Dressed as a banker from a bygone age, with a black top hat, a cigar and a briefcase full of fake money, Eduardo Martinez Cobo traveled to Madrid to protest what he considers unfair clauses in his mortgage contract. Martinez and other demonstrators delivered a petition signed by 125,000 Spaniards to the Bank of Spain on March 31. Many are homeowners who, like Martinez, don’t benefit from record-low borrowing costs because banks added “floors” to their mortgage contracts. A floor sets a minimum rate for a loan that won’t fall even when market rates are lower. “The monthly savings could pay for two trips to the shops, which would make a ... (Read the full story)
