFERENCE - Partner ADICAE in Spain initiated discussions with bankers and the government about issues of predatory lending and a state of depentency by consumers on their bank Here a little summary of the hottest topic treated: On the 20th November 2007, ADICAE (Spanish Consumer Association that monitors the impact of retail financial products on citizens life) summoned the political and economic actors to a Congress held at the CES (consultative body of the government) in order to shed light on the latest threats posed by the credit industry. In a new environment of sophisticated products and distribution channels, fierce marketing, raising interest rates and abusive practices, it was peremptory a deep and plural evaluation on regulatory aspects concerning the structural role of credit brokers and private shark lending as unique but momentary salvation for over-indebted, and therefore on the need of not just mere reductions on tariffs when contracting mortgage credit, but a humane debt settlement procedure that would prevent consumers from falling into the web of the too flexible, and comfortable, Spanish financial institutions: the subprime crisis for the consumer, who will rather chain himself to the creditor until death and under usurary conditions rather than seeing his home auctioned off for a ridicule price. ID: 40720 Author(s): iff Publication date: 01/12/07

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Created: 21/12/07. Last changed: 21/12/07.
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