Andalusia began a process yesterday to expropriate a fund holding real estate mortgages in an effort to prevent more families from being evicted from their homes. The action coincides with a visit from representatives from the EU-IMF-ECB troika and comes shortly after the EU expressed its doubts about whether the measure would work and the exact wording of it in the memoradum on the Spanish banking sector bailout.
The expropriation will last for three years and will only affect people with mortgages, not those who rent. It will set a fair and fixed price that people who were going to be evicted from their homes need to pay in order to stay there. This rate will not exceed 25% of family income.
A plan this elaborate doesn't make sense. In order to keep struggling families afloat, we need to provide them with aid that is faster, cheaper and less likely to go against established mortgage laws.
