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Mortgage Swaps

August 28, 2015 in News

A madrid Court has ordered the judicial collection of information concerning the hiring of safe swaps with mortgages granted by the Banco Bilbao Vizcaya Argentaria (BBVA), every time that the entity has ignored their requests at the moment. Registration will take place this Wednesday, December 21 with the assistance of forces and security forces of the State with the aim of gathering a list of affected, something the Bank refused to facilitate initially. The Bank has appealed the order. The Court intends to obtain the best possible information to decide whether he admits or not to process the petition filed by the Association of users of banks, and seguros (adicae), which denounced the swaps by the damage they cause to the final consumer by the billions of euros that come raising unduly pocket of consumers. The swap is a financial product that, applied to mortgages, fixed a maximum limit on the monthly fees payable in case of rise of Euribor, but that prevents holders of mortgage loans benefiting from the lows of quotas in the case of the decline of the indicator, as it has happened in the recent past. In many cases the contracts included the right to unilaterally terminate the contract without giving further explanation; possibility that no banking user enjoyed. This course, along with other arguments serve as the basis for the good number of demands that attorneys today uncollectible in request for an annulment of the usual contracts, as we explained in our video on swaps.

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